Daijiworld Media Network - Erode
Erode, May 4: Milky Mist Dairy Food Limited has raised around Rs 482 crore in a pre-IPO funding round anchored by Jongsong Investments Pte. Ltd., an affiliate of Temasek Holdings, according to a public notice issued by the company.
The fundraise includes a primary capital infusion of about Rs 350 crore and a secondary share sale of roughly Rs 120 crore ahead of the company’s proposed initial public offering (IPO). The entire investment was led by Jongsong Investments, marking a strong institutional endorsement for the dairy major.
As part of the primary issuance, the company allotted 5,43,789 equity shares at Rs 139.76 per share, aggregating to about Rs 7.6 crore. It also issued 25,00,000 compulsorily convertible preference shares (CCPS) at the same price, raising nearly Rs 350 crore. These CCPS will be converted into equity shares on a 1:1 basis prior to listing.
In the secondary transaction, promoters Sathishkumar T and Anitha S sold 89,43,903 equity shares at Rs 139.76 per share, aggregating to around Rs 125 crore.
The company had received approval from Securities and Exchange Board of India for its Rs 2,035 crore IPO in October 2025 and is currently evaluating market conditions for the launch. K Rathnam, CEO and Whole-time Director, recently said the IPO remains on track, with regulatory approval valid until October this year.
Milky Mist operates a fully automated processing facility in Perundurai, Erode district of Tamil Nadu, with a focus on efficiency, product quality, and streamlined production timelines, supported by its integrated logistics model. The company markets products under its flagship ‘Milky Mist’ brand along with sub-brands such as ‘SmartChef’, ‘Capella’, and ‘Misty Lite’, and has also expanded its portfolio with acquisitions like ‘Briyas’ and ‘Asal’.
The company reported revenue of around Rs 3,275 crore in FY26, surpassing its own growth projections, driven by strong performance across categories including ice creams, beverages, paneer, cheese, and emerging protein-based offerings.