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₹140 - 140
Milky Mist Dairy Food Ltd
FMCGIPO
₹140 - 140
We are the fastest growing packaged food company (among companies with revenue scale of more than Rs.15,000 million) in India in terms of revenue, growing at a CAGR of 31.26% from Fiscal 2024 to Fiscal 2026. We are exclusively focused on value-added products within the dairy market, which are considered premium. We 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, we have diversified our 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. We offer our products under our umbrella brand `Milky Mist', and sub-brand such as `SmartChef', `Capella', and `Misty Lite', and have recently acquired brands such as `Briyas' and `Asal'.
Lot107Min Invest₹14,980Face Value₹2Issue Size₹1,553 CrFresh Issue₹1,428 CrOffer for Sale₹125 CrListing Price₹165CMP₹252
Timeline
11 Aug
Bidding opens
13 Aug
Bidding closes
14 Aug
Allotment
17 Aug
Refund & demat credit
18 Aug
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹1,553 Cr11.09 Cr shares
Fresh Issue₹1,428 Cr
Offer for Sale₹125 Cr
Face Value₹2
Lot Size107 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9801-13 lots
sNII₹2,09,720from 14 lots
bNII₹10,03,660from 67 lots
Managers & Registrar
Lead ManagerJM Financial Limited
Co-ManagerAxis Capital Limited, IIFL Capital Services Limited
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrSathishkumar TPRMTR53,57,14275.00Anitha SPRMTR35,71,42850.00Total89,28,570125.00
Shareholding
CategoryPre IPOPost IPOPromoter Group93.01%79.5%Public6.99%20.5%
Objects of the Issue
- Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by the Company
- Financing the capital expenditure requirements in relation to the expansion and modernisation of the company Perundurai Manufacturing Facility
- Deployment of visi coolers, ice cream freezers and chocolate coolers
- General corporate purposes
Anchor Book
Bid Date10-Aug-2026
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| RevenueCr | 1,394 | 1,822 | 2,350 | 3,138 |
| Operating ProfitCr | 197 | 217 | 305 | 429 |
| OPM% | 14.1 | 11.9 | 13.0 | 13.7 |
| PBTCr | 63 | 43 | 88 | 158 |
| PATCr | 27 | 19 | 46 | 127 |
| EPS | 0 | 0 | 1 | 2 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity CapitalCr | 4 | 4 | 126 | 128 |
| ReservesCr | 259 | 279 | 199 | 335 |
| BorrowingsCr | 804 | 1,042 | 1,382 | 1,677 |
| Total AssetsCr | 1,289 | 1,606 | 2,151 | 2,676 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Operating Cash FlowCr | 175 | 140 | 315 | 302 |
| Investing Cash FlowCr | -368 | -290 | -545 | -470 |
| Financing Cash FlowCr | 198 | 152 | 233 | 164 |
| Net Cash FlowCr | 5 | 2 | 3 | -3 |
Strengths & Risks
Strengths · as stated in the DRHP
- Fastest growing packaged food company in India with established brand equity and leadership across various product categories.
- Diversified and expanding product categories focused on emerging consumer needs.
- Advanced manufacturing capabilities enhanced by automation and technology-driven processes.
- Direct sourcing and focussed engagement with farmers.
- Multi-channel sales with our own logistics infrastructure.
- Experienced management team delivering financial growth with a focus on sustainability.
Strategies · as stated in the DRHP
- Strengthen our position in the Southern region of India and establish a stronger presence in other regions.
- Expand our production capacity and augment our procurement capabilities.
- Further strengthen our brand visibility and brand equity.
- Grow inorganically through strategic acquisitions.
- Leveraging technology to improve operational and cost efficiency.
Risks · as stated in the DRHP
- The company has certain contingent liabilities that have been disclosed in the Restated Consolidated Financial Information (aggregating to Rs. 2,290.09 million as of March 31, 2026), which if they materialize, may adversely affect its business, results of operations, financial condition and cash flows.
- The company's manufacturing operations is dependent on the supply of large amounts of raw milk, with the majority of the company's raw milk procurement being from the state of Tamil Nadu (94.51%, 97.68% and 99.62% of the total raw milk procurement in Fiscals 2026, 2025 and 2024, respectively). Its inability to procure adequate amounts of good quality raw milk, at competitive prices, or any adverse development in the state of Tamil Nadu affecting the milk supply, may have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- The company derives a significant portion of its revenue from the sale of the company's products in South India. Its aggregate revenue from the sale of products in South India accounted for 69.23%, 71.00% and 73.68% of the company's revenue from operations for the Fiscals 2026, 2025 and 2024, respectively. Any adverse developments affecting its operations in South India, could have an adverse impact on the company's business, financial condition, results of operations and cash flows.
- The company has substantial indebtedness which requires significant cash flows to service and limits its ability to operates freely. An inability to obtain further financing or to comply with repayment and other covenants in the company's financing agreements could adversely affect its business, results of operations, financial condition and cash flows. Further, one of the company's trademarks "Milky Mist" has been hypothecated as security for financing arrangements availed from certain lenders. Enforcement of such security by lenders in the event of default may have an adverse effect on its brand image, reputation and financial results.
- The company derives a significant portion of its revenue from the sale of certain products, namely, paneer, cheese and curd (which contributed 59.05%, 62.63% and 66.16% to the company's revenue from operations in Fiscals 2026, 2025 and 2024, respectively). Its inability to anticipate and adapt to evolving consumer tastes, preferences and demand for such products, or ensure product quality may adversely impact demand for such products and consequently the company's business, results of operations, financial condition and cash flows.
- The company has, in the last 12 months, issued Equity Shares at a price that could be lower than the Offer Price.