IPO Market in Focus: Shiprocket, Milky Mist, Behari Lal and Dhoot Transmission Draw Investor Attention

India’s primary market remained active on August 13, with investors closely tracking four public issues—Shiprocket, Milky Mist Dairy Food, Behari Lal Engineering and Dhoot Transmission. Subscription figures, grey market premiums and brokerage assessments were shaping expectations around the upcoming listings, while investors weighed short-term listing prospects against longer-term business fundamentals.

Among the issues currently open for bidding, Shiprocket and Milky Mist Dairy Food attracted particularly strong attention. Shiprocket was in the second day of its offering, while Milky Mist reached the final day of subscription. Behari Lal Engineering was also witnessing substantial demand, whereas Dhoot Transmission moved into the allotment stage after an exceptionally strong response.

Shiprocket IPO Gains Momentum

Shiprocket’s IPO continued to see healthy demand during its second day. By the afternoon, the issue had been subscribed 1.72 times, while the retail portion had received bids equivalent to 5.76 times the shares reserved for that category. The company is seeking to tap the expanding digital commerce ecosystem through a technology-led platform serving merchants across several areas of online commerce.

The grey market was also signalling optimism. Shiprocket shares were reportedly commanding a premium of ₹34, or roughly 35%, over the upper issue price of ₹97. If such a premium were to hold until listing, it would indicate considerable potential upside for IPO investors. However, grey market premiums are unofficial indicators and can change before listing.

Brokerage opinion has also been favourable. Aditya Birla Money Research recommended subscribing, pointing to Shiprocket’s merchant base, improving operating leverage and opportunities to generate additional revenue from its expanding portfolio. Its established business accounted for 73.4% of FY26 revenue, while newer business segments were growing at a faster pace.

The company plans to use IPO proceeds for technology development, marketing, debt repayment and potential acquisitions. Around ₹294 crore has been earmarked for marketing and brand-building, while ₹211 crore is planned for technology investments.

Milky Mist Sees Strong Subscription

Milky Mist Dairy Food entered the final day of bidding after building significant demand. By 2:08 p.m., the IPO had been subscribed 18.23 times overall. The QIB category was subscribed 34.49 times, while non-institutional investors placed bids worth 25.36 times the shares available to them. Retail investors subscribed 5.92 times their reserved portion.

The company’s IPO is valued at ₹1,553 crore, consisting of a ₹1,428.2-crore fresh issue and a ₹125-crore offer for sale. The issue size was reduced from the earlier proposal after a pre-IPO investment by Jongsong Investments, which acquired a stake in the dairy company.

Milky Mist has also attracted attention in the grey market. Its reported GMP stood at ₹20 above the upper issue price of ₹140, implying a possible indicative listing price of about ₹160 and a potential gain of around 15%, assuming the grey market trend continues.

The company reported strong financial improvement in FY26. Total income increased 34% year-on-year to ₹3,145.01 crore, while profit after tax jumped 176% to ₹127.01 crore.

However, valuation remains an important consideration. Anand Rathi estimated the IPO’s implied FY26 price-to-earnings multiple at 84.9 times at the upper price band and described the issue as fully valued despite the company’s growth and premium positioning.

Behari Lal Engineering Attracts Investors

Behari Lal Engineering also entered its second day with encouraging demand. The IPO was subscribed 2.03 times on the first day, while retail investors subscribed 2.70 times their allocation. Its reported grey market premium of ₹74 indicated a possible listing gain of approximately 26% over the issue price.

The Punjab-based manufacturer produces metal rolls, engineering castings, alloy steel products and forging ingots for sectors including steel, power and heavy engineering. It currently operates two manufacturing facilities and has started work on a third plant.

Anand Rathi gave the issue a “Subscribe-Long Term” recommendation, citing its integrated manufacturing capabilities, engineering expertise and established customer relationships. IPO funds are expected to support machinery purchases, plant-related work, solar installations, debt repayment and general corporate requirements.

Dhoot Transmission Moves Toward Listing

Dhoot Transmission stood apart from the other three issues as its allotment process was expected to be finalised on August 13. The IPO had attracted subscriptions of roughly 74 times, making allotment highly competitive. Shares were expected to be credited to successful applicants’ demat accounts on August 14, with listing scheduled for August 17.

Anand Rathi recommended the issue for long-term investors, highlighting Dhoot Transmission’s automotive relationships, manufacturing expansion and exposure to electric-vehicle components. At the same time, the brokerage identified customer concentration and execution risks as factors investors should monitor.

With multiple IPOs attracting substantial interest, investors are now watching whether the strong subscription numbers and grey market signals translate into equally strong stock-market debuts. While GMP trends can provide an indication of market sentiment, listing performance ultimately depends on broader market conditions, investor demand and the companies’ financial prospects.