- Milky Mist has converted into a public company and is targeting a Rs 2,000 crore IPO by the end of 2025.
- The company reported a 33% YoY revenue growth in FY24, reaching Rs 1,900 crore.
Milky Mist, the Tamil Nadu-based dairy brand, has officially converted into a public company as it gears up for a Rs 2,000 crore initial public offering (IPO).
According to regulatory filings, the company’s board approved its transition from “Milky Mist Dairy Food Private Limited” to “Milky Mist Dairy Food Limited,” marking a crucial step toward its stock market debut.
This development follows the onboarding of two independent directors, Radha Venkatakrishnan and Mallika S Janakiraman, earlier this year, indicating strategic efforts to bolster governance ahead of the listing, which is expected by the end of 2025.
IPO Structure and Valuation
The IPO will feature a mix of fresh issue of shares and an offer for sale. Milky Mist is reportedly eyeing a valuation of around Rs 20,000 crore ($2.3 billion).
Leading financial institutions JM Financial, IIFL Capital, and Axis Capital have been appointed as the issue’s lead managers. The company is expected to file its draft red herring prospectus (DRHP) by mid-2025.
Founded in 1985 by T. Sathish Kumar, Milky Mist started as a milk trading business before pivoting to paneer production in 1994.
Over the years, the company has built a fully integrated supply chain and now offers over 150 SKUs across 20 dairy categories, from curd and butter to cheese, yoghurt, and ice cream.
Its presence is strong in South India, with plans to expand across the North and West.
Milky Mist reported Rs 1,900 crore in revenue for FY24, a 33% increase from Rs 1,437 crore in FY23. However, net profit declined to Rs 19.46 crore from Rs 28 crore. FY25 projections indicate revenue of Rs 2,500 crore and a net profit of Rs 65 crore.
The company now joins a growing list of Indian consumer brands preparing to tap public markets.
Edited by Annette George
