Bookbuilding IPO | ₹2,035 Cr | Listing at BSE, NSE |
SEBI has approved the Initial Public Offer (IPO) of Milky Mist Dairy Food Ltd. on October 24, 2025. The company will proceed with next steps to launch the Initial Public Offer (IPO) subject to market conditions and other approvals. The SEBI approval is valid for 12 months.
Milky Mist Dairy Food Ltd. IPO is a Book Build Issue of ₹2,035.00 crores consisting of a fresh issue of shares worth Rs ₹1,785.00 crores and an offer for sale (OFS) of ₹250.00 crores.
The equity shares are proposed to be listed on NSE and BSE. JM Financial Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue. Key details like IPO dates, IPO price bands and lot size are yet to be announced.
Refer to Milky Mist Dairy Food IPO DRHP for more details.
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹2 per share |
| Price Band | |
| Lot Size | |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | [.] shares (agg. up to ₹2,035 Cr) |
| Fresh Issue | [.] shares (agg. up to ₹1,785 Cr) |
| Offer for Sale | [.] shares of ₹2 (agg. up to ₹250 Cr) |
| Share Holding Pre Issue | 64,22,85,000 shares |
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Mon, Jul 21, 2025 |
| SEBI/Exchange approval received | Fri, Oct 24, 2025 |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Incorporated in 2014, Milky Mist Dairy Food Limited is an Indian dairy company engaged in the production and distribution of a wide range of dairy and frozen food products.
The company initially introduced branded packaged paneer in India and subsequently expanded its portfolio to include curd, ghee, butter, cheese, yogurt, ice cream, UHT long shelf life products, chocolates, and sweetened condensed milk.
Operations & Infrastructure
Milky Mist Dairy Food Limited operates an integrated farm-to-retail supply chain model. Raw milk is sourced directly from 67,615 farmers across 22 districts in Tamil Nadu, Andhra Pradesh, and Karnataka, all located within a 400-kilometre radius of its primary manufacturing facility in Perundurai, Erode District, Tamil Nadu. This facility focuses on value-added dairy production. A second facility in Bengaluru, Karnataka, is dedicated to the production of frozen foods, including ready-to-eat (RTE) and ready-to-cook (RTC) products.
As of March 31, 2025, the company’s logistics infrastructure included 44 milk vans for sourcing, 252 reefer trucks for temperature-controlled transportation of perishable goods, and 34 ambient trucks for non-perishable items.
Sales & Distribution
The company’s distribution network spans multiple sales channels, including general trade, modern trade, HoReCa (hotels, restaurants, and cafés), e-commerce, quick commerce platforms, and exclusive Milky Mist parlours. Products are sold in 22 states and 5 union territories through 3,062 distributors and 44 clearing and forwarding (C&F) depots in 44 cities across 13 states. This network reaches over 350,000 retail touchpoints across India.
Market Presence
According to the 1Lattice Report, in Fiscal 2025, the company held approximately 17% market share by value in the organised packaged paneer segment in India. In the same fiscal year, it had approximately 12% market share in the organised packaged cheese market in South India and approximately 5% market share nationally among private players in the same category.
Exports
Between April 1, 2022, and March 31, 2025, the company exported dairy products to more than 15 countries, including Singapore, the United States, Australia, and various countries in the Middle East.
Employees
As of March 31, 2025, Milky Mist Dairy Food Limited employed 1,524 permanent employees.
Milky Mist Dairy Food Ltd.'s revenue increased by 29% and profit after tax (PAT) rose by 137% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 2,150.59 | 1,606.26 | 1,289.42 |
| Total Income | 2,354.79 | 1,826.86 | 1,398.95 |
| Profit After Tax | 46.07 | 19.44 | 27.23 |
| EBITDA | 310.35 | 222.33 | 201.39 |
| NET Worth | 242.77 | 197.05 | 177.37 |
| Total Borrowing | 1,376.38 | 1,036.72 | 798.06 |
| Amount in ₹ Crore | |||
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 15.11% |
| ROCE | 9.54% |
| Debt/Equity | 4.20 |
| RoNW | 18.98% |
| PAT Margin | 1.96% |
| EBITDA Margin | 13.21% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 0.72 |
Lead Manager Reports
Milky Mist Dairy Food IPO is a main-board IPO of 0 equity shares of the face value of ₹2 aggregating up to ₹2,035 Crores. The issue is priced at To be declared. The minimum order quantity is .
The Milky Mist Dairy Food IPO open and close dates are not available as of now.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Milky Mist Dairy Food IPO using UPI as a payment gateway. Zerodha customers can apply in Milky Mist Dairy Food IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Milky Mist Dairy Food IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Milky Mist Dairy Food IPO dates are not announced. Please check back again after some time.
Milky Mist Dairy Food IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in Milky Mist Dairy Food IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Milky Mist Dairy Food IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Milky Mist Dairy Food IPO allotment status.
The Milky Mist Dairy Food IPO listing date is not yet announced. The tentative date of listing is .
