Milky Mist Secures Rs 482 Crore in Pre-IPO Funding Round

New Delhi, May 4 (PTI) — Milky Mist Dairy Food Ltd has successfully raised about Rs 482 crore in a pre-initial public offering (IPO) funding round. The investment comes from Jongsong Investments Pte Ltd, an indirect subsidiary of Temasek Holdings, marking a significant backing from the institutional investor.

The fundraise includes a primary capital infusion of Rs 357 crore and a secondary share sale of Rs 125 crore. As part of the primary issuance, 5,43,789 equity shares were allotted at Rs 139.76 per share, grossing Rs 7.6 crore. Additionally, 25 lakh compulsorily convertible preference shares (CCPS) were issued at the same price, raising Rs 349.4 crore.

Milky Mist, a leading Indian dairy brand, plans to utilize the proceeds for debt repayment and to expand and modernize their Perundurai facility, including new plants for whey protein concentrate, yogurt, and cream cheese. Founded in Erode, Tamil Nadu, Milky Mist focuses on premium dairy products like paneer and cheese, diverging from traditional liquid milk sales.