IPO Funding as Listing Plans Advance – Outlook Business

Milky Mist Dairy Food has completed a pre-IPO placement worth ₹3,570 crore, as part of its preparations for a proposed initial public offering, according to a public notice filed with regulators.

The company allotted 25mn compulsorily convertible preference shares (CCPS) and 543,789 equity shares to Singapore-based Jongsong Investments Pte. Ltd at an issue price of ₹139.76 per share on a preferential basis. The CCPS will be converted into equity shares prior to the filing of the red herring prospectus.

In addition to the primary issuance, the company’s promoters — Sathishkumar T and Anitha S — transferred 8.94 million equity shares to the same investor for a total consideration of ₹1,250 crore, as part of a secondary transaction.

Following these transactions, the combined promoter shareholding is expected to decline from 93.79% to 88.86%, as shown in the notice.

Milky Mist had earlier filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and stock exchanges in July 2025 for its proposed IPO.

The company said the pre-IPO placement does not exceed 20% of the originally planned fresh issue size and that the amount raised will be adjusted against the fresh issue component of the offering.

The notice added that the IPO remains subject to regulatory approvals, market conditions and other considerations, and there is no assurance that the offering will proceed or result in a listing.

Milky Mist's Growth

It is headquartered in Tamil Nadu, operates in the dairy products segment and was incorporated as a public limited company in May 2025.

In recent times, the company expanded beyond the southern belt of the country and built a strong presence in premium dairy categories, including paneer, cheese, curd, butter, yoghurt, and other value-added products.