CHENNAI: Milky Mist Dairy Food Limited, a Tamil Nadu-based packaged food company, has received approval from the Securities and Exchange Board of India (SEBI) to raise up to Rs 2,035 crore through an initial public offering (IPO). The offer comprises a fresh issue of up to ₹1,785 crore and an offer for sale of up to ₹250 crore by promoter shareholders Sathishkumar T and Anitha S.
Out of Rs 1,785 crore raised through its fresh issue, Milky Mist will use Rs 750 crore towards repayment or prepayment of certain outstanding borrowings, Rs 414 crore for expansion and modernisation of the Perundurai manufacturing facility, including installation of whey protein concentrate, yogurt, and cream cheese plants, and Rs 129 crore will be deployed for visi coolers, ice cream freezers, and chocolate coolers. The balance will be earmarked for general corporate purposes (up to 25% of gross proceeds as per SEBI regulations).
According to the company draft red herring prospectus (DHRP), the company has seen its revenue from operations growing at a CAGR of 30% to Rs 2,349 crore in FY25 compared to Rs 1,394 crore in FY23. Its EBIDTA in FY25 stood at Rs 310 crore, showing a margin of 13.2%.
The DRHP claims that Milky Mist commands premium pricing, with paneer and curd products priced 10–25% higher than leading brands, supported by strong brand equity and consistent quality.
Its new product launches contributed Rs 511 crore to FY25 revenues, while 75.4% of revenue came from daily consumption products like paneer, curd, yogurt, ghee, and butter. The company also operates one of the largest paneer production capacities in India at 150 metric tons per day.
Founded in Erode, Milky Mist is a dairy product company, focused on premium value-added dairy products (VADPs) including paneer, cheese, yogurt, curd, ice cream, butter, ghee, and packaged foods. The company directly procures milk from over 67,000 farmers.
