About Milky Mist Dairy Food IPO
Milky Mist Dairy Food IPO is a 100% book-built issue, and its DRHP was filed on July 21, 2025. The total size of the issue is up to ₹2,035 crore, including a fresh issue of up to ₹1,785 crore and an offer for sale of up to ₹250 crore by the existing promoters of the company.
Although the price band and dates of subscription are yet to be determined, the equity shares will be of a face value of ₹2 each, while shares are proposed to be listed on both the BSE and the NSE platforms. The Book Running Lead Managers (BRLMs) of this issue are JM Financial, Axis Capital and IIFL Capital Services, while KFin Technologies Ltd. will serve as the official registrar of the issue.
Company Background
Milky Mist Dairy Food Ltd. was incorporated as a partnership firm named "M.M.D. Dairy" in 1998 and then transformed into a separate firm in 2006. Then, in 2014, it became a private limited company and afterward converted into a public limited company in May 2025 to process its upcoming IPO journey. The headquarters of the company is in Erode, Tamil Nadu. With over 25 years of establishment in the market, the company has grown from a local milk procurement firm into a major player in the value-added dairy component.
Operations and Product Range
Milky Mist Dairy Food Ltd. is a large-scale operation in the dairy sector of the industry, dealing with the acquisition and processing of milk to produce high-demand products. The wide product range of this company includes:
- • Core simulated products: Paneer, curd, and yogurt.
- • Value-Added Items: Cheese, butter, ghee, and fresh cream.
- • Beverages & Desserts: Flavored milk, lassi, milk powder, and ice cream.
Facilities and Capacity
The main operational hub of Milky Mist Dairy Food Ltd. is the Perundurai Manufacturing Facility situated in Erode, Tamil Nadu. In addition to this, the company also has a manufacturing unit in Bengaluru through its subsidiary, Asal Food Products Private Ltd. The company has a massive procurement network consisting of 3,460 Automated Milk Collection Units (AMCUs) as of March 2025.
Brands and Market Presence
The "Milky Mist" brand is a household name in South India. To maintain market presence and ensure product quality, the company has its own tech-enabled logistics fleet of 252 reefer trucks for perishable products and 44 milk vans for raw milk collection. Milky Mist Dairy Food Ltd. also has 108 exclusive "Milky Mist" parlors in 8 states, including Tamil Nadu, Andhra Pradesh, and Kerala.
Revenue Streams and Business Model
The main source of income is generated from the sale of value-added dairy products marketed under the brand name "Milky Mist." Milky Mist Dairy Food Ltd. operates on an integrated business model where it directly sources raw milk from a total of over 67,000 farmers. E-commerce and organized retail are major drivers of growth, aided by their own logistics network that provides a cold chain from the factory to the retail stores.
Management and Shareholding
The Milky Mist Dairy Food IPO is led by its core promoters, Sathishkumar T and Anitha S. While the promoters held a significant majority of the company's equity before this public offering, their overall stake is set to experience a planned dilution. The post-IPO shareholding structure results from both the issuance of new equity through the fresh issue and the strategic sale of existing shares by the promoters.
Board and Key Management
The leadership team at Milky Mist Dairy Food Ltd. is headed by Sathishkumar T. (Chairman & Managing Director), steering the company’s overall strategic vision. The company is supported by Dr. K. Rathnam (CEO & Whole-time Director), who oversees operational execution, while Biswajit Mishra manages the financial health of the organization as the CFO. Regulatory compliance and corporate secretarial matters are handled by S Prakash. To ensure strong corporate governance and independent oversight, the board also includes distinguished professionals such as Radha Venkatakrishnan and Mallika Janakiraman as independent directors.
Milky Mist Dairy Food IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 2 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Capital & OFS |
| Total Issue Size | [.] shares (agg. up to ₹ 2,035 Cr) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | [.] shares (agg. up to ₹ 1,785 Cr) |
| Offer for Sale | [.] shares of ₹2 (agg. up to ₹ 250 Cr) |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 64,22,85,000 shares |
| Share Holding Post Issue | - |
Milky Mist Dairy Food IPO Financial Information
Latest Revenue
2,354.79
₹ Crore
Profit After Tax
46.07
₹ Crore
Net Worth
242.77
₹ Crore
Total Borrowing
1,376.38
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 2,150.59 | 2,354.79 | 46.07 | 242.77 | — | 1,376.38 | |||
| 31 Mar 2024 | 1,606.26 | 1,826.86 | 19.44 | 197.05 | — | 1,036.72 | |||
| 31 Mar 2023 | 1,289.42 | 1,398.95 | 27.23 | 177.37 | — | 798.06 | |||
| Amount in ₹ Crore | |||||||||
Milky Mist Dairy Food Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 15.11% |
| ROCE | 9.54% |
| Debt/Equity | 4.20x |
| RoNW | 18.98% |
| PAT Margin | 1.96% |
| EBITDA Margin | 13.21% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 0.72 | - |
| P/E (x) | - | - |
IPO Objectives
The company intends to use the net proceeds from the fresh issue of Milky Mist Dairy Food IPO for the following purposes:
- • Funding the capital expenditure, like the procurement and deployment of 25,000 ice cream freezers, 20,000 visi coolers, and 10,000 chocolate coolers across Fiscals 2026-2028.
- • General Corporate Purposes
Conclusion
The Milky Mist Dairy Food IPO is a significant event in the journey of a company that has been able to build a strong brand in the competitive Indian dairy products market. The company has been able to build a strong business model by focusing on high-margin value-added products and by maintaining control over its logistics and procurement chain. The IPO will be an important event for investors tracking the consumer products and dairy space.
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Competitive Strengths
Direct procurement from over 67,000 farmers ensures quality and consistent raw material supply.
"Milky Mist" is a well-established brand with a diverse portfolio of over 20 product categories.
Owning a specialized fleet of reefer trucks allows for superior quality control of perishable dairy items.
A wide network including 108 exclusive parlours and thousands of retail touchpoints across South India.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 21/07/2025 | View DRHP |
| 2 | SEBI/Exchange approval received | - | - |
Milky Mist Dairy Food IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | — | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |