Milky Mist Converts to Public Company Ahead of Rs 2,000 Crore IPO

By siliconindia | Friday, 23 May 2025, 07:02 Hrs

Milky Mist has converted into a public company as it prepares for a Rs 2,000 crore IPO.
Milky Mist Dairy known for its farm-to-fork model and South India focus, reported Rs 1,900 crore in FY24 profit.
With new directors and lead managers onboard, it joins a wave of Indian firms heading toward public listings.

Milky Mist Dairy has taken an important step toward its projected Rs 2,000 crore initial public offering (IPO) by transforming into a public corporation. The board sanctioned a special resolution to change its name from Milky Mist Dairy Food Private Limited to Milky Mist Dairy Food Limited, as disclosed in a regulatory announcement. Two directors, Radha Venkatakrishnan and Mallika S Janakiraman, were appointed to oversee company operations.

The board of Milky Mist passed a special resolution to alter its status to that of a public company and rename itself from “Milky Mist Dairy Food Private Limited” to “Milky Mist Dairy Food Limited,” according to its regulatory filing.

This transition comes after the appointment of two independent directors, Radha Venkatakrishnan and Mallika S Janakiraman, as the company prepares for its public launch. Media reports indicate that the IPO will feature both new equity and an offer for sale, with the company’s valuation anticipated to be around $2.3 billion. JM Financial, IIFL Capital, and Axis Bank are reportedly set to act as lead managers.

It was founded by T. Sathish Kumar, Milky Mist functions under a fully integrated farm-to-fork model, sourcing milk directly from farmers and providing over 150 SKUs in 20 product categories, including paneer, ghee, cheese, and curd. The company maintains complete control over its supply chain in-house, with a strong focus on distribution throughout South India and increasing online sales.

In the fiscal year 2024, the company experienced a 33 percent increase in year-on-year revenue, amounting to Rs 1,900 crore. Nevertheless, its net profit fell to Rs 19.46 crore from Rs 28 crore in fiscal year 2023. Despite the drop in profitability, the company is moving ahead with its IPO plans, joining other high-growth Indian companies like boAt, Pine Labs, and Shiprocket in preparing for public offerings. Milky Mist’s transition to a public company represents a new phase in its growth trajectory, intended to promote business expansion, enhance its brand, and explore new markets through activity in the capital markets.