Milky Mist IPO: Rs 465 Cr Raised from Anchor Investors

Milky Mist Dairy Food Ltd. secured Rs 465.30 crore from anchor investors on Monday, ahead of its initial public offering (IPO).

The company allocated 3.32 crore equity shares at Rs 140 per share, hitting the upper end of its IPO price band.

Anchor Investor Breakdown

• Total Raised: Rs 465.30 crore
• Shares Allocated: 3.32 crore equity shares
• Price Per Share: Rs 140
• Zulia Investments Pte Ltd’s Share: 1.14 crore shares (34.39%), valued at approximately Rs 160 crore
• Domestic Mutual Funds’ Share: 1.54 crore shares (46.27%) across 13 schemes

Other major anchor investors included Nippon India Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Public Sector Pension Investment Board-IIFL Asset Management, India Acorn Fund, and International Finance Corporation (IFC).

Upcoming IPO Details

The overall IPO is valued at Rs 1,553 crore, positioning it as the largest by an Indian dairy company.

• Subscription Window: August 11 to August 13
• Price Band: Rs 133-140 per share
• Fresh Issue: Up to Rs 1,428 crore
• Offer for Sale (OFS): Up to Rs 125 crore

Strategic Fund Utilization

Funds from the fresh issue are earmarked for several key initiatives.

• Debt repayment
• Expansion and modernization of the Perundurai, Tamil Nadu manufacturing facility
• Enhancing cold-chain infrastructure
• Investment in new plants for whey protein concentrate, yogurt, and cream cheese
• Installation of various coolers

Milky Mist, founded in Erode, Tamil Nadu, focuses on value-added dairy products like paneer, cheese, and yogurt, explicitly not dealing in liquid milk.

Equity shares are expected to list on the BSE and NSE on August 18. JM Financial, Axis Capital, and IIFL Capital Services are managing the book-running, with KFin Technologies as registrar.