Milky Mist Raises INR 482 Cr in Pre-IPO Round Led by Temasek Arm
The company will use funds for debt repayment, expanding capacity, upgrading its Perundurai facility, and strengthening cold chain and distribution networks.
Milky Mist Dairy Food
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Dairy products maker Milky Mist Dairy Food has raised around INR 482 crore in a pre-IPO funding round from Jongsong Investments Pte Ltd, an indirect wholly owned subsidiary of Temasek Holdings, according to a public announcement. The funding comes ahead of the company’s planned initial public offering.
The round includes a primary capital infusion of INR 357 crore from Jongsong Investments, along with a secondary share sale worth INR 125 crore by promoters Sathish Kumar T and Anitha S. The secondary transaction allows partial stake monetisation by the promoters before the listing.
As part of the primary funding, Milky Mist allotted 5.43 lakh equity shares at an issue price of INR 139.76 per share, raising about INR 7.6 crore. In addition, the company issued 25 lakh compulsorily convertible preference shares at the same price, bringing in nearly INR 349.4 crore. These preference shares will be converted into equity on a one-to-one basis prior to the IPO.
The company plans to use the proceeds for debt repayment, capacity expansion, and modernisation of its Perundurai manufacturing facility. Investments will also be made to strengthen cold chain infrastructure and distribution capabilities.
Based on the issue price, Milky Mist is valued at INR 9,300 crore, significantly lower than its earlier target of nearly INR 20,000 crore for the IPO. The development follows regulatory approval from the Securities and Exchange Board of India received six months ago.
Founded in Tamil Nadu, Milky Mist specialises in premium dairy products such as paneer, cheese, yogurt, butter, ghee, and ice cream, and does not sell liquid milk.
Financially, the Erode-based company reported a 29% increase in revenue to INR 2,349 crore in FY25, while profit rose 2.4 times to INR 46 crore.
Dairy products maker Milky Mist Dairy Food has raised around INR 482 crore in a pre-IPO funding round from Jongsong Investments Pte Ltd, an indirect wholly owned subsidiary of Temasek Holdings, according to a public announcement. The funding comes ahead of the company’s planned initial public offering.
The round includes a primary capital infusion of INR 357 crore from Jongsong Investments, along with a secondary share sale worth INR 125 crore by promoters Sathish Kumar T and Anitha S. The secondary transaction allows partial stake monetisation by the promoters before the listing.
As part of the primary funding, Milky Mist allotted 5.43 lakh equity shares at an issue price of INR 139.76 per share, raising about INR 7.6 crore. In addition, the company issued 25 lakh compulsorily convertible preference shares at the same price, bringing in nearly INR 349.4 crore. These preference shares will be converted into equity on a one-to-one basis prior to the IPO.
Entrepreneur Staff • Editor
Entrepreneur Staff
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