Temasek subsidiary leads Rs 482 crore Milky Mist Pre-IPO round ahead of IPO

The round comprises a primary capital infusion of about Rs 357 crore and a secondary share sale of roughly Rs 125 crore, ahead of the company’s planned market debut.

Structure of the fundraise

As part of the primary issuance, the company allotted 5,43,789 equity shares at Rs 139.76 apiece, aggregating to about Rs 7.6 crore. In addition, it issued 25,00,000 compulsorily convertible preference shares (CCPS) at the same price, raising approximately Rs 349.4 crore. These CCPS will convert into equity shares on a 1:1 basis prior to listing, the company said. The entire primary component was subscribed by Jongsong Investments.

Secondary sale by promoters

Alongside the primary capital raise, promoters Sathishkumar T and Anitha S offloaded 89,43,903 equity shares at Rs 139.76 per share, aggregating to around Rs 125 crore as part of a secondary transaction.

IPO plans and operations

The company had secured approval from the Securities and Exchange Board of India (SEBI) in October 2025 for its proposed Rs 2,035 crore IPO. The company mentioned that “no changes have been proposed to this as of now.”

Milky Mist operates a fully automated dairy processing facility in Perundurai, Erode, Tamil Nadu. The company has a portfolio of paneer, cheese, ice creams, beverages and protein-focused offerings. It also has subbrands such as SmartChef, Capella and Msity Lite. It has also acquired brands such as Briyas and Asal.