Milky Mist Dairy Food Ltd has raised approximately ₹482 crore in a pre-IPO round anchored by Jongsong Investments Pte. Ltd., an indirect wholly-owned subsidiary of Singapore-based investment firm Temasek Holdings, according to its public announcement.
Breakdown of capital raise
The fundraise comprises a primary capital infusion of ₹357 crore and a secondary share sale of ₹125 crore ahead of the company’s proposed initial public offering (IPO).
Details of primary issuance
As part of the primary issuance, Milky Mist allotted 5,43,789 equity shares at ₹139.76 per share, aggregating to about ₹7.6 crore. In addition, the company issued 25,00,000 compulsorily convertible preference shares (CCPS) at the same price, raising approximately ₹349.4 crore. These CCPS will convert into equity shares on a 1:1 basis prior to listing.
Temasek-backed investment push
The entire primary investment was led by Jongsong Investments, marking a significant institutional endorsement from Temasek, one of the world’s leading long-term investors.
Secondary share sale by promoters
Alongside the capital raise, promoters Sathishkumar T and Anitha S sold 89,43,903 equity shares at ₹139.76 per share, aggregating to roughly ₹125 crore, as part of a secondary transaction.
Business focus and product portfolio
Led by Sathishkumar T, Milky Mist is, exclusively focused on value-added dairy products and caters to evolving consumer preferences from breakfast to dinner. The company has expanded its portfolio beyond traditional dairy offerings to include cheese, butter, ghee, yogurt, ice cream, ultrahigh temperature (UHT) products, frozen foods, ready-to-eat (RTE), and ready-to-cook (RTC) items, as well as chocolates.
Manufacturing and brand ecosystem
The company operates a fully automated processing facility in Perundurai, Erode, Tamil Nadu, focussing on higher throughput, quality products and improved production timelines and its own integrated logistics model. They offer their products under the umbrella brand Milky Mist, and sub-brands such as SmartChef, Capella, and Misty Lite, along with recently acquired brands Briyas and Asal. Milky Mist continues to focus on continuous innovation and maintain a commitment to quality, helping us stay competitive in the dairy industry.