Milky Mist Dairy Food Ltd is expected to launch its ₹1,553 crore IPO in the first week of August 2026, marking what will be the largest IPO by an Indian dairy company. According to sources familiar with the matter, the company obtained SEBI approval for its ₹2,035 crore IPO in October 2025 and has been one of the most anticipated listings in the sector. The company declined to comment on the exact timeline of the IPO launch.
The IPO structure has been adjusted following a ₹482 crore pre-IPO placement completed in May 2026, led by Jongsong Investments Pte Ltd, an indirect wholly-owned subsidiary of Temasek Holdings. As reported by The Economic Times, with the pre-IPO placement already raised, the current issue size reflects the balance amount of ₹1,553 crore. The pre-IPO investment was made at ₹139.76 per share, valuing the company at approximately ₹9,300 crore. The issue comprises both fresh equity shares and an offer for sale by existing promoters Sathishkumar and Anitha Sathish.
Founded in Erode, Milky Mist focuses entirely on value-added dairy products and does not operate in the milk segment. According to the Draft Red Herring Prospectus, the company's portfolio includes paneer, cheese, curd, yogurt, butter, ghee, ice cream and other dairy-based products. The company's manufacturing facility is located at Perundurai, where expansion and modernisation activities are planned for newer categories including whey protein concentrate, yogurt and cream cheese plants. Founded in Erode, Tamil Nadu, Milky Mist is among India's leading premium dairy brands focused exclusively on value-added dairy products.
As reported by The Economic Times, proceeds from the fresh issue will be utilised for repayment of borrowings and expansion and modernisation of the manufacturing facility at Perundurai. The expansion is specifically targeted towards manufacturing newer categories such as whey protein concentrate, yogurt and cream cheese plants. The company will also invest in expanding its cold-chain network by deploying visi coolers, ice cream freezers and chocolate coolers, besides meeting general corporate requirements. JM Financial Ltd, Axis Capital Ltd and IIFL Capital Services Ltd are serving as the book-running lead managers to the issue.
Other listed peers in the dairy sector include Parag Milk Foods Ltd, Hatsun Agro Product Ltd and Dodla Dairy Ltd. With this IPO, Milky Mist will likely become the largest IPO by an Indian dairy company, overtaking existing market leaders. The IPO represents a significant milestone for India's dairy sector, with Milky Mist positioning itself as a value-added dairy company focused on premium product categories.
