Milky Mist Dairy company has filed its draft red herring prospectus (DRHP) with the Securities Exchange Board of India to raise up to Rs 2,035 crore (approximately $239 million) through an initial public offering (IPO) with the fresh issue of shares up to Rs 1,785 crore and offer for sale up to Rs 250 crore.
🧾 IPO Structure:
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Fresh Issue: ₹1,785 crore
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Offer for Sale (OFS): ₹250 crore
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Promoter T. Sathishkumar: ₹150 crore ($17.6 million)
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Anitha S: ₹100 crore ($11.7 million)
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This filing comes just after Milky Mist initiated a ₹357 crore pre-IPO round, exclusively reported by Entrackr.
📊 Shareholding Snapshot:
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Anitha S: 51.45%
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T. Sathishkumar: 40.94%
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Aquarius & Taurus Family Private Trusts: 2.5% each
Book-running lead managers:
JM Financial, Axis Capital, and IIFL Securities
🧀 About Milky Mist:
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Founded: 1997
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Headquartered in: Tamil Nadu
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Product Line: Paneer, cheese, curd, yogurt, ghee
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Milk Processing: ~12.5 lakh litres per day
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Annual Paneer Production: ~26,280 metric tonnes
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Sourcing Network: Over 67,000 farmers
💰 Use of IPO Funds:
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Debt repayment/prepayment: ₹750 crore
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Perundurai facility expansion: ₹414 crore
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Cold chain equipment (freezers & coolers): ₹129 crore
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General corporate purposes
📈 Financial Highlights:
| Fiscal Year | Revenue (₹ Cr) | Net Profit (₹ Cr) |
|---|---|---|
| FY23 | 1,394 | — |
| FY24 | 1,822 | 19.4 |
| FY25 | 2,349 | 46.0 |
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Revenue concentration:
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71% from South India
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62% from paneer, cheese, and curd sales
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🚀 What This Means for the Indian Dairy Sector:
Milky Mist’s IPO could signal a renewed investor appetite for value-added dairy brands with strong backward integration, modern infrastructure, and regional dominance. With increasing demand for fresh dairy products and a growing focus on cold chain investments, Milky Mist’s expansion blueprint aligns with broader industry trends.
🧠 Innovent blog Insight:
Milky Mist’s IPO marks a key milestone in India’s dairy sector. With a solid regional presence, vertically integrated supply chain, and strong financial growth, the company is poised for national expansion. This IPO aims to unlock the next phase of growth in processing capacity, infrastructure, and brand reach.
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