Milky Mist, a major dairy brand based in Tamil Nadu, India, is planning a ₹2,000 crore IPO to fund its nationwide expansion. The company has transitioned into a public limited entity and aims for a valuation of ₹20,000 crore. The funds will support its entry into new markets beyond South India while strengthening its direct farm-to-fork dairy model.
Milky Mist, a well-known dairy company headquartered in Erode, Tamil Nadu, India, has announced plans to raise ₹2,000 crore through an initial public offering (IPO) as it seeks to expand its footprint nationwide. The company, now restructured as Milky Mist Dairy Food Limited, has also welcomed two independent directors—Radha Venkatakrishnan and Mallika S. Janakiraman—to its board in preparation for public listing.
Founded by T. Sathish Kumar, Milky Mist operates a direct farm-to-fork model that sources milk from over 70,000 farmers. It offers more than 150 products across 20 categories, including paneer, curd, ghee, and cheese. In FY 2023-24, the company reported ₹1,900 crore in revenue, reflecting a 33% growth year-on-year, despite a dip in net profit to ₹19.46 crore.
The IPO will include both a fresh issue of shares and an offer for sale by existing investors, with a targeted company valuation of ₹20,000 crore (approximately USD 2.3 billion). Leading investment banks such as JM Financial, IIFL Capital, and Axis Bank will manage the offering.
Milky Mist plans to use the funds to strengthen its presence beyond South India, focusing on entry into key markets including Maharashtra, Gujarat, Rajasthan, Madhya Pradesh, and Delhi-NCR. This marks a significant move for the brand, which has been known for its consistent growth and strong rural procurement network.
The IPO reflects a wider trend in India’s dairy industry, where regional brands are scaling up to compete on a national level, driven by growing demand for quality dairy products and value-added offerings.
