Milky Mist Dairy Food Raises Rs.465 Crore Ahead of IPO
Milky Mist Dairy Food Limited, a leader in packaged food and value-added dairy based in Tamil Nadu, has successfully secured Rs.465.29 crore from 19 institutional investors through its anchor book allocation ahead of IPO.
The auction attracted significant interest from international sovereign and institutional funds as well as major domestic mutual funds.
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Temasek Holdings, Singapore's sovereign wealth fund, through its affiliate Zulia Investments Pte Ltd, became the largest single anchor subscriber by purchasing shares valued at Rs.160 crore.
The successful anchor book establishes a solid foundation for the company’s Rs.1,553-crore Initial Public Offering (IPO), which will be available for primary subscription starting Tuesday, August 11, 2026.
The firm accessed the capital markets to gather up to Rs 1,553 crore through an initial public offering (IPO) at the maximum limit of the price range of Rs 133-140 per share. The IPO includes a new issuance of shares valued at Rs 1,428 crore, and promoter Sathishkumar T along with his wife, Anitha S, will divest shares worth Rs 125 crore via an offer-for-sale (OFS).
The matter will be available for public subscription starting August 11 and will conclude on August 13, 2026.
Milky Mist Dairy Food on Monday completed the distribution of 3.32 crore equity shares through the anchor book at the highest point of the price range. From the total allocation of 3.32 crore equity shares for anchor investors, the company assigned 1.53 crore shares to nine domestic mutual funds, including Nippon Life India, HDFC AMC, ICICI Prudential AMC, Invesco MF, Motilal Oswal AMC, Edelweiss, HSBC Mutual Fund, Union MF, and Trust AMC, which submitted applications via their 13 schemes, Milky Mist stated in its exchange filing.
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IIFL Asset Management, India Acorn Fund, and Anicut Equity Continuum Fund were among those who invested in the company through the anchor book. Aditya Birla Sun Life Insurance received 7.14 lakh shares valued at Rs 10 crore from the company.
Milky Mist, a producer of cheese, paneer, butter, curd, ghee, yogurt, ice cream, and ultra-high-temperature long-shelf-life products, will allocate Rs 496.8 crore of the net proceeds from the new issue to reduce debt, while Rs 469.2 crore will be invested in expanding and modernising its manufacturing facility in Perundurai.
Additionally, the firm plans to allocate Rs 155.3 crore for installing visi coolers, ice cream freezers, and chocolate coolers, while the rest will be used for general corporate activities.
By May 2026, Milky Mist had aggregated total debts of Rs 1,390.7 crore.
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The firm provides all its offerings under the main brand Milky Mist, along with various sub-brands including SmartChef, Capella, and Misty Lite. It functions out of one production site located in Perundurai, Tamil Nadu. JM Financial, Axis Capital, and IIFL Capital Services are serving as the merchant bankers for the Milky Mist IPO.