Milky Mist Dairy Food launches Rs 1,553 cr IPO, downsized after Temasek deal

Milky Mist Dairy Food Ltd, a premium dairy products maker based in Tamil Nadu, announced that its initial public offering will open for subscription on 11 August. The issue size has been reduced to Rs 1,553 crore, comprising a fresh equity issue of up to Rs 1,428 crore and an offer‑for‑sale of up to Rs 125 crore, with a price band of Rs 133‑140 per share. The IPO, the largest ever by an Indian dairy company, targets a post‑issue market valuation of roughly Rs 10.3‑10.8 crore.

The downsizing follows a pre‑IPO funding round in May in which Milky Mist raised Rs 482 crore from Jongsong Investments Pte Ltd, an indirect wholly‑owned subsidiary of Singapore’s Temasek Holdings. Proceeds from the fresh issue will be used to repay borrowings, expand and modernise manufacturing facilities at Perundurai, and strengthen cold‑chain infrastructure with new coolers and freezers. The shares are slated to list on the BSE and NSE on 18 August.

Alongside Milky Mist, e‑commerce enablement platform Shiprocket is also launching a combined issue next week, but the primary focus of the market debut is Milky Mist’s dairy‑sector IPO.