According to a filing with the Registrar of Companies (RoC), the dairy company Milky Mist plans to raise Rs 357 crore, or approximately $42 million, in a pre-IPO funding round.
The names of the investors taking part in the pre-IPO round, however, were not revealed in the regulatory filing.
According to the media, the board also approved the company’s plan to issue new equity shares of Milky Mist for a total of Rs 1,785 crore ($210 million).
An offer-for-sale component may also be included in the planned IPO, raising the total amount to possibly over Rs 2,000 crore. The company is valued at around $2.3 billion in the IPO, and the lead managers are probably going to be JM Financial, IIFL Capital, and Axis Bank.
According to the filing, the board of Milky Mist has also authorized the creation of a new ESOP pool called the “Milky Mist Dairy Food – ESOP Scheme 2025,” which will consist of one crore equity shares with a face value of Rs 2 each and a minimum vesting period of one year.
T. Sathish Kumar founded Milky Mist, a farm-to-fork company that sources milk directly from farmers and produces more than 150 SKUs in 20 categories, including cheese, paneer, ghee, and curd. With a primary focus on distribution in South India, it oversees its entire supply chain and sells goods online.
During the fiscal year that concluded in March 2024, the company’s revenue increased by 33% to Rs 1,900 crore. But in FY24, its profit fell from Rs 28 crore in the previous fiscal year to Rs 19.46 crore.
