Upcoming IPO: Milky Mist Dairy Food to launch ₹1,553-crore public issue on 11 August

Milky Mist Dairy Food, the Tamil Nadu-based value-added dairy products manufacturer backed by Temasek Holdings, is set to launch its ₹1,553-crore initial public offering (IPO) on 11 August, with the price band expected to be announced in the coming few days.

Milky Mist Dairy Food IPO will remain open for subscription from 11 August to 13 August, according to the red herring prospectus (RHP). The one-day anchor book will open on 10 August.

The allotment basis is expected to be finalised on 14 August, and the shares are likely to list on the stock exchanges on 18 August.

Founded in Tamil Nadu, Milky Mist focuses exclusively on value-added dairy products and sells its portfolio under the Milky Mist brand, as well as SmartChef, Capella, and Misty Lite. The company claims to be the largest private packaged paneer brand in India's organised market and operates a manufacturing facility in Perundurai.

For FY26, Milky Mist reported a 176% year-on-year jump in net profit to ₹127 crore, compared with ₹46.1 crore a year earlier. Revenue rose 33.6% to ₹3,138.4 crore from ₹2,349.5 crore. The company competes with listed players such as Dodla Dairy, Britannia Industries, Hatsun Agro Product, Nestlé India, and Parag Milk Foods.

Milky Mist Dairy Food IPO details

The public issue comprises a fresh issue of equity shares worth up to ₹1,428 crore and an offer for sale (OFS) of ₹125 crore by promoters Sathishkumar T and Anitha S. The company has also reserved equity shares worth up to ₹2 crore for eligible employees, who may receive them at a discount to the final issue price.

The IPO size has been reduced from the ₹2,035 crore proposed in the draft red herring prospectus (DRHP) filed in July 2025, following the company's completion of a ₹357-crore pre-IPO fundraising. The capital was raised through the issuance of 5.43 lakh equity shares and 2.5 crore compulsorily convertible preference shares (CCPS) at ₹139.76 apiece. Based on this price, Milky Mist is valued at over ₹10,700 crore.

The company's promoters currently hold a 93% stake, while public shareholders own the remaining 7%, including Jongsong Investments, a Temasek Holdings subsidiary, which holds a 5.16% stake acquired in the pre-IPO round.

Milky Mist plans to utilise ₹496.8 crore from the fresh issue proceeds to repay borrowings, which stood at ₹1,390.7 crore as of May 2026. Another ₹469.2 crore will be invested in the expansion and modernisation of its manufacturing facility at Perundurai, Tamil Nadu, while ₹155.3 crore will be used to deploy visi coolers, ice cream freezers, and chocolate coolers. The remaining proceeds will be earmarked for general corporate purposes.

JM Financial, Axis Capital, and IIFL Capital Services are the book-running lead managers to the issue.

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