Milky Mist Set To Launch India’s Largest Dairy IPO Worth ₹20.35 billion

Milky Mist Dairy Food Ltd is preparing to launch what is expected to be India's largest-ever initial public offering (IPO) in the dairy sector, aiming to raise approximately ₹20.35 billion (around $213 million). The Tamil Nadu-based dairy company is expected to open the issue by the end of July or early August after completing investor roadshows, according to Bloomberg.

While market sources have indicated that the IPO timeline has been finalised, the company has not officially confirmed the launch date. A spokesperson for Milky Mist declined to comment on the proposed schedule.

Milky Mist IPO Structure And Fund Utilisation

According to the company's draft red herring prospectus (DRHP), the public issue will comprise a fresh issue of shares worth up to ₹17.85 billion alongside an offer for sale (OFS) of shares valued at up to ₹2.5 billion by the company's promoters.

The filing also states that Milky Mist may raise up to ₹3.57 billion through a pre-IPO placement. If completed, this would reduce the size of the fresh issue accordingly.

The company intends to use the proceeds from the fresh issue to expand its manufacturing capacity and repay outstanding borrowings.

Dairy Sector Faces Market Headwinds

Milky Mist is planning its IPO at a time when listed dairy stocks have struggled to keep pace with the broader stock market in 2026. Parag Milk Foods shares have fallen about 20% so far this year. Dodla Dairy is down nearly 11%, while Hatsun Agro Product has declined around 7.5% during the same period.

Even though the dairy sector has remained under pressure, Milky Mist is moving ahead with its IPO plans. The company appears confident about its long-term growth.

JM Financial, Axis Capital and IIFL Capital Services have been appointed as the book-running lead managers for the IPO.

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