Milky Mist Dairy Food, a Tamil Nadu‑based dairy company, will launch its first public issue on August 11. The company has received SEBI approval for the draft papers filed in October 2025. The offer price band will be announced in the next few days.
Milky Mist plans to raise up to Rs 1,428 crore through a fresh equity issue. Promoters Sathishkumar T and Anitha S will sell shares worth Rs 125 crore via an offer‑for‑sale.
The IPO size was trimmed from the earlier Rs 2,035 crore to Rs 1,553 crore. The reduction in the fresh issue component—from Rs 1,785 crore to Rs 1,428 crore—was due to successful pre‑IPO fundraising.
Milky Mist already raised Rs 357 crore in a pre‑IPO private placement. The placement involved 5.43 lakh equity shares and 2.5 crore compulsorily convertible preference shares (CCPS) priced at Rs 139.76 each. At the upper end of the price band, the company is valued above Rs 10,700 crore.
The one‑day anchor book opens on August 10. The public issue will be open from August 11 to 13. Allotment will be finalized by August 14 and shares are expected to list on August 18.
Milky Mist has set aside equity shares worth up to Rs 2 crore for its employees. These shares may be offered at a discount to the final offer price.
Promoters currently own 93% of the company, while public shareholders hold the remaining 7%. Jongsong Investments, a Temasek subsidiary, holds 5.16% of the shares acquired in the pre‑IPO round.
Rs 496.8 crore of the fresh issue proceeds will be used to repay debt, bringing total borrowings down from Rs 1,390.7 crore as of May 2026. Rs 469.2 crore will fund expansion and modernisation of the Perundurai plant, and Rs 155.3 crore will purchase visi coolers, ice‑cream freezers and chocolate coolers. The rest will go to general corporate purposes.
Milky Mist focuses on value‑added dairy products and claims to be the largest private packaged paneer brand in the organised market. It operates a manufacturing facility in Perundurai. In FY March 2026, it earned a profit of Rs 127 crore, up 176% from Rs 46.1 crore, and revenue grew 33.6% to Rs 3,138.4 crore.
The company competes with listed peers such as Dodla Dairy, Britannia Industries, Hatsun Agro Product, Nestle India and Parag Milk Foods. JM Financial, Axis Capital and IIFL Capital Services are the merchant bankers for the IPO. The listing will be the third mainboard IPO to open next week, along with Dhoot Transmission and Molbio Diagnostics.