Milky Mist IPO Size Reduced to ₹1,553 Cr After Temasek-Backed Pre-IPO Fundraise

Tamil Nadu-based dairy products manufacturer Milky Mist Dairy Food is set to launch its initial public offering (IPO) on August 11.

The IPO will remain open for subscription until August 13. The anchor book will open on August 10. Shares are expected to list on the stock exchanges on August 18.

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 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 prospectus filed in July 2025. This follows the company's completion of a ₹482-crore pre-IPO fundraising.

Pre-IPO Fundraise

The capital was raised through Jongsong Investments Pte Ltd, an indirect wholly-owned subsidiary of Singapore-based Temasek Holdings. The company issued 5.43 lakh equity shares and 2.5 crore compulsorily convertible preference shares (CCPS) at ₹139.76 apiece.

Based on this price, Milky Mist was valued at over ₹9,300 crore.

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.

Fund Utilisation

The company plans to utilise ₹496.8 crore from the fresh issue proceeds to repay borrowings . Another ₹469.2 crore will be invested in the expansion and modernisation of its manufacturing facility at Perundurai, Tamil Nadu.

The company will also deploy ₹155.3 crore for visi coolers, ice cream freezers, and chocolate coolers. The remaining proceeds will be used for general corporate purposes.

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

The company competes with listed players such as Dodla Dairy, Britannia Industries, Hatsun Agro Product, Nestlé India and Parag Milk Foods.

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