Upcoming IPO: Milky Mist Files DRHP With SEBI for ₹2,035 crore IPO

Tamil Nadu-based packaged food company Milky Mist Dairy Food Limited has formally submitted its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on July 21, 2025, aiming to raise up to ₹2,035 crore through its initial public offering (IPO). 

IPO Structure and Details

• Issue Size: The proposed issue comprises a fresh issue of ₹1,785 crore and an offer-for-sale (OFS) of ₹250 crore by promoters Sathishkumar T and Anitha S. 
• The utilisation of net proceeds from the issue is as follows:
• • QIBs: Not more than 50% of the net offer 
  • Non-Institutional Bidders: Not less than 15% of the net offer
  • Retail Investors: Not less than 35% of the net offer
• The equity shares are proposed to be listed on the NSE and BSE. 
• Book-running lead managers for the IPO are JM Financial Limited, Axis Capital Limited, and IIFL Capital Services Limited. 
• KFin Technologies Limited is the registrar of the offer. 
• The Company, in consultation with the Book Running Lead Managers (BRLMs), may consider undertaking a pre-IPO placement of ₹357 crore, which will reduce the fresh issue size accordingly. 

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Utilisation of Funds

The net proceeds from the fresh issue will be used to:

• Repay/prepay the company’s outstanding borrowings 
• Finance the capital expenditure required to expand and modernise the Perundurai Manufacturing Facility
• General corporate purposes 
• Deployment of visi coolers, ice cream freezers and chocolate coolers

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Financial Performance

The company’s revenue from operations has grown at a CAGR of 29.82% from fiscal 2023 to fiscal 2025. It has increased by 28.98% from ₹1,821.61 crore in fiscal 2024 to ₹2,349.50 crore in fiscal 2025. 

Company Profile

Milky Mist is among the fastest-growing packaged food companies in India, specifically within the segment of companies generating over ₹1,500 crore in revenue. Their product portfolio extends well beyond traditional dairy, offering a wide range of high-margin, value-added products. 

These include cheese, paneer, curd, butter, ghee, yoghurt, ice cream, and UHT (ultra-high temperature) milk products with extended shelf life, along with frozen foods, ready-to-eat (RTE) and ready-to-cook (RTC) items, as well as confectionery products like chocolates.

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