According to reports from PTI, Milky Mist Dairy Food Ltd has successfully raised approximately ₹482 crore in a pre-IPO round led by Singapore-based Temasek's subsidiary Jongsong Investments Pte. Ltd. The fundraise comprises a primary capital infusion of about ₹357 crore and a secondary share sale of about ₹125 crore ahead of the company's proposed initial public offering. As part of the primary issuance, Milky Mist allotted 5,43,789 equity shares at ₹139.76 per share, aggregating about ₹7.6 crore. Additionally, the company issued 25,00,000 compulsorily convertible preference shares (CCPS) at the same price, raising approximately ₹349.4 crore. The CCPS will be converted into equity shares on a 1:1 basis prior to listing.
As reported by PTI, the entire primary investment was led by Jongsong Investments, marking a significant institutional backing from Temasek. In addition, promoters Sathishkumar T. and Anitha S. divested 89,43,903 equity shares at ₹139.76 per share, aggregating to ₹125 crore, as part of the secondary transaction. This secondary sale represents a significant portion of the total fundraising, with promoters monetizing their stake ahead of the public offering.
According to PTI, the development follows the company's filing of preliminary papers with markets regulator Sebi in July to raise funds through its maiden public offering. The regulator's approval came through in October. Of the ₹1,785 crore of fresh issue, the company plans to use about ₹750 crore to repay existing debt, while ₹414 crore will be allocated for expanding and upgrading the Perundurai manufacturing plant, including facilities for whey protein concentrate, yoghurt, and cream cheese. An additional ₹129 crore is earmarked for purchasing visi coolers, ice cream freezers and chocolate coolers, with the remaining amount designated for general corporate purposes.
As reported by PTI, headquartered in Erode, Tamil Nadu, Milky Mist is a leading Indian dairy brand that specializes in premium value-added products such as paneer, cheese, yoghurt, ice cream, butter, ghee, and other packaged dairy items. Distinct from conventional dairy firms, Milky Mist does not sell liquid milk, allowing for stronger margins and a business model more aligned with fast-moving consumer goods (FMCG) companies. The company operates fully automated, technology-enabled manufacturing facilities and has a dedicated in-house logistics system, enabling end-to-end distribution. For FY25, the company reported revenue from operations of ₹2,349 crore and an earnings before interest, taxes, depreciation, and amortization (EBITDA) of ₹310 crore.
