Milky Mist Dairy Food Ltd, a value-added dairy company, is expected to launch its initial public offering (IPO) by mid-August, according to sources familiar with the matter. The IPO is set to be the largest ever by an Indian dairy company, with an issue size of ₹1,553 crore after accounting for a ₹482 crore pre-IPO placement completed in May 2026.
IPO Structure and Details
The IPO comprises both a fresh issue of equity shares and an offer for sale (OFS) by the existing promoters, Sathishkumar and Anitha Sathish. The company originally filed for a ₹2,035 crore IPO and received approval from the Securities and Exchange Board of India (SEBI) in October 2025. However, after the pre-IPO placement, the remaining amount to be raised is ₹1,553 crore. According to a person involved in the matter, there is no reduction or revision in the overall fundraise plan. The book-running lead managers for the issue are JM Financial Ltd, Axis Capital Ltd, and IIFL Capital Services Ltd.
| Component | Amount (₹ crore) |
|---|---|
| Original IPO size | 2,035 |
| Pre-IPO placement (completed) | 482 |
| Balance IPO size | 1,553 |
Pre-IPO Placement and Valuation
The pre-IPO placement of ₹482 crore was completed in May 2026 and was led by Jongsong Investments Pte Ltd, an indirect wholly-owned subsidiary of Temasek Holdings. Based on the pre-IPO investment price of ₹139.76 per share, Milky Mist was valued at approximately ₹9,300 crore.
Use of Proceeds
According to the Draft Red Herring Prospectus (DRHP), proceeds from the fresh issue will be utilized towards repayment of borrowings and the expansion and modernization of its manufacturing facility at Perundurai. The expansion focuses on newer product categories, including whey protein concentrate, yogurt, and cream cheese plants.
Company Profile
Founded in Erode, Milky Mist focuses entirely on value-added dairy products and does not operate in the liquid milk segment. Its portfolio includes paneer, cheese, curd, yogurt, butter, ghee, ice cream, and other dairy-based items. The company is considered a strong player in the branded dairy segment.
Market Context
Milky Mist will join a small group of listed dairy companies in India. Its peers include Parag Milk Foods Ltd, Hatsun Agro Product Ltd, and Dodla Dairy Ltd. The IPO has been described as one of the most anticipated listings in the sector, reflecting investor appetite for dairy companies with a value-added focus.
Milky Mist declined to comment on the exact timeline of the IPO. The company now awaits the final launch date in early August, with trading expected to begin shortly thereafter.
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