New IPO Alert: Milky Mist Dairy Food gets SEBI approval for ₹2,035 crore issue, says report

The proposed IPO is seeking to raise ₹2,035 crore by offering new equity shares valued at ₹1,785 crore as well as an offer for sale of ₹250 crore, according to its draft red herring prospectus (DRHP).

Those offloading their stake under the OFS include promoters Sathishkumar T and Anitha S.

The money raised to the tune of ₹750 crore will be used for debt repayment, ₹414.71 crore for expansion and modernisation of the Perundurai Manufacturing facility, ₹129.42 crore for deployment of visi coolers, ice cream freezers and chocolate coolers and the rest for general corporate purposes.

JM Financial, Axis Capital and IIFL Capital Services are the issue's book-running lead managers, while KFin Technologies is the registrar.

The company will reserve 50% of the net offer for qualified institutional buyers, 15% for non-institutional investors and 35% for retail individual investors.

The company's shares will be listed on the National Stock Exchange (NSE) and the BSE.

Milky Mist IPO: A look at financials

About Milky Mist Dairy Food

Milky Mist Dairy Food Ltd focuses exclusively on value-added products within the dairy market. Its product portfolio includes cheese, butter, curd, paneer, yoghurt, ghee, ice cream, chocolates, ultra-high-temperature long-shelf-life products, and other products such as frozen foods and ready-to-eat and ready-to-cook products.

The company sells its products under the umbrella brand 'Milky Mist' and sub-brands like 'Capella', 'SmartChef' and Misty Lite'. It recently acquired brands like 'Asal' and 'Briyas'.

It runs two manufacturing facilities. The plant in Perundurai, Erode, Tamil Nadu, produces value-added dairy products. The other facility in Bengaluru, Karnataka, manufactures frozen foods.