The IPO consists of a fresh issue of equity shares aggregating up to Rs 1,785 crore and an offer-for-sale of shares worth Rs 250 crore by promoters Sathishkumar T and Anitha S. The company may also consider a pre-IPO placement of up to Rs 357 crore. If such placement is completed, the size of the fresh issue will be reduced accordingly.
Founded in 1997 and headquartered in Perundurai, Erode district, Milky Mist operates one of India's most automated dairy processing facilities, with a capacity to handle over 1.5 million litres of milk per day. The company focuses primarily on value-added products rather than commoditised milk, offering a portfolio of over 300 SKUs including cheese, paneer, butter, curd, yoghurt, ghee, ice cream, chocolate, frozen foods, and ready-to-eat products.
Milky Mist converts name to public entity ahead of market debut plans
According to the draft prospectus, Rs 750 crore from the fresh issue will be used to repay debt. As of May 2025, the company's total consolidated borrowings stood at Rs 1,454.8 crore. Additionally, Rs 414.7 crore is proposed for expansion and modernisation of its Perundurai manufacturing facility, while Rs 129.4 crore will be allocated toward the deployment of visi coolers, ice cream freezers, and chocolate coolers. The remaining funds will be used for general corporate purposes.
The company operates in a segment with several listed peers, including Britannia Industries, Dodla Dairy, Hatsun Agro, Nestlé India, and Parag Milk Foods.
Milky Mist reported a net profit of Rs 46 crore in FY25, compared with Rs 19.4 crore in the previous year, marking a 137% increase. Revenue for the same period rose 29% year-on-year to Rs 2,349.5 crore, from Rs 1,821.6 crore in FY24.
JM Financial, Axis Capital, and IIFL Capital Services are acting as the book-running lead managers for the IPO.