Milky Mist Dairy Food Raises ₹465 Cr from 19 Anchor Investors

Milky Mist Dairy Food secured ₹465 crore from 19 anchor investors ahead of its Initial Public Offering, allotting 33.2 million equity shares.

The rapidly expanding Indian packaged food company raised exactly ₹465.29 crore at the upper price band of ₹140 per equity share, which included a share premium of ₹138 per equity share.

Who Backed the IPO?

The anchor book attracted a mix of international and domestic investors, including major names.

• Zulia Investments Pte Ltd, a Temasek subsidiary
• International Finance Corporation (IFC)
• Nine domestic mutual funds across 13 schemes, receiving 15.7 million equity shares

Other significant domestic participants included Nippon MF, HDFC MF, ICICI Pru MF, 360 One, White Oak, Invesco MF, Motilal Oswal MF, Edelweiss MF, HSBC MF, Trust MF, and Union Small Cap Fund.

IPO Aims and Business Model

Milky Mist plans to use the IPO proceeds for several strategic objectives to solidify its market position.

• Capitalize on growing demand for premium value-added dairy products
• Expand manufacturing capabilities
• Reduce existing debt
• Reinforce its leading position in India’s dairy FMCG sector

Founded in Erode, Tamil Nadu, Milky Mist focuses exclusively on premium value-added dairy products like paneer, cheese, and yogurt, distinguishing itself by not selling liquid milk.

This strategy contributes to higher profit margins and a strong FMCG market presence. The company operates fully automated, technology-driven manufacturing facilities and an in-house logistics network.

Milky Mist also maintains direct connections with over 67,000 farmers, ensuring a consistent supply of high-quality milk.