South India’s leading dairy brand Milky Mist has taken a major step towards going public, filing its Draft Red Herring Prospectus (DRHP) with SEBI to raise up to ₹2,035 crore (approx. $239 million) through an Initial Public Offering (IPO).
The proposed offering will consist of a fresh issue of shares worth ₹1,785 crore, along with an Offer for Sale (OFS) of ₹250 crore. As part of the OFS, promoters Sathishkumar T and Anitha S will divest ₹150 crore and ₹100 crore worth of shares respectively.
This move comes on the heels of the company’s recent plans to raise ₹357 crore in a pre-IPO round, as reported earlier.
Per the DRHP, Anitha S holds a 51.45% stake, while Sathishkumar T owns 40.94%. The Aquarius Family Private Trust and Taurus Family Private Trust each hold 2.5%. The IPO will be managed by JM Financial, Axis Capital, and IIFL Securities as the lead book-running managers.
Founded in 1997, Milky Mist has become a household name in South India, known for its paneer, cheese, curd, yogurt, and ghee. The company plans to utilise the IPO proceeds to:
- Repay or prepay borrowings: ₹750 crore
- Upgrade and expand its Perundurai plant in Tamil Nadu: ₹414 crore
- Invest in refrigeration infrastructure: ₹129 crore
- Fund general corporate needs
With a network of over 67,000 farmers, Milky Mist boasts a daily milk processing capacity of 12.5 lakh litres and produces over 26,000 metric tonnes of paneer annually.
The company has seen robust financial growth, reporting revenues of ₹2,349 crore in FY25, up from ₹1,822 crore in FY24 and ₹1,394 crore in FY23. Net profit surged to ₹46 crore in FY25, compared to ₹19.4 crore in the previous fiscal.
A regional powerhouse, 71% of Milky Mist’s revenue comes from South India, and 62% of its revenue is driven by paneer, cheese, and curd—highlighting its dominance in value-added dairy products.
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