Tamil Nadu dairy co Milky Mist files draft papers for Rs 2,035 Cr IPO with SEBI

Milky Mist Dairy Food, a fast-growing Indian packaged food company, has filed for an IPO to raise up to Rs 2,035 crore. 

This includes Rs 1,785 crore as fresh shares and Rs 250 crore from existing promoters Sathishkumar T and Anitha S.

Founded in 1997 and based in Perundurai, Erode, Milky Mist runs one of India’s most high-tech dairy plants, processing over 1.5 million litres of milk daily. 

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Instead of selling basic milk, it focuses on value-added products, offering 300+ items like cheese, paneer, butter, curd, yoghurt, ghee, ice cream, chocolates, frozen foods and ready-to-eat meals.

As per the draft prospectus, Milky Mist plans to use ₹750 crore from the IPO to repay debt. As of May 2025, its total borrowings stood at ₹1,454.8 crore.

Another ₹414.7 crore will go towards expanding and upgrading its Perundurai plant, while ₹129.4 crore is set aside for visi coolers, ice cream freezers, and chocolate coolers. The rest will be used for general business needs.

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Milky Mist competes with listed players like Britannia, Nestlé India, Dodla Dairy, Hatsun Agro, and Parag Milk. In FY25, its profit jumped 137% to ₹46 crore, while revenue rose 29% to ₹2,349.5 crore.

JM Financial, Axis Capital, and IIFL Capital are managing the IPO.