Milky Mist set to launch IPO in early August

The company’s public market debut follows a ₹482-crore pre-IPO fundraise completed in May, led by Jongsong Investments Pte Ltd, an indirect wholly-owned subsidiary of Temasek Holdings

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 in the know, in what is set to be largest IPO by an Indian dairy company.

The issue size was earlier proposed to be ₹2,035 crore, comprising IPO and the pre-IPO placement. However, with the company having already raised ₹482 crore in a pre-IPO placement, the size of the issue now reflects the balance amount of ₹1,553 crore, sources said. There is no reduction or revision in the overall fundraise plan, a person involved in the matter said.

Milky Mist declined to comment on the exact timeline of the IPO. The company obtained approval from SEBI for its ₹2,035 crore IPO in October 2025 and it has been one of the most anticipated listings.

Pre-IPO boost

The company’s public market debut follows a ₹482-crore pre-IPO fundraise completed in May, 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.

Founded in Erode, Milky Mist focuses entirely on value-added dairy products. Its portfolio includes paneer, cheese, curd, yogurt, butter, ghee, ice cream and other dairy-based products. Milky Mist does not operate in the milk segment.

The issue comprises a fresh issue of equity shares and an offer for sale (OFS) by the existing promoters Sathishkumar and Anitha Sathish.

According to the Draft Red Herring Prospectus (DRHP), the proceeds from the fresh issue will be utilised towards repayment of borrowings and the expansion and modernisation of its manufacturing facility at Perundurai. The expansion is said to be around manufacturing of its newer categories such as whey protein concentrate, yogurt and cream cheese plants.

JM Financial Ltd, Axis Capital Ltd and IIFL Capital Services Ltd are the book-running lead managers to the issue.

Other listed peers in the sector include Parag Milk Foods Ltd, Hatsun Agro Product Ltd and Dodla Dairy Ltd.

Published on July 23, 2026