Temasek-backed dairy products maker Milky Mist Dairy Food is set to launch its ₹1,553 crore initial public offering (IPO) on August 11, after reducing the issue size by ₹482 crore following a successful pre-IPO fundraising round. The IPO will remain open for subscription until August 13, with anchor investor bidding scheduled for August 10 and the company’s shares expected to list on the BSE and NSE on August 18.
The Tamil Nadu-based company, known for its value-added dairy products such as paneer, cheese, yogurt, butter, and Greek yogurt, has scaled back the fresh issue after raising capital from Temasek Holdings’ subsidiary through a pre-listing placement. The move reflects a growing trend among Indian companies to use pre-IPO funding to strengthen their balance sheets and reduce equity dilution before listing.
Milky Mist IPO Opens on August 11
The revised public issue comprises:
- Fresh issue: ₹1,428 crore.
- Offer for Sale (OFS): ₹125 crore by promoters Sathishkumar T and Anitha S.
- Total IPO size: ₹1,553 crore.
The price band is expected to be announced shortly before the issue opens.
IPO Snapshot
| Item | Details |
|---|---|
| Company | Milky Mist Dairy Food Ltd. |
| IPO Opens | August 11, 2026 |
| IPO Closes | August 13, 2026 |
| Anchor Book | August 10, 2026 |
| Listing Date | August 18, 2026 |
| Issue Size | ₹1,553 crore |
| Fresh Issue | ₹1,428 crore |
| Offer for Sale | ₹125 crore |
Why the IPO Size Was Reduced
The final issue size marks a reduction from earlier plans, when the company was initially set to launch a ₹2,035 crore IPO in early August.
Milky Mist originally planned to raise ₹2,035 crore, as outlined in its draft red herring prospectus (DRHP).
The issue size was reduced after the company completed a ₹357 crore pre-IPO primary fundraise from Jongsong Investments Pte. Ltd., an indirect wholly owned subsidiary of Temasek Holdings. The promoters also completed a ₹125 crore secondary share sale during the same transaction. Together, the pre-IPO round totaled ₹482 crore, allowing the company to reduce the amount being raised through the public issue.
IPO Size Comparison
| Stage | Issue Size |
|---|---|
| Original Planned IPO | ₹2,035 crore |
| Reduction | ₹482 crore |
| Revised IPO | ₹1,553 crore |
Use of IPO Proceeds
The proceeds from the fresh issue will primarily be used to:
- Repay or prepay existing borrowings.
- Expand and modernize the company’s manufacturing facility at Perundurai, Tamil Nadu.
- Invest in new production lines for products such as whey protein concentrate, yogurt, and cream cheese.
- Purchase additional coolers and freezers to strengthen the cold-chain distribution network.
- Meet general corporate purposes.
Strong Financial Growth Ahead of Listing
Milky Mist has reported robust financial performance ahead of its stock market debut.
For the financial year ended March 31, 2026:
- Revenue increased 34% year-on-year to ₹3,138 crore.
- Net profit surged 176% to ₹127 crore.
The company expects to maintain annual revenue growth of around 30%, supported by increasing demand for premium dairy products and continued geographic expansion.
Business Highlights
| Metric | FY26 |
|---|---|
| Revenue | ₹3,138 crore |
| Revenue Growth | 34% YoY |
| Net Profit | ₹127 crore |
| Profit Growth | 176% YoY |
| Retail Reach | More than 375,000 outlets |
Expanding Beyond Southern India
Founded in Tamil Nadu, Milky Mist has evolved from a regional dairy producer into one of India’s leading value-added dairy brands.
Its portfolio includes:
- Paneer.
- Cheese.
- Butter.
- Yogurt.
- Greek yogurt.
- Cream cheese.
- Other premium dairy products.
The company has expanded its distribution network to more than 375,000 retail outlets across India and continues to focus on premium, health-oriented dairy offerings.
Looking Ahead
The listing comes amid strong investor appetite for Indian markets, with FPIs investing ₹12,290 crore in Indian markets in the first week of August.
Milky Mist’s upcoming ₹1,553 crore IPO marks another significant public listing in India’s consumer goods sector, supported by strong institutional backing from Temasek and robust financial growth. By raising capital ahead of the IPO, the company has been able to reduce the size of the public issue while strengthening its balance sheet, a strategy increasingly adopted by companies preparing for market debut.
Looking ahead, investors will closely watch Milky Mist’s ability to sustain its rapid revenue growth, expand beyond its traditional southern India stronghold, and capitalize on rising demand for premium value-added dairy products. If successful, the listing could further strengthen the company’s position against established players in India’s fast-growing branded dairy market.
Frequently Asked Questions
When does the Milky Mist IPO open?
The Milky Mist IPO opens for subscription on August 11 and closes on August 13, with anchor investor bidding on August 10.
How big is the Milky Mist IPO?
The IPO is sized at ₹1,553 crore, after being reduced by ₹482 crore following a successful pre-IPO fundraising round.
When will Milky Mist shares list?
Shares are expected to list on the BSE and NSE on August 18.
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