Milky Mist IPO: Dairy brand's ₹2,035cr issue gets SEBI nod
Milky Mist, the well-known dairy brand from Erode, just got SEBI's approval to launch a ₹2,035 crore IPO.
Started by T Sathish Kumar back in the 1990s, the company is now looking to raise funds through a mix of new shares and an offer-for-sale by Kumar and his wife Anita.
This marks a major milestone in Milky Mist's growth from a local venture to a national player.
Funds to go toward reducing debt and expanding capacity
Most of the IPO money will go toward reducing about ₹750 crore of the company's ₹1,463 crore total debt and boosting manufacturing capacity.
While 71% of sales still come from South India, Milky Mist has its sights set on expanding into northern cities like Delhi and Mumbai, where established giants like Amul, Hatsun, Britannia, and Nestle already dominate.
The IPO is being managed by JM Financial, Axis Capital, and IIFL Securities.