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Milky Mist converts to public company as IPO nears

EntrackrEntrackr · 2m ago
Milky Mist converts to public company as IPO nears
Medial

Dairy company Milky Mist moves a step closer to its Rs 2,000 crore initial public offering as it passes a resolution to convert into a public company. Dairy company Milky Mist moves a step closer to its Rs 2,000 crore initial public offering as it passes a resolution to convert into a public company. This development follows the recent appointment of two independent directors, Radha Venkatakrishnan and Mallika S Janakiraman, as exclusively reported by Entrackr in April. The board at Milky Mist passed a special resolution to change its status to a public company and rename it from “Milky Mist Dairy Food Private Limited” to “Milky Mist Dairy Food Limited”, as per its regulatory filing. According to media reports, the company is planning to launch a Rs 2,000 crore IPO, which will include both fresh shares and an offer for sale. The IPO is expected to value the company at around $2.3 billion, with JM Financial, IIFL Capital, and Axis Bank likely to be the lead managers. Founded by T. Sathish Kumar, Milky Mist operates a direct farm-to-fork model, sourcing milk directly from farmers and producing over 150 SKUs across 20 categories, including curd, paneer, ghee, and cheese. It also offers online purchase of its products and controls the entire supply chain to ensure quality, with distribution focused mainly in South India. In the fiscal year ending March 2024, the company posted a 33% year-on-year revenue growth, reaching Rs 1,900 crore. However, its profit declined to Rs 19.46 crore in FY24 from Rs 28 crore in the previous fiscal. Milky Mist joins the league of companies such as boAt, Pine Labs, OfBusiness, Shiprocket, and Shadwofax which turned into public entities as they anticipate their initial public offerings in near future or 2025.

Exclusive: Milky Mist to raise Rs 357 Cr in pre-IPO round

EntrackrEntrackr · 6d ago
Exclusive: Milky Mist to raise Rs 357 Cr in pre-IPO round
Medial

Dairy company Milky Mist is set to raise Rs 357 crore (around $42 million) in a pre-IPO funding round, according to a filing with the Registrar of Companies (RoC). However, the regulatory filing did not disclose the names of the investors participating in the pre-IPO round. The company also received the board’s nod for the fresh issue of Milky Mist’s equity shares worth Rs 1,785 crore ($210 million), according to a separate resolution reviewed by Entrackr. This development comes nearly two months after the company converted into a public entity, as exclusively reported by Entrackr. The planned IPO may also include an offer-for-sale component, potentially taking the total amount to be raised to over Rs 2,000 crore. The IPO is expected to value the company at approximately $2.3 billion, with JM Financial, IIFL Capital, and Axis Bank likely to serve as the lead managers. Milky Mist’s board has also approved the launch of a new ESOP pool, named the ‘Milky Mist Dairy Food – ESOP Scheme 2025,’ comprising 1 crore equity shares at a face value of Rs 2 each, with a minimum vesting period of one year, filing added. Founded by T. Sathish Kumar, Milky Mist follows a farm-to-fork model, sourcing milk directly from farmers and producing over 150 SKUs across 20 categories such as curd, paneer, ghee, and cheese. It sells products online and manages its full supply chain, with distribution mainly focused in South India. In the fiscal year ended March 2024, the company reported a 33% year-on-year revenue growth to Rs 1,900 crore. However, its profit dropped to Rs 19.46 crore in FY24, down from Rs 28 crore in the previous fiscal.

Milky Mist appoints independent directors ahead of IPO

EntrackrEntrackr · 3m ago
Milky Mist appoints independent directors ahead of IPO
Medial

Indian dairy company Milky Mist has appointed two independent directors to comply with the Companies Act’s independence requirements ahead of filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The board at Milky Mist has appointed Radha Venkatakrishnan and Mallika S Janakiraman as additional directors (in the capacity of independent directors), its regulatory filing accessed from the Registrar of Companies (RoC) shows. According to media reports, the company plans to raise Rs 2,000 crore through its IPO, comprising a mix of fresh issues and offers for sale, with an estimated valuation of around $2.3 billion. JM Financial, IIFL Capital, and Axis Bank are likely to serve as lead managers for the offering. Founded by T. Sathish Kumar, Milky Mist follows a direct farm-to-fork model, sourcing milk from farmers and processing it in its facility. Specializing in value-added dairy products like paneer, cheese, and curd, it serves modern trade, quick commerce, and HoReCa segments. The company claims to process 1.5 million litres of milk daily at its fully automated 75-acre facility in Perundurai, Tamil Nadu. During the fiscal year ending March 2024, the company recorded 33% year-on-year growth in its revenue to Rs 1,900 crore. However, its profit slipped to Rs 19.46 crore in FY24 from Rs 28 crore in FY23. Recently, several companies such as Zepto, Physics Wallah, and Shadowfax have appointed independent directors to comply with regulatory requirements set by the Securities and Exchange Board of India (SEBI) ahead of their planned public listings.

Milky Mist posts Rs 2,349 Cr revenue in FY25, profit jumps over 2.4X

EntrackrEntrackr · 2d ago
Milky Mist posts Rs 2,349 Cr revenue in FY25, profit jumps over 2.4X
Medial

Milky Mist posts Rs 2,349 Cr revenue in FY25, profit jumps over 2.4X Dairy company Milky Mist has filed its draft red herring prospectus (DRHP) with the Securities Exchange Board of India to raise up to Rs 2,035 crore through an initial public offering (IPO). The company's financial report for FY25 indicates a 2.4X spike in its profit with a decent growth in revenue. Milky Mist’s revenue from operations grew 29% to Rs 2,349 crore in FY25 from Rs 1,822 crore in FY24, according to its restated financial statement sourced from the DRHP. Paneer remained Milky Mist’s top-selling product in FY25 with Rs 694 crore in revenue, followed by cheese at Rs 408 crore and curd at Rs 370 crore. Ice cream emerged as the fastest-growing segment with a 294% jump to Rs 138 crore, while other products like ghee, milk, and beverages brought in Rs 739.5 crore. Regionally, Karnataka and Tamil Nadu led the charts with nearly equal contributions, while West India (Rs 418 crore) and North-Central India (Rs 116 crore) posted the highest growth at 49% and 55%, respectively. Export revenue also surged 43% to Rs 88.5 crore. On the expense front, the cost of materials continued to be the biggest outlay, growing 24% to Rs 1,553 crore in FY25. Employee benefit expenses rose to Rs 145 crore, while depreciation and finance costs increased to Rs 136 crore and Rs 86 crore, respectively. Notably, selling and distribution costs jumped over 134% to Rs 122 crore. Overall, total expenses increased 27% to Rs 2,267 crore in FY25 from Rs 1,784 crore a year earlier. Milky Mist ended the year with a return to strong profitability, with a spike of 2.4X to Rs 46 crore in FY25 from Rs 19 crore in FY24. Its ROCE and EBITDA margin stood at 11.57% and 13.14% respectively. The company spent Rs 0.96 to earn a rupee of operating revenue in FY25. The company reported current assets worth Rs 419 crore, including Rs 21 crore in cash and bank balance. As per the DRHP, Anitha S is the largest shareholder with a 51.45% stake in Milky Mist, followed by T. Sathishkumar who owns 40.94%. Aquarius Family Private Trust and Taurus Family Private Trust hold 2.5% each in the company. JM Financial, Axis Capital, and IIFL Securities are the book-running lead managers for the IPO.

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