Chennai: Milky Mist Dairy Food Ltd. is expected to launch its initial public offering (IPO) in the first week of August, according to people familiar with the matter.The IPO follows a ₹482-crore pre-IPO fundraise in May, led by Jongsong Investments Pte. Ltd., an indirect wholly owned subsidiary of Temasek Holdings. Based on the investment price of ₹139.76 per share, Milky Mist was valued at around ₹9,300 crore.The company obtained SEBI’s nod for its Rs 2035 crore IPO in October 2025. The proposed public issue comprises a fresh issue of equity shares and an offer for sale by promoters Sathishkumar and Anitha Sathish.According to the draft red herring prospectus (DRHP), proceeds from the fresh issue will be used to repay borrowings and expand and modernise the company’s manufacturing facility at Perundurai in Tamil Nadu. The expansion includes setting up whey protein concentrate, yogurt and cream cheese plants.The company will also invest in expanding its cold-chain network by deploying visi coolers, ice cream freezers and chocolate coolers, besides meeting general corporate requirements.Founded in Erode, Tamil Nadu, Milky Mist focuses exclusively on value-added dairy products such as paneer, cheese, curd, yogurt, butter, ghee and ice cream, and does not operate in the liquid milk segment.The company reported a total revenue of Rs 2333 crore and a profit after tax of Rs 44 crore in FY25.Listed peers in the value-added dairy segment include Parag Milk Foods, Hatsun Agro Product and Dodla Dairy.JM Financial, Axis Capital and IIFL Capital Services are the book-running lead managers for the public issue of Milky Mist.
