Milky Mist Dairy Food IPO allotment likely today; GMP hints at 19% listing gain
Key Takeaways
- •Milky Mist Dairy Food's Rs 1,553-crore IPO was subscribed 56.12 times, and its share allotment is likely to be finalised today.
- •The stock is scheduled to begin trading on the BSE and the NSE on August 18.
- •Due to heavy oversubscription, shares will be allotted proportionately, and refunds for unallotted application money will begin once the basis of allotment is finalised.
- •The grey market premium of Rs 26 implies a potential listing gain of around 19%, though GMP is an unofficial indicator that can fluctuate up to listing day.
- •Investors can check their allotment status online through the KFin Technologies portal or the NSE and BSE websites using their PAN, application number, or DP/Client ID.
Milky Mist Dairy Food's Rs 1,553-crore IPO is likely to see its share allotment finalised today after the offering was subscribed 56.12 times. The shares are scheduled to be listed on the BSE and the NSE on August 18. The Tamil Nadu-based company is best known for value-added dairy products such as paneer, curd and ghee, and its listing will bring another pure-play dairy name to the Indian markets, where listed peers include Hatsun Agro Product, Dodla Dairy, Heritage Foods and Parag Milk Foods.
Given the subscription level of more than 56 times, allotment will be done on a proportionate basis, meaning many bidders are likely to receive fewer shares than they applied for, or none at all, with refunds of the application money for shares not allotted initiated once the basis of allotment is finalised.
The IPO is also drawing interest in the grey market, with the latest grey market premium (GMP) for the issue standing at Rs 26, implying a potential listing gain of around 19%. The GMP is the premium commanded by IPO shares in the unofficial grey market before listing; it is not an official price indicator, and actual listing performance may differ. Because the grey market is unregulated, the premium can fluctuate right up to listing day.
Investors can check their allotment status online through the following channels:
KFin Technologies (KFinTech) portal
- Visit the KFinTech IPO allotment page
- Select Milky Mist Dairy Food from the drop-down menu
- Enter your PAN, application number, or DP/Client ID to view the allotment details
NSE website
- Go to the NSE IPO allotment page
- Select Equity as the issue type
- Choose Milky Mist Dairy Food
- Enter your application number and PAN
BSE website
- Go to the BSE IPO allotment page
- Select Equity under issue type
- Select Milky Mist Dairy Food from the dropdown
- Enter your application number or PAN, fill in the captcha, and click search to view the allotment status
PAN refers to the Permanent Account Number, while the DP/Client ID is the identifier linked to an investor's demat account with a depository participant. Successful applicants will see the allotted shares credited to their demat accounts ahead of the listing, when the stock is set to begin trading on both exchanges on August 18.
(Source: Economic Times Markets)
