Milky Mist has received approval from the Securities and Exchange Board of India (SEBI) on October 24, 2025, to launch its Initial Public Offering (IPO). The company will move forward with the IPO process, subject to market conditions and other regulatory clearances. The SEBI approval remains valid for 12 months.
The ₹2,035 crore IPO will be a Book-Build Issue, comprising a fresh issue of shares worth ₹1,785 crore and an offer for sale (OFS) of ₹250 crore.
The equity shares are proposed to be listed on both the NSE and BSE. While the book-running lead managers are yet to be announced, Kfin Technologies Ltd. will serve as the registrar for the issue.
Milky Mist Ltd. IPO Objectives
- The company plans to utilise ₹7,500.00 million from the net proceeds for repayment or prepayment, in full or in part, of certain outstanding borrowings.
- An amount of ₹4,147.15 million will be used to finance capital expenditure towards the expansion and modernisation of the Perundurai Manufacturing Facility.
- ₹1,294.28 million will be allocated for the deployment of visi coolers, ice cream freezers, and chocolate coolers, along with general corporate purposes.
About Milky Mist Ltd.
Milky Mist Dairy Food Ltd. has grown from a single-product brand to one of India’s most diversified dairy companies. Starting in 1998 with paneer, it quickly expanded into ghee, curd, butter, khova, and cheese by 2010. Over the years, the brand has consistently added value-added dairy products such as yogurt, whey powder, and UHT milk, reflecting its focus on innovation and quality.
The establishment of its Mega Plant at Perundurai, Erode in 2018 marked a major leap in scale and technology. Milky Mist has also ventured beyond dairy staples — launching cream cheese, probiotic curd, and frozen foods under the SmartChef brand and introducing Greek yogurt and Skyr yogurt under Misty Lite in 2022.
In recent years, it has entered new high-demand categories like ice cream, chocolate, and condensed milk, while strategic acquisitions in 2025 have further strengthened its product portfolio and market reach. The brand’s journey reflects a steady transformation into a modern, innovation-driven dairy powerhouse.
Industry Outlook
- The Indian dairy market is projected to reach around ₹17.7 trillion by FY2030, growing at a CAGR of about 10.3%, with value-added dairy products (VADPs) expected to contribute 56% of the overall market.
- The organized VADP segment is anticipated to account for nearly 34% of the total market by FY2030, expanding at a CAGR of approximately 14%, supported by urbanisation, growing health awareness, and increasing preference for branded dairy products.
- The Ready-to-Eat (RTE) and Ready-to-Cook (RTC) food segments are witnessing strong demand due to fast-paced lifestyles, urbanisation, and convenience needs, with rising adoption among working professionals, students, and households seeking quick yet authentic meal solutions.
How To Apply for the Milky Mist IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Milky Mist Ltd. IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Milky Mist IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Milky Mist IPO
Registered office: SF No. 43/1-4, Pattakaranpalayam, Perundurai, Erode, Tamil Nadu, 638057
Phone: 91 424 2533248
Email: investor@milkymist.com
Milky Mist IPO Reservation
| Investor Category | Shares Offered |
| QIB (Qualified Institutional Buyers) | Not more than 50% of the Net Issue |
| Retail Investors | Not less than 35% of the Net Issue |
| NII (Non-Institutional Investors) | Not less than 15% of the Net Issue |
Milky Mist IPO Lot Size Details
Yet to be announced.
Key Performance Indicators for Milky Mist Ltd. IPO
| Particulars | FY2025 (%) |
| Gross Profit Margin | 33.89 |
| EBITDA Margin | 13.21 |
| PAT Margin | 1.96 |
| Return on Capital Employed (ROCE) | 9.54 |
| Return on Equity (ROE) | 15.11 |
Milky Mist Ltd. IPO Prospectus
Milky Mist Ltd. IPO Registrar
Kfin Technologies Ltd.
- Phone: 04067162222, 04079611000
- Email: milky.ipo@kfintech.com
- Website: https://ipostatus.kfintech.com/
Financial Performance of Milky Mist Ltd.
| Particulars | FY2025 | FY2024 | FY2023 |
| Revenue from Operations (₹ million) | 23,495.03 | 18,216.09 | 13,941.75 |
| Gross Profit (₹ million) | 7,961.86 | 5,684.99 | 4,522.78 |
| EBITDA (₹ million) | 3,103.46 | 2,223.30 | 2,013.94 |
| Profit After Tax (PAT) (₹ million) | 460.74 | 194.44 | 272.30 |
| Return on Capital Employed (%) | 9.54 | 8.14 | 10.62 |
Milky Mist Peer Comparison
| Company Name | Revenue from Operations (₹ million) | EPS (₹ per share) | RoNW (%) | Net Worth (₹ million) |
| Our Company | 23,495.03 | 0.73 | 18.98 | 2,427.73 |
| Bikaji Foods International Ltd | 26,218.54 | 8.02 | 14.52 | 13,831.89 |
| Britannia Industries Ltd | 179,426.70 | 90.45 | 50.02 | 43,557.20 |
| Dodla Dairy Ltd | 37,200.65 | 43.27 | 18.49 | 14,059.50 |
| Hatsun Agro Product Ltd | 86,997.60 | 12.51 | 16.23 | 17,175.60 |
| Nestle India Ltd | 202,015.60 | 33.27 | 79.99 | 40,102.10 |
| Parag Milk Foods Ltd | 34,322.10 | 9.97 | 11.61 | 10,234.10 |
| Tata Consumer Products Ltd | 176,183.00 | 13.06 | 6.39 | 200,010.80 |
Strengths and Opportunities for Milky Mist Ltd. IPO
- Fastest-growing packaged food firm in India with 29.82% CAGR (FY23–FY25).
- Exclusive focus on premium, value-added dairy products like paneer, cheese, curd.
- Leader in paneer market with ~17% organized market share (FY25).
- Diversified portfolio — 23 categories, 416 SKUs, across dairy and frozen foods.
- Advanced automation enabling large-scale paneer and cheese production efficiency.
Risks and Threats for Milky Mist Ltd. IPO
- 97.68% raw milk sourced from Tamil Nadu increases regional dependency risk.
- Single Perundurai facility in Tamil Nadu poses concentration and operational risks.
- 71%–78% revenue from South India limits geographic diversification significantly.
- Paneer, cheese, curd contribute 62.63% revenue—product concentration remains high.
- No long-term supplier contracts; raw material costs may fluctuate sharply.
