Milky Mist Shrinks IPO Ahead of Launch
Milky Mist Dairy Food has reduced the size of its initial public offering (IPO) to ₹15.53 billion from the previously planned ₹20.35 billion after completing pre-listing stake sales to a unit of Singapore’s Temasek. The IPO will open for subscription from August 11 to 13, with anchor investor bidding scheduled for August 10.
The revised IPO includes a fresh issue of shares worth ₹14.28 billion, while the company’s founders will sell shares worth ₹1.25 billion. Temasek’s investment arm acquired a 5.16% stake in April through a combination of newly issued shares, convertible preference shares, and shares purchased from the founders.
The Tamil Nadu-based dairy company is focusing on premium products such as Greek yogurt and protein-rich cottage cheese to tap India’s growing health-conscious consumer base. Milky Mist reported a 176% rise in annual profit to ₹1.27 billion and a 34% increase in revenue to ₹31.38 billion for the financial year ended March 31. The company expects its shares to list on the BSE and NSE on August 18.
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