Milky Mist Dairy Food IPO

Milky Mist Dairy Food Limited is the largest private packaged paneer brand in India, with about 17% market share in FY25, and it holds around 12% of the packaged cheese market in South India. It is one of India’s fastest-growing packaged food companies, with revenue expanding at nearly 30% CAGR between FY23 and FY25. The company has built a strong portfolio of value-added dairy products such as cheese, paneer, butter, curd, ghee, yoghurt, ice cream, UHT long-shelf-life products, frozen foods, RTE/RTC offerings, and even chocolates.

All these products are sold under the main brand “Milky Mist,” along with sub-brands like “SmartChef,” “Capella,” and “Misty Lite.” Its distribution network is extensive, covering 22 states and 5 UTs through more than 3,000 distributors and 108+ exclusive parlours. The company also exports to over 15 countries.

Milky Mist operates two manufacturing facilities and has the largest installed paneer capacity among private organised players, at 72 MT per day. In FY25, paneer was the biggest contributor to sales at 29.5%, followed by cheese at 17.4%, curd at 15.8%, ice cream at 5.9%, and a basket of other products ghee, butter, chocolate, khoya, and UHT goods- making up 31.5%. Region-wise, the southern market remains its core, accounting for 71% of revenue, while the rest of India contributed about 25% and exports around 3.8%.

The company received SEBI approval for the IPO in October 2025. The total issue size stands at ₹2,035 crore, which consists of a fresh issue of ₹1,785.00 crore and an offer for sale of up to ₹250 crore. Its book-running lead managers are JM Financial Limited, Axis Capital Limited and IIFL Capital Services Limited.