Milky Mist IPO Opens On 11 August; Issue Size Reduced By ₹482 Crore

Milky Mist Dairy Food, the Tamil Nadu-based dairy company backed by a Temasek Holdings subsidiary, will launch its maiden public issue worth ₹1,553 crore on 11 August, having reduced the overall initial public offering (IPO) size from the ₹2,035 crore proposed earlier. The price band for the offer is expected to be announced within the next couple of days.

Milky Mist IPO: Fresh Issue And Offer For Sale

The company aims to raise up to ₹1,428 crore through a fresh issue of equity shares, which will bring new capital directly into the business, while promoters Sathishkumar T and Anitha S will sell shares worth ₹125 crore through an offer for sale, with proceeds from this portion going to the selling shareholders rather than the company.

According to the company, the fresh issue component of the IPO was scaled down from ₹1,785 crore following the completion of a pre-IPO fundraising round, through which Milky Mist had already raised ₹357 crore by issuing equity shares and compulsorily convertible preference shares at ₹139.76 apiece.

Issue Timeline And Valuation

The anchor investor book will open on 10 August, a day ahead of the main issue, which will remain open for subscription until 13 August. Allotment is expected to be finalised by 14 August, with listing likely on 18 August.

Assuming pricing at the upper end of the expected band, the company would be valued at more than ₹10,700 crore. Promoters currently hold a 93% stake in the company, while public shareholders, including Temasek subsidiary Jongsong Investments with a 5.16% holding, own the remaining stake.

Use Of Proceeds And Business Overview

Of the net fresh issue proceeds, ₹496.8 crore will go towards debt repayment, with total borrowings standing at ₹1,390.7 crore as of May 2026. A further ₹469.2 crore will fund expansion and modernisation of its Perundurai manufacturing facility, while ₹155.3 crore will be used to deploy visi coolers, ice cream freezers and chocolate coolers.

The remaining funds will support general corporate purposes. Milky Mist markets products under its flagship brand alongside sub-brands such as SmartChef, Capella and Misty Lite, and claims to be the largest private packaged paneer brand in the organised market.

Financial Performance

According to the company, profit for the financial year ended March 2026 rose 176% to ₹127 crore from ₹46.1 crore a year earlier, while revenue grew 33.6% to ₹3,138.4 crore from ₹2,349.5 crore. Milky Mist competes with listed peers including Dodla Dairy, Britannia Industries, Hatsun Agro Product, Nestle India and Parag Milk Foods. JM Financial, Axis Capital and IIFL Capital Services are managing the issue.

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