Milky Mist Dairy Food Limited has announced its ₹1,553 crore initial public offering, backed by pre-issue funding from Temasek Holdings, as it seeks to expand its farm-to-retail dairy empire across India.
Milky Mist Dairy Food Limited has set the price band for its initial public offering at ₹133 to ₹140 a share, with bidding due to open on August 11 and close on August 13. According to The Hindu BusinessLine, the issue includes a fresh sale of shares worth up to ₹1,428 crore and an offer for sale of up to ₹125 crore, taking the total size to about ₹1,553 crore.
The company has fixed the minimum lot at 107 shares, which means retail investors would need to commit at least ₹14,980 at the top end of the band. Employees eligible for the reserved portion will receive a discount of ₹13 a share, reducing the effective cap price to ₹127. The offer will follow the book-building route, with allocations reserved for institutional, non-institutional and retail bidders, and the stock is slated to list on both BSE and NSE, with NSE as the primary exchange. JM Financial, Axis Capital and IIFL Capital Services are acting as book-running lead managers.
The IPO comes after a pre-issue placement that raised ₹357 crore, including 543,789 equity shares and 25 million compulsorily convertible preference shares, both priced at ₹139.76 each. The Economic Times reported that Jongsong Investments, an indirect wholly-owned arm of Temasek Holdings, contributed ₹482 crore in pre-IPO funding in May, valuing the company at about ₹9,300 crore at that price.
Founded in 1985 and based in Erode, Tamil Nadu, Milky Mist has built a farm-to-retail dairy business that sources milk from more than 67,000 farmers across South India, according to industry data cited in market summaries. It claims a 17% share of the private packaged paneer market and ranks third nationally in cheese, with products sold under brands including Milky Mist, SmartChef and Capella across 22 states through more than 3,000 distributors.
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