Key Schedule & Details
- Anchor Investor Bidding Date: Monday, 10 August 2026 (One working day prior to the Bid/Offer opening date)
- Bid/Offer Opening Date: Tuesday, 11 August 2026
- Bid/Offer Closing Date: Thursday, 13 August 2026
- Minimum Bid Size: 107 Equity Shares (and in multiples of 107 Equity Shares thereafter)
- Price Band: Rs133 to Rs140 per Equity Share
- Total Offer Size: Up to [●] Equity Shares of a face value of Rs2 each, aggregating up to Rs15,530.00 million
Milky Mist Dairy Food Limited (the “Company”) will officially open its Initial Public Offering (IPO) for subscription on Tuesday, 11 August 2026. The total issue size stands at a substantial Rs15,530.00 million, operating within a price band of Rs.133 to Rs.140 per share, with a mandatory minimum application size of 107 equity shares.
Temasek backed Milky Mist is one of the fastest growing packaged food company (among companies with revenue scale of more than Rs15,000 million) in India in terms of revenue, growing at a CAGR of 31.26% from Fiscal 2024 to Fiscal 2026. (Source: 1Lattice Report). The company is exclusively focused on value-added products within the dairy market, which are considered premium. (Source: 1Lattice Report). They are a product-led company, dedicated to addressing the diverse and emerging consumer needs for the entire day, from breakfast to dinner. Over the years, it has diversified its product categories to include various value-added dairy products, such as cheese, paneer, butter, curd, ghee, yogurt, ice cream, ultra-high temperature (“UHT”) long-shelf life products, and other products, including frozen foods, ready-to-eat (“RTE”) and ready-to-cook (“RTC”) products, as well as chocolates. They offer their products under their umbrella brand ‘Milky Mist’, and sub-brand such as ‘SmartChef’, ‘Capella’, and ‘Misty Lite’, and have recently acquired brands such as ‘Briyas’ and ‘Asal’.
The Offer comprises of a Fresh Issue of up to [●] Equity Shares of face value of Rs2 each aggregating up to Rs 14,280.00 million and an Offer for sale of up to [●] Equity Shares aggregating up to Rs1,250.00 million. The Offer for Sale comprises up to [●] Equity Shares of face value of Rs2 each aggregating up to Rs750.00 million by Sathishkumar T and up to [●] Equity Shares of face value of Rs2 each aggregating up to Rs500.00 million by Anitha S.
A discount of Rs 13 per Equity Share is being offered to Eligible Employees bidding in the Employee Reservation Portion.
The company, in consultation with the Book Running Lead Managers, undertook a pre-IPO placement of (I) 543,789 Equity Shares of face value of Rs2 each at a price of Rs139.76 per Equity Share (including a premium of Rs137.76 per Equity Share); and (II) 25,000,000 compulsorily convertible preference shares (CCPS) of face value of Rs2 each at a price of Rs139.76 per CCPS, aggregating to Rs 3,570.00 million, as permitted under the applicable law.
The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the BSE Limited and National Stock Exchange of India Limited. For the purposes of the Offer, the Designated Stock Exchange shall be National Stock Exchange of India Limited.
JM Financial Limited, Axis Capital Limited and IIFL Capital Services Limited (formerly known as IIFL Securities Limited) are the Book Running Lead Manager’s to the issue.
