Milky Mist Raises ₹482 Crore in Pre‑IPO Round Led by Temasek Affiliate

Value‑added dairy company Milky Mist Dairy Food Limited has secured around ₹482 crore in a pre‑IPO funding round anchored by Jongsong Investments Pte. Ltd., an affiliate of Temasek Holdings. The transaction includes both primary and secondary components ahead of the company’s proposed initial public offering.

The company stated in a public notice that the investment represents a significant institutional endorsement. The capital raise supports Milky Mist’s continued business expansion and operational strengthening.

Breakdown Of the Pre‑IPO Fundraise

Milky Mist raised approximately ₹350 crore through primary capital infusion and around ₹120 crore via secondary share sales. The entire round was led by Jongsong Investments, reflecting strong investor interest in the company’s value‑added dairy model.

The primary issue comprised 5,43,789 equity shares priced at ₹139.76 each, totalling about ₹7.6 crore. Additionally, 25,00,000 compulsorily convertible preference shares were issued at the same price, contributing roughly ₹350 crore.

Secondary Sale by Promoters

As part of the fundraise, promoters Sathishkumar T and Anitha S sold 89,43,903 equity shares. These shares were priced at ₹139.76 apiece, aggregating to roughly ₹125 crore.

The secondary sale provides liquidity to existing shareholders while bringing in a long‑term institutional investor. All CCPS allotted in the primary issuance will convert into equity shares on a 1:1 basis before the IPO listing.

Company Operations and Brand Portfolio

Milky Mist operates a fully automated processing facility located in Perundurai, Erode, Tamil Nadu. The plant focuses on high‑throughput production, quality control, and efficient logistics through an integrated distribution model.

Its product portfolio is marketed under the main brand ‘Milky Mist’ and includes sub‑brands such as ‘SmartChef’, ‘Capella’, and ‘Misty Lite’. The company also recently added the ‘Briyas’ and ‘Asal’ brands through acquisitions to broaden its offerings.

Revenue Growth and Category Performance

Milky Mist reported revenue of around ₹3,275 crore in FY26, exceeding its internal growth expectations. The company witnessed broad‑based performance across categories such as ice creams, beverages, paneer, cheese, and other dairy products.

Its emerging protein‑based offerings recorded particularly strong growth in the financial year. The expanding category mix highlights the company’s focus on value‑added and higher‑margin segments.

Read More: NSE Begins IPO Process with June-July Filing Target.

Conclusion

Milky Mist’s ₹482 crore pre‑IPO round marks a significant milestone for the dairy manufacturer as it prepares for a public listing. The participation of Jongsong Investments signals strong institutional confidence in its operating model and brand strength.

The combination of primary and secondary transactions will aid growth and enhance shareholder flexibility. The company’s robust revenue performance and diverse product portfolio position it favourably ahead of its proposed IPO.

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