Temasek-backed Milky Mist jumps 30% in India debut, hits $1.5 billion valuation

Temasek-backed dairy company Milky Mist Dairy Food saw its shares jump by approximately 30% during its initial public offering (IPO) in India on August 18, 2026. The trade at 181.5 rupees per share, which valued the company at 139.69 billion rupees ($1.9 billion), after it debuted at a 29.61% premium to its issue price of 140 rupees.

The IPO raised US$163 million ($208 million) and was subscribed 2.17 times, indicating strong investor interest. Analyst Kranthi Bathini of WealthMills Securities noted that the IPO's success can be attributed to the company's strong brand and expanding presence in high-demand value-added dairy categories, such as yogurt and high-protein products.

Milly Mist, which manufactures products like cottage cheese, butter, cheese, ice cream, and Greek yogurt, is currently one of India's leading manufacturers of such products. The IPO comes as India's primary market has experienced a resurgence, with a series of IPOs attracting significant interest from both retail and high-net-worth investors in recent weeks.

The IPO market in India has seen 26 launches or announcements in less than two months, nearly equaling the 28 recorded in the first half of 2026.