Milky Mist Dairy Food Ltd, a fast-growing player in India’s packaged dairy space, has filed its Draft Red Herring Prospectus (DRHP) with SEBI to raise up to ₹2,035 crore through an initial public offering.
The issue includes a ₹1,785 crore fresh issue and a ₹250 crore offer-for-sale by its promoters.
The company aims to use the proceeds to reduce outstanding debt, scale its manufacturing operations, and enhance its cold chain and distribution infrastructure across key markets.
Founded in Erode, Tamil Nadu, by Sathishkumar T in 1985, Milky Mist has built its identity around premium, value-added dairy products (VADPs). The brand focuses exclusively on products like paneer, cheese, yogurt, ghee, curd, butter, and ice cream — moving away from the commoditised milk category.
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Out of the fresh issue, ₹750 crore will be allocated for debt repayment and ₹414 crore for expanding its manufacturing capacity at Perundurai — including new setups for whey protein concentrate, yogurt, and cream cheese. Another ₹129 crore will go into deploying freezers and chillers across its distribution network, with the remaining capital set aside for general corporate purposes.
Milky Mist currently runs one of India’s largest paneer production units, with a capacity of 150 metric tons per day. With the IPO, the company is looking to deepen its presence in organised retail and compete more aggressively in the VADP category — a high-growth segment within India’s ₹1 lakh crore+ dairy economy.
