Temasek-backed Milky Mist Dairy Food rose roughly 30% in its trading debut on Tuesday after its $163 million initial public offering attracted strong demand from retail and high-net-worth investors last week.
Shares traded at Rs 181.5, valuing the company at Rs 139.69 billion ($1.46 billion), after listing at a 29.61% premium to their issue price of Rs 140.
Milky Mist, whose products include cottage cheese, butter, cheese, ice cream and Greek yogurt, is one of India's largest makers of value-added dairy products.
The listing comes as India's primary market revives, with several IPOs drawing strong demand from retail and wealthy investors in recent weeks.
India has seen 26 IPOs launched or announced in less than two months since July, nearly matching the 28 recorded in the first half of 2026.
Milky Mist's Rs 15.53-billion IPO last week was subscribed 2.17 times, underpinned by retail and non-institutional investors.
The company raised Rs 4.65 billion from anchor investors, including Singapore state investor Temasek, the International Finance Corporation and HDFC Mutual Fund ahead of the offering.
Milky Mist expects annual revenue growth of about 30% and plans to use the IPO proceeds to repay debt and expand and upgrade its flagship manufacturing facility in Perundurai, Tamil Nadu.
As part of its expansion plans beyond southern India, the company has secured land in Maharashtra for a potential manufacturing facility, CEO K Rathnam said last week.
