Milky Mist Dairy Food's ₹1,553-cr IPO to open on Aug 11

Milky Mist Dairy Food Ltd, a prominent Indian dairy products manufacturer, has set the price range for its ₹1,553 crore Initial Public Offering (IPO) at ₹133-140 per share. The initial share sale is scheduled to commence on August 11 and conclude on August 13, with anchor investor bidding opening on August 10. This IPO is poised to be the largest by an Indian dairy company, surpassing both Parag Milk Foods Ltd and Hatsun Agro Product Ltd. The issuance comprises a fresh equity share sale of up to ₹1,428 crore and an Offer For Sale (OFS) of up to ₹125 crore, resulting in a total issue size of ₹1,553 crore.

The company had initially aimed to raise ₹2,035 crore through its maiden public offering, but has reduced its target to the current amount. Post-IPO, the company expects a market valuation ranging between ₹10,310 crore and ₹10,778 crore. The proceeds from this public offering will be utilized for debt repayment, expanding and modernizing the company's Perundurai manufacturing facility, and investing in whey protein concentrate, yogurt, and cream cheese production plants.

Additionally, the funds will be allocated towards enhancing the company's cold-chain infrastructure and other corporate purposes. Milky Mist, founded in Erode, Tamil Nadu, specializes in premium value-added dairy products such as paneer, cheese, curd, yogurt, butter, ghee, and ice cream. The company has earmarked 50% of the issue for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail investors.

The equity shares are slated for listing on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on August 18, with JM Financial, Axis Capital, and IIFL Capital Services acting as the book-running lead managers, while KFin Technologies serves as the registrar.