🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Milky Mist converts to public company as IPO nears

EntrackrEntrackr · 1m 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.

Milky Mist appoints independent directors ahead of IPO

EntrackrEntrackr · 2m 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.

Download the medial app to read full posts, comements and news.