Milky Mist Dairy Food Raises ₹465.30 Crore from Anchor Investors Ahead of ₹1,553-Crore IPO
Strong Anchor Investor Response
Milky Mist Dairy Food Ltd has raised ₹465.30 crore from anchor investors, a day before its ₹1,553-crore initial public offering (IPO) opens for public subscription. The company allocated 3.32 crore equity shares at ₹140 per share, the upper end of its IPO price band.
Major Investors Participate
Zulia Investments Pte Ltd received the largest allocation, with 1.14 crore shares, representing 34.39% of the total anchor portion and valued at around ₹160 crore.
Other prominent investors included Nippon India Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Public Sector Pension Investment Board-IIFL Asset Management, India Acorn Fund and International Finance Corporation (IFC).
Domestic mutual funds received 1.54 crore shares, accounting for 46.27% of the anchor allocation, through 13 investment schemes.
₹1,553-Crore IPO Opens August 11
Milky Mist’s IPO will open for subscription on August 11 and close on August 13, with the price band fixed at ₹133–₹140 per share.
The issue consists of:
- Fresh issue: Up to ₹1,428 crore
- Offer for Sale: Up to ₹125 crore
- Total issue size: ₹1,553 crore
The IPO is expected to be the largest public offering by an Indian dairy company.
Funds to Support Expansion and Debt Reduction
Proceeds from the fresh issue will be used to repay or prepay borrowings and expand and modernise the company’s manufacturing facility at Perundurai, Tamil Nadu.
The company plans to establish facilities for whey protein concentrate, yogurt and cream cheese, while also strengthening its cold-chain infrastructure through visi coolers, ice cream freezers and chocolate coolers.
Focus on Value-Added Dairy Products
Founded in Erode, Tamil Nadu, Milky Mist focuses primarily on value-added dairy products rather than liquid milk. Its portfolio includes paneer, cheese, curd, yogurt, butter, ghee and ice cream.
At the upper end of the IPO price band, the company is expected to have a post-issue valuation of approximately ₹10,778 crore.
The company’s shares are proposed to be listed on the BSE and NSE on August 18.
