Earlier this year, the company Milky Mist required the appointment of 2 independent directors, Radha Venkatakrishnan and Malika S. Janakiraman, to its board. This significant move shows that the company is ready to go public by 2025.
Most likely, the company will file the DRHP by the mid-end of the 2025. This IPO comprises a mixture of fresh issue and the Offer-for-Sale component. According to the media reports, the company is aiming for a valuation of around ₹20,000 crore (about $2.3 billion).
The book-running lead managers of the issue are JM Financial, IIFL Capital, and Axis Capital.
Milky Mist Incorporated in 1985 started as a milk trading business and later decided to make a shift in the business in 1994 with the making of paneer. Ever since, the company has expanded its business by adding various products like curd, butter, cheese, yogurt, and ice cream, and has added over 150 products in 20 different dairy categories. As of now, the products of Milky Mist are available in South India, however, the company is planning to expand its products in North and West India soon.
In FY24, the company generated a revenue of ₹1,900 crore, compared to revenue of FY23, which was ₹1,437 crore, showcasing an increment in revenue by 33%.
Just like other mega companies like boAt, Pine Labs, OfBusiness, and Shiprocket, Milky Mist is also planning to go public by the end of 2025.
