Milky Mist raises ₹482 crore in pre-IPO round led by Temasek arm

As part of the primary issuance, Milky Mist allotted 5,43,789 equity shares at ₹139.76 per share, aggregating about ₹7.6 crore. In addition, the company issued 25,00,000 compulsorily convertible preference shares (CCPS) at the same price, raising approximately ₹349.4 crore, Milky Mist said.

The development comes after the company filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in July last year to raise up to ₹2,035 crore through an IPO. The regulator's nod came through in October.

Of the ₹1,785 crore of fresh issue, the company said it will use about ₹750 crore to repay existing debt, while ₹414 crore will go towards expanding and upgrading the Perundurai manufacturing plant, including setting up facilities for whey protein concentrate, yoghurt, and cream cheese.

An additional ₹129 crore is earmarked for the purchase of visi coolers, ice cream freezers and chocolate coolers. The remaining amount will be used for general corporate purposes. The IPO is being managed by JM Financial, Axis Capital, and IIFL Capital Services as the lead book-running managers.

Priyamvada C

Priyamvada is a Mumbai-based business journalist at Mint. She writes about the public and private markets with a key focus on venture capital, private equity, M&As and private credit. Her coverage also spans startups and emerging businesses.Over the last two years, she has uncovered some of the largest deals and interviewed important decision-makers from India’s investment ecosystem. She likes to dabble across different formats like long forms and explainers. Her work has been consistently displayed on the publication's deals page, and she has also written multiple front-page stories.Prior to joining Mint in 2024, she worked out of Reuters’ Bengaluru bureau where she extensively covered the travel, transportation, and logistics industries. Across both her stints, Priyamvada has displayed rigour for breaking news and analyzing interesting data-driven trends. She holds a postgraduate diploma from the Asian College of Journalism's Bloomberg programme. In her free time, she enjoys reading books and trying out different cuisines. She is keen to delve deeper into the various sectors she covers and is always up for a chat. You can reach out to her at priyamvada.c@livemint.com.