Milky Mist Dairy Food is set to make its stock market debut on August 18, following strong demand for its initial public offering (IPO). The company’s ₹1,553 crore IPO attracted significant interest from investors during the subscription period. The IPO was priced in the range of ₹133 to ₹140 per share, with the issue closing on August 13. Retail investors could apply for a minimum of 107 shares, requiring an investment of ₹14,980 at the upper end of the price band.

Strong demand for the IPO

The IPO received a strong response from investors. By the end of the subscription period, the issue was subscribed more than 56 times.

Institutional investors showed particularly strong interest, with the portion reserved for qualified institutional buyers subscribed over 155 times. The non-institutional investor category was subscribed nearly 35 times, while the retail portion was subscribed more than eight times.

The strong subscription indicates considerable investor interest in the company’s business and its plans for future growth.

What is the company raising money for?

The IPO consists of a fresh issue of around ₹1,428 crore and an offer for sale worth approximately ₹125 crore. The fresh funds will go towards strengthening the company’s balance sheet and supporting its expansion plans.

A significant portion of the proceeds is expected to be used to repay or reduce existing borrowings. The company also plans to spend money on expanding and modernising its manufacturing facility in Perundurai, Tamil Nadu.

What does Milky Mist do?

Milky Mist Dairy Food is a dairy and food products company with a portfolio that includes paneer, cheese, butter, curd, ghee, yoghurt and ice cream.

The company has built a strong presence in the organised dairy market, particularly in South India. It has also expanded its product range and distribution network over the years.

However, a large share of its business continues to come from South India, making geographical expansion an important part of its future growth strategy.

What does the GMP indicate?

Ahead of the listing, Milky Mist shares were trading at a premium in the grey market.

The Grey Market Premium (GMP) is an unofficial indicator of how the market expects an IPO to perform when it lists. A GMP of around ₹20 over the IPO’s upper price of ₹140 suggested a potential listing price of about ₹160 per share, or roughly a 14–15% premium.

However, GMP is not an official market price and can change quickly. It should not be treated as a guarantee of listing gains.

What happens next?

With the IPO subscription completed, shares are scheduled to list on both the NSE and BSE on August 18.

While the strong subscription and grey-market premium point towards positive investor sentiment, the actual listing price will depend on market conditions and demand on the day of listing.

For investors, the bigger question is not just how the stock performs on its first day, but whether Milky Mist can continue to grow its business, expand beyond its existing markets, manage its debt and improve profitability over the long term.

Source: NDTV Profit

SBI Funds Management, one of India’s leading asset management companies, recently went public with its initial public offering (IPO). The IPO attracted strong interest from investors, with the issue receiving more than 41 times the total number of bids offered. The company is a subsidiary of the State Bank of India and has been operating in the asset management space for more than three decades. Its business includes managing mutual funds and other investment products for individual and institutional investors.

What was the IPO?

The SBI Funds Management IPO opened for subscription between July 14 and July 16, 2026. The price band was set at ₹545–₹574 per share, with a lot size of 26 shares. At the upper end of the price band, investors needed ₹14,924 to apply for one lot.

The issue was primarily an Offer for Sale (OFS). This means existing shareholders offered part of their holdings to investors instead of the company issuing new shares to raise fresh capital. One of the key objectives of the IPO was to provide the company with the benefits of being listed on the stock exchanges. 

A long history in asset management

SBI Funds Management began operations in 1992. Over the years, it expanded beyond traditional mutual fund management into areas such as portfolio management, alternative investments and offshore investment products.

The company also grew its presence beyond India’s largest cities, opening branches in smaller markets to make its investment products more accessible.

Its product portfolio has expanded over time, with funds across different categories, including equity, hybrid and other investment strategies. In recent years, the company has also introduced products aimed at making investing more accessible to retail investors.

Growing assets under management

One of the biggest indicators of an asset management company’s scale is its Assets Under Management (AUM)  essentially, the amount of money it manages on behalf of investors.

SBI Funds Management crossed ₹1 lakh crore in AUM in 2024. By 2026, its AUM had crossed ₹1.2 lakh crore, reflecting the company’s growth over the years.

The company has also continued to expand its investment offerings. In 2025, for example, it launched Jannivesh SIP, allowing investments to start at ₹250 through partnerships with fintech platforms.

Strong investor response

The IPO saw particularly strong participation from institutional investors.

Overall, the issue was subscribed 41.66 times. The portion reserved for qualified institutional buyers was subscribed over 140 times, while the non-institutional investor category was subscribed around 22.5 times. Retail investors subscribed about 3.6 times their allocated portion.

The strong demand suggests that investors showed significant interest in owning a stake in one of India’s major asset management businesses.

Why does this IPO matter?

The listing comes at a time when mutual funds and SIPs have become an increasingly important part of how Indians invest and build long-term wealth.

As more people move from traditional savings products towards market-linked investments, asset management companies have an important role to play in India’s growing investment ecosystem.

SBI Funds Management enters the listed space with a long operating history, a large asset base and an established presence in the mutual fund industry. Its IPO therefore represents more than just another market listing; it also reflects the growing importance of India’s asset management industry.

Source: Mint