Milky Mist IPO Soars 30% on Debut, Valuation Hits S$1.9B
By Business Desk
Temasek-backed Milky Mist Dairy Food’s shares surged 30% on its Indian debut, reaching a S$1.9 billion valuation after a successful US$163 million IPO.
Milky Mist Dairy Food shares surged 30% on its Indian trading debut on August 18, reaching a valuation of S$1.9 billion. The Temasek-backed company successfully raised US$163 million through its initial public offering, listing at a 29.61% premium to its 140 rupees issue price.
Debut Performance Details
- Debut share surge: 30%
- Valuation: S$1.9 billion (139.69 billion rupees)
- IPO raise: US$163 million (S$208 million)
- Issue price: 140 rupees
- Premium to issue price: 29.61%
Investors backed Milky Mist due to its strong brand presence and significant growth in value-added dairy categories. Analysts noted the IPO’s attractive pricing, effectively tapping into India’s rising consumer demand for premium dairy products.
Investor Backing & Strategic Focus
- IPO subscribed: 2.17 times
- Anchor investor funds secured: 4.65 billion rupees
- Key anchor investors: Temasek, International Finance Corporation, HDFC Mutual Fund
- Core value-added products: Cottage cheese, butter, cheese, ice cream, Greek yogurt
Milky Mist targets around 30% annual revenue growth. Proceeds from the IPO are earmarked for debt repayment and the expansion and upgrade of its primary manufacturing facility in Perundurai, Tamil Nadu.
This successful market entry reflects a robust revival in India’s primary market, with numerous recent IPOs attracting strong investor interest.