Milky Mist raises around ₹480 crore from Temasek in a pre-IPO round

Value-added dairy major Milky Mist Dairy Food Limited has raised around ₹482 crore in a pre-IPO round anchored by Jongsong Investments Pte. Ltd., an affiliate of Singapore-based Temasek Holdings, according to a public notice put out by Milky Mist

The fundraise is in the form of a primary capital raise of around ₹350 crore and a secondary share sale of around ₹120 crore ahead of the company’s proposed initial public offering (IPO). The entire investment was led by Jongsong Investments, marking a significant institutional endorsement for Milky Mist.

As part of the primary issuance, Milky Mist allotted 5,43,789 equity shares at ₹139.76 per share, aggregating to about ₹7.6 crore, the public notice showed. In addition, the company issued 25,00,000 compulsorily convertible preference shares (CCPS) at the same price, raising approximately ₹350 crore. These CCPS will convert into equity shares on a 1:1 basis prior to listing.

Additionally, promoters Sathishkumar T and Anitha S sold 89,43,903 equity shares at ₹139.76 per share, aggregating to roughly ₹125 crore, as part of a secondary transaction.

The company obtained approval from SEBI for its ₹2,035 crore IPO in October 2025, and recently told businessline they are evaluating the market conditions and looking for the “right opportunity” to kick off the listing. The IPO is definitely on track, K Rathnam, CEO and Whole-time Director, Milky Mist Dairy Food, had told businessline last month. SEBI approval expires in October this year.

The company operates a fully automated processing facility in Perundurai, Erode, Tamil Nadu, focussing on higher throughput, quality products and improved production timelines and its own integrated logistics model. They offer their products under the umbrella brand ‘Milky Mist’, and sub-brands such as ‘SmartChef’, ‘Capella’, and ‘Misty Lite’—along with recently acquired brands ‘Briyas’ and ‘Asal’.

Milky Mist clocked revenue of around ₹3,275 crore in FY26, beaten its own revenue growth estimates in FY26. The growth was driven by broad-based growth across its ice creams, beverages, paneer, cheese and other categories and a stand-out performance of the emerging protein offerings.