Raajmarg Infra Investment Trust IPO...
05 Mar, 2026
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.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Milky Mist Dairy Food IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
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 Timeline
| Detail | Description |
|---|---|
| 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 | 5:00 PM on the Bid/Offer Closing Date |
Milky Mist Dairy Food IPO Lot Size
| Application | Lots | Shares | 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 |
Milky Mist Dairy Food IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 98.09% |
| Promoter Holding Post Issue | - |
Competitive Strength:
- • 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.
Milky Mist Dairy Food IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and 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 | ||||||||||||||||||||||||||||||||||||||||
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.
IPO DRHP Status
| # | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 21-07-2025 | View DRHP |
| 2 | SEBI/Exchange approval received | - | - |
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Frequently Asked Questions (FAQs)
-
What is the total size of the Milky Mist Dairy Food IPO?
The total issue size is up to ₹2,035 crore, which includes a fresh issue of ₹1,785 crore and an offer for sale (OFS) of ₹250 crore.
-
Who are the promoters of Milky Mist Dairy Food Ltd.?
The promoters of Milky Mist Dairy Food Ltd. are Sathishkumar T and Anitha S.
-
What are the primary products sold by Milky Mist Dairy Food Ltd.?
The company specializes in value-added dairy products such as paneer, cheese, curd, ghee, butter, and ice cream.
-
Where will the Milky Mist Dairy Food IPO shares be listed?
The equity shares are proposed to be listed on both the BSE and the NSE.
-
What is the face value of the shares in this Milky Mist Dairy Food IPO?
The face value is ₹2 per equity share.
