Milky Mist files draft papers for Rs 2,035 crore IPO

Tamil Nadu-based dairy products maker Milky Mist Dairy Food has filed preliminary papers with the SEBI to raise funds up to Rs 2,035 crore via initial public offering (IPO).

The IPO will be a combination of fresh issuance of equity shares worth Rs 1,785 crore and an offer-for-sale of shares worth Rs 250 crore by promoters Sathishkumar T, and Anitha S.

Further, the company may consider fund raising up to Rs 357 crore in pre-IPO round. If it manages to mobilise funds via pre-IPO placement, the fresh issue size will be reduced to the extent of said amount.

Moneycontrol was the first to report in January this year that paneer to ice-cream maker Milky Mist has picked three merchant bankers - JM Financial, IIFL Capital Services, and Axis Capital - for its IPO.

The packaged food company makes various value-added dairy products such as cheese, paneer, butter, curd, ghee, yogurt, ice cream, frozen foods, ready-to-eat and ready-to-cook products, as well as chocolates under its brand Milky Mist.

Milky Mist that competes with several listed entities (like Britannia Industries, Dodla Dairy, Hatsun Agro, Nestle India, and Parag Milk Foods) plans to utilise Rs 750 crore out of fresh issue proceeds for repaying debt. "As of May 2025, the aggregate outstanding borrowings were Rs 1,454.8 crore on a consolidated basis," the company in its DRHP said.

Further, Rs 414.7 crore will be used for the expansion and modernisation of Perundurai manufacturing facility, and Rs 129.4 crore for deployment of visi coolers, ice cream freezers and chocolate coolers. The remainder amount will be utilised for general corporate purposes.

On the financial front, Milky Mist has recorded profit at Rs 46 crore for the fiscal 2025, growing 137 percent over Rs 19.4 crore in the previous year. Revenue during the same period soared 29 percent to Rs 2,349.5 crore, up from Rs 1,821.6 crore.

JM Financial, Axis Capital, and IIFL Capital Services are appointed as the book running lead managers to handle the Milky Mist Dairy Food IPO.

Source : Dairynews7x7 July 22nd 2025 Moneycontrol