Upcoming IPO: Tamil Nadu-based Milky Mist Dairy files DRHP for ₹2,035 crore IPO
Milky Mist Dairy IPO will include a fresh equity issue of ₹1,785 crore and an offer for sale (OFS) worth ₹250 crore by the company’s promoters.
Upcoming IPO: Milky Mist Dairy Food submitted its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Monday, July 21, to raise up to ₹2,035 crore through an initial public offering (IPO).
Milky Mist Dairy Food IPO will include a fresh equity issue of ₹1,785 crore and an offer for sale (OFS) worth ₹250 crore by the company’s promoters.
According to the DRHP, ₹750 crore from the fresh issue will be used to repay existing debt, while ₹414 crore will go towards expanding and upgrading the company’s Perundurai manufacturing plant, including setting up facilities for whey protein concentrate, yoghurt, and cream cheese.
An additional ₹129 crore is earmarked for the purchase of visi coolers, ice cream freezers, and chocolate coolers. The remaining amount will be used for general corporate purposes.
The IPO is being managed by JM Financial, Axis Capital, and IIFL Capital Services as the lead book-running managers.
About the company
Headquartered in Erode, Tamil Nadu, Milky Mist is a leading Indian dairy brand that specialises in premium value-added products such as paneer, cheese, yoghurt, ice cream, butter, ghee, and other packaged dairy items.
Distinct from conventional dairy firms, Milky Mist does not sell liquid milk, allowing for stronger margins and a business model more aligned with fast-moving consumer goods (FMCG) companies.
The company operates fully automated, technology-enabled manufacturing facilities and has a dedicated in-house logistics system, enabling end-to-end distribution.
Milky Mist sources milk directly from over 67,000 farmers, ensuring consistent quality and supply. For FY25, the company reported revenue from operations of ₹2,349 crore and an EBITDA of ₹310 crore.
Financially, the company reported operational revenue of ₹2,349 crore and an EBITDA (operating profit) of ₹310 crore for FY25.
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