Temasek-backed Milky Mist jumps 30% in India debut, hits US$1.5 billion valuation
Hits US$1.5 billion valuation after listing at a 29.61% premium
Milky Mist Dairy Food, a company backed by Temasek, saw its shares surge by approximately 30 percent during its initial public offering in India on Tuesday. The listing took place at a 29.61 percent premium to the issue price of 140 rupees, with shares trading at 181.5 rupees. This valuation has propelled the company to a market worth of 139.69 billion rupees, or around US$1.46 billion.
The IPO raised a total of US$163 million. Investors were attracted to Milky Mist's robust brand and its expanding presence in high-growth value-added dairy categories such as yogurt and high-protein products. Kranthi Bathini, director of equity strategy at WealthMills Securities, noted that the company's strong brand and the increasing consumer interest in premium dairy products contributed to the IPO's success.
The listing comes amid a revival in India's primary market, with numerous IPOs garnering strong interest from retail and high-net-worth investors in recent weeks.
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