Milky Mist Dairy Food Ltd. IPO Details
Milky Mist Dairy Food Ltd. IPO is a book-built issue of Rs.2,035.00 crore, comprising a fresh issue of Rs.1,785.00 crore and an offer for sale of Rs.250.00 crore.
SEBI approval: 24 October 2025 (valid for 12 months). The IPO will open once market conditions and other clearances permit.
Proposed listing: BSE & NSE.
Registrar: KFin Technologies Ltd.
Lead Managers: JM Financial Ltd., Axis Capital Ltd., IIFL Capital Services Ltd.
đź•— Last Update: 3 November 2025, 7.00 AM
GMP | Reviews | Subscription | Allotment
IPO Key Dates
| Event | Date |
|---|---|
| Filed with SEBI | 21 Jul 2025 |
| SEBI Approval Received | 24 Oct 2025 |
| IPO Opens on | To be announced |
| IPO Closes on | To be announced |
| Allotment on | To be announced |
| Initiation of Refunds | To be announced |
| Credit of Shares | To be announced |
| Listing Date | To be announced |
| Listing at | BSE, NSE |
Promoters
Not yet publicly disclosed in the DRHP.
Objects of the Issue (â‚ą in crore)
| S.No. | Purpose | Amount |
|---|---|---|
| 1 | Fresh Issue for capacity expansion / capex and related purposes | 1,785.00 |
| 2 | Offer for Sale by existing shareholders | 250.00 |
| Total Issue Size | 2,035.00 |
Note: “S.No.” column kept intentionally thin.
Business
Incorporated in 2014, Milky Mist Dairy Food Ltd. is a leading value-added dairy company with products spanning paneer, curd, ghee, butter, cheese, yogurt, ice cream, UHT long-life products, chocolates, and sweetened condensed milk.
Operations & Infrastructure
- Integrated farm-to-retail model; milk sourced directly from 67,615 farmers across TN/AP/KA within a 400-km radius of the main plant at Perundurai (Erode, TN).
- Bengaluru facility focuses on frozen foods (RTE/RTC).
- Logistics (as of 31 Mar 2025): 44 milk vans, 252 reefer trucks, 34 ambient trucks.
Sales & Distribution
- Presence across 22 states & 5 UTs via 3,062 distributors and 44 C&F depots, reaching 3.5+ lakh retail touchpoints through general trade, modern trade, HoReCa, e-commerce, quick commerce, and exclusive parlours.
Market Presence & Exports
- FY25: ~17% share in organised packaged paneer (value) in India; ~12% share in packaged cheese in South India; ~5% national share among private players.
- Exports to 15+ countries incl. Singapore, USA, Australia, Middle East.
Employees
- 1,524 permanent employees (as of 31 Mar 2025).
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs.2 per share |
| Issue Price Band | To be announced |
| Lot Size | To be announced |
| Sale Type | Fresh Issue + Offer for Sale |
| Total Issue Size | Rs.2,035.00 Cr |
| Fresh Issue | Rs.1,785.00 Cr |
| Offer for Sale | Rs.250.00 Cr |
| Issue Type | Book-Built IPO |
| Listing At | BSE, NSE |
| Pre-Issue Share Capital | 64,22,85,000 shares |
Investor Category Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
Investor Category – Bidding Rules
| Application Category | Maximum Bidding Limits | Cut-off Allowed |
|---|---|---|
| Only RII | Up to Rs.2 Lakhs | Yes |
| Only sNII | Rs.2 Lakhs to â‚ą10 Lakhs | No |
| Only bNII | Rs.10 Lakhs up to NII reservation | No |
| Only Employee | As per employee category | Yes |
| Employee + RII/NII | If RII: up to Rs.2 Lakhs; If NII: sNII >₹2L ≤₹10L; bNII >₹10L | Yes (Emp + RII/NII) |
How to Check Allotment Status
Allotment will be available on the registrar’s portal once finalized:
KFinTech Allotment Link: https://ipostatus.kfintech.com/
Financial Snapshot (â‚ą crore)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 2,150.59 | 1,606.26 | 1,289.42 |
| Total Income | 2,354.79 | 1,826.86 | 1,398.95 |
| Profit After Tax | 46.07 | 19.44 | 27.23 |
| EBITDA | 310.35 | 222.33 | 201.39 |
| Net Worth | 242.77 | 197.05 | 177.37 |
| Total Borrowing | 1,376.38 | 1,036.72 | 798.06 |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 15.11% |
| ROCE | 9.54% |
| Debt/Equity | 4.20 |
| RoNW | 18.98% |
| PAT Margin | 1.96% |
| EBITDA Margin | 13.21% |
Company Contact
Milky Mist Dairy Food Ltd.
SF No. 43/1-4, Pattakaranpalayam, Perundurai, Erode, Tamil Nadu – 638057
Phone: +91 424 2533248
Email: investor@milkymist.com
Website: http://www.milkymist.com/
Lead Managers
- JM Financial Ltd.
- Axis Capital Ltd.
- IIFL Capital Services Ltd.
Registrar
KFin Technologies Ltd.
Phone: 040-67162222, 040-79611000
Email: milky.ipo@kfintech.com
Allotment Portal: https://ipostatus.kfintech.com/
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
Milky Mist Dairy Food Ltd., a leading value-added dairy brand, plans a ₹2,035 crore IPO (Fresh ₹1,785 Cr + OFS ₹250 Cr). The company’s integrated supply chain and nationwide distribution underpin steady growth. FY25 revenue grew 29% to ₹2,355 crore; PAT rose 137% to ₹46 crore; EBITDA hit ₹310 crore with 13.21% margin. Returns (ROE 15%, ROCE 9.5%) are moderate, while leverage is elevated (Debt/Equity 4.2x). Execution on capex, margin expansion in value-added products, and deleveraging will be key.
Chanakya View: Strong brand with wide reach; watch pricing. Suitable for tracking until price band & valuation clarity emerges.
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