by Suman Gupta
MUMBAI, 06 AUGUST, 2026: Tamil Nadu-based Milky Mist Dairy Food, a leading dairy products manufacturer backed by Temasek Holdings, has announced the launch its Rs 1,553-crore initial public offering (IPO) on 11 August, with the price band of Rs 133 to Rs 140 Per Equity share.
Milky Mist Dairy Food IPO will remain open for subscription from 11 August to 13 August, according to the red herring prospectus (RHP). The one-day anchor book will open on 10 August.
The issue reserves 50% for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors.
Milky Mist focuses exclusively on value-added dairy products and sells its portfolio under the Milky Mist brand, as well as SmartChef, Capella, and Misty Lite. The company claims to be the largest private packaged paneer brand in India’s organised market and operates a manufacturing facility in Perundurai.
The Milky Mist management team at the announcement of IPO were, 1. Satishkumar T, Chairman and Managing Director, Milky Mist Dairy Food Limited 2. Dr. K. Rathnam, Whole-time Director and Chief Executive Officer, Milky Mist Dairy Food Limited 3. Mr. Biswajith Mishra, Chief Financial Officer, Milky Mist Dairy Food Limited
For FY26, Milky Mist reported a 176% year-on-year jump in net profit to Rs127 crore, compared with Rs 46.1 crore a year earlier. Revenue rose 33.6% to Rs 3,138.4 crore from Rs 2,349.5 crore.As told to our newsman Sachin Murdeshwar. The company competes with listed players such as Dodla Dairy, Britannia Industries, Hatsun Agro Product, Nestlé India, and Parag Milk Foods.
The public issue comprises a fresh issue of equity shares worth up to Rs1,428 crore and an offer for sale (OFS) of Rs125 crore by promoters Sathishkumar T and Anitha S. The company has also reserved equity shares worth up to Rs2 crore for eligible employees, who may receive them at a discount to the final issue price.
The IPO size has been reduced from the Rs 2,035 crore proposed in the draft red herring prospectus (DRHP) filed in July 2025, following the company’s completion of a Rs 357-crore pre-IPO fundraising. The capital was raised through the issuance of 5.43 lakh equity shares and 2.5 crore compulsorily convertible preference shares (CCPS) at Rs 139.76 apiece. Based on this price, Milky Mist is valued at over Rs 10,700 crore.
The company’s promoters currently hold a 93% stake, while public shareholders own the remaining 7%, including Jongsong Investments, a Temasek Holdings subsidiary, which holds a 5.16% stake acquired in the pre-IPO round.
Milky Mist plans to utilise Rs496.8 crore from the fresh issue proceeds to repay borrowings, which stood at Rs1,390.7 crore as of May 2026. Another Rs469.2 crore will be invested in the expansion and modernisation of its manufacturing facility at Perundurai, Tamil Nadu, while Rs155.3 crore will be used to deploy visi coolers, ice cream freezers, and chocolate coolers. The remaining proceeds will be earmarked for general corporate purposes.
JM Financial, Axis Capital, and IIFL Capital Services are the book-running lead managers to the issue.
Founded in Erode, Tamil Nadu, Milky Mist focuses on value-added dairy products, including paneer, cheese, curd, yoghurt, butter, ghee and ice cream. The company does not operate in the liquid milk segment.
