Milky Mist Dairy Prepares for $235.9 Million IPO with SEBI

Milky Mist Dairy Food, based in Erode, Tamil Nadu, has announced its plans to go public with an initial public offering (IPO) valued at 2,035 crore rupee (approximately $235.9 million). The company has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).

The IPO comprises a fresh issue of shares worth 1,785 crore rupee ($206.9 million) and an offer-for-sale by the company's promoters, Sathishkumar T and Anitha S, amounting to 250 crore rupee ($29 million). This move is aimed at expanding the company's footprint in the value-added dairy sector.

Milky Mist is renowned for its extensive product range, which includes paneer, cheese, curd, yogurt, ice cream, ghee, and butter. The company has experienced substantial financial growth, with revenues increasing from 1,394 crore rupee ($161.6 million) in FY23 to 2,349 crore rupee ($272.2 million) in FY25, marking a compound annual growth rate (CAGR) of nearly 30%.

The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) for FY25 was reported at 310 crore rupee ($35.9 million), with a margin of 13.2%. Milky Mist operates one of the largest paneer production facilities in India and sources its milk supply from over 67,000 farmers.