Milky Mist Dairy Food IPO
Milky Mist Dairy Food LtdMainboard
This IPO has listed.
- Open date
- 11 Aug 2026
- Close date
- 13 Aug 2026
- Min. Investment
- ₹14,980
- Lot Size
- -
- Fresh Issue
- ₹1428.00 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers155.83x
- Non-Institutional Investors34.91x
- Retail-Individual Investors8.41x
- Total56.12x
Schedule
- Completed: IPO open date11 Aug 2026
- Completed: IPO close date13 Aug 2026
- Completed: Allotment date14 Aug 2026
- Completed: Funds unblock or debit17 Aug 2026
- Completed: Tentative listing date18 Aug 2026
About
Promoter shareholding in Milky Mist Dairy Food Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Sathishkumar T | 26,29,76,353 | 39.38% | 25,76,19,211 | 33.46% |
| Anitha S | 33,04,64,954 | 49.48% | 32,68,93,526 | 42.46% |
| Taurus Family Private Trust | 1,24,57,125 | 1.87% | 1,24,57,125 | 1.62% |
| Aquarius Family Private Trust | 1,06,57,125 | 1.60% | 1,06,57,125 | 1.38% |
| TS Shanjay | 22,50,000 | 0.34% | 22,50,000 | 0.29% |
| TS Nitin | 22,50,000 | 0.34% | 22,50,000 | 0.29% |
| Shivakumar C S | 180 | 0.00% | 180 | 0.00% |
| S Rathepriya | 180 | 0.00% | 180 | 0.00% |
Financials of Milky Mist Dairy Food IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 1821.61 | 2349.50 | 3138.36 |
| Total Expenses | 1784.17 | 2267.25 | 2986.52 |
| Profit Before Tax | - | - | - |
| Total Profit | 19.44 | 46.07 | 127.01 |
Milky Mist Dairy Food IPO Strengths & Risks
- Fastest growing packaged food company in India with established brand equity and leadership across various product categories.
- Diversified and expanding product categories focused on emerging consumer needs.
- Advanced manufacturing capabilities enhanced by automation and technology-driven processes.
- Direct sourcing and focussed engagement with farmers.
- Multi-channel sales with our own logistics infrastructure.
- Experienced management team delivering financial growth with a focus on sustainability.
- Risks Relating to the Business: The company has certain contingent liabilities that have been disclosed in the Restated Consolidated Financial Information (aggregating to Rs. 2,290.09 million as of March 31, 2026), which if they materialize, may adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's manufacturing operations is dependent on the supply of large amounts of raw milk, with the majority of the company's raw milk procurement being from the state of Tamil Nadu (94.51%, 97.68% and 99.62% of the total raw milk procurement in Fiscals 2026, 2025 and 2024, respectively). Its inability to procure adequate amounts of good quality raw milk, at competitive prices, or any adverse development in the state of Tamil Nadu affecting the milk supply, may have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company derives a significant portion of its revenue from the sale of the company's products in South India. Its aggregate revenue from the sale of products in South India accounted for 69.23%, 71.00% and 73.68% of the company's revenue from operations for the Fiscals 2026, 2025 and 2024, respectively. Any adverse developments affecting its operations in South India, could have an adverse impact on the company's business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company has substantial indebtedness which requires significant cash flows to service and limits its ability to operates freely. An inability to obtain further financing or to comply with repayment and other covenants in the company's financing agreements could adversely affect its business, results of operations, financial condition and cash flows. Further, one of the company's trademarks "Milky Mist" has been hypothecated as security for financing arrangements availed from certain lenders. Enforcement of such security by lenders in the event of default may have an adverse effect on its brand image, reputation and financial results.
- Risks Relating to the Business: The company derives a significant portion of its revenue from the sale of certain products, namely, paneer, cheese and curd (which contributed 59.05%, 62.63% and 66.16% to the company's revenue from operations in Fiscals 2026, 2025 and 2024, respectively). Its inability to anticipate and adapt to evolving consumer tastes, preferences and demand for such products, or ensure product quality may adversely impact demand for such products and consequently the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company has, in the last 12 months, issued Equity Shares at a price that could be lower than the Offer Price.
- Risks Relating to the Business: The Company is required to obtain certain statutory approvals, licenses, registrations and permits to operates its business, manufacturing facility and Milk Chilling Centres. Failures to obtain or renew such approvals in a timely manner, or at all, or comply with laws in relation to safety, health and environmental protection may adversely affect the company's business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company has not entered into definitive arrangements to utilize certain portions of the Net Proceeds of the Offer and the costs to be incurred in relation to such Objects are based on the quotations received from the vendors or estimates of the management. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment or services in a timely manner, or at all, it may result in time and cost over-runs and the company's business, prospects and results of operations may be adversely affected.
- Risks Relating to the Business: There have been certain qualifications and adverse remarks by the Company and its Subsidiary's statutory auditors in their audit reports for Fiscal 2026, 2025 and 2024 under their reporting requirements under the Companies (Auditor's Report) Order, 2020 and Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended). The company cannot assure you that its auditors' reports for any future fiscal periods will not contain such qualifications and adverse remarks.
- Risks Relating to the Business: The company's ability to access capital at attractive costs depends on its credit ratings. Any downgrade of the company's credit ratings may restrict its access to capital and thereby adversely affect the company's business, reputation, cash flows and results of operations.
- Risks Relating to the Business: The company significantly depends on its manufacturing facility which is located in Perundurai, Erode, Tamil Nadu. Any adverse developments affecting this region or the regions in which the company's chilling centres are located or any slowdown or shutdown in the company's manufacturing could have an adverse effect on its business, results of operations and financial condition.
- Risks Relating to the Business: The company does not has long term agreements with suppliers for its other raw materials (in addition to raw milk) and the company's cost of such other raw materials (excluding raw milk) accounted for 17.97%, 18.89% and 16.30% of its revenue from operations in Fiscal 2026, 2025 and 2024, respectively. An increase in the cost of or a shortfall in the availability of such raw materials could have an adverse effect on the company's business, results of operations and financial condition.
- Risks Relating to the Business: The company's inability to effectively manage its growth or implement the company's growth strategies may have an adverse effect on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's statutory auditors have included certain emphasis of matters in their examination report on Restated Consolidated Financial Information for Fiscals 2025 and 2024, and its cannot assure that the company's financial information for future periods will not contain emphasis of matters.
- Risks Relating to the Business: Certain sections of this Red Herring Prospectus disclose information from the 1Lattice Report which is a paid report and commissioned and paid for by the company exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- Risks Relating to the Business: The company may be unable to comply with food safety laws and other applicable regulations in relation to its products and manufacturing facility, which may adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Failures in maintaining the requisite standard for storage of the company's perishable products transported by it may have an adverse impact on the quality of its products which could have an adverse impact on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company incurs significant expenses towards strengthening its brand visibility and brand equity and expects to continue to incur such expenditure in the future. The company's advertisement and business promotion expenses in Fiscals 2026, 2025 and 2024 accounted for 2.54%, 3.03% and 1.13% of its revenue from operations in Fiscal 2026, 2025 and 2024, respectively. An inability to maintain or enhance the popularity of its brands or any increase in the company's marketing expenditure may adversely impact its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Some of the company's chilling centres is operated on leasehold premises. There can be no assurance that such lease agreements will be renewed upon termination or that its will be able to obtain other premises on lease on the same or similar commercial terms.
- Risks Relating to the Business: The company's business is significantly dependent on its distribution network and a majority of the company's revenue from operations is generated from the distributors from the south of India (representing 72.26% of its total distributors as of March 31, 2026). An inability to expand or effectively manage its distributor network, or any disruptions in the company's distribution network may have an adverse effect on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: If the company fails to protect or incurs significant costs in defending its intellectual property or if the company infringes the intellectual property rights of others, its business, results of operation and financial condition could be adversely affected.
- Risks Relating to the Business: The company's business requires working capital. Any failures in arranging adequate working capital for the company's operations may adversely affect its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: Improper processing, transport or storage of the company's raw materials or products, or spoilage of and damage to such raw materials and products, or any real or perceived contamination in the company's products, could subject it to regulatory action, damage its reputation and have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's business is capital intensive, and its may requires significant financing to support the company's growth strategies and expansion plans. Any failures to raise additional financing could have an adverse effect on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: After the completion of the Offer, the company's Promoters along with the members of its Promoter Group will continue to collectively hold majority of the shareholding in the Company, which will allow them to influence the outcome of matters requiring shareholder approval.
- Risks Relating to the Business: The company's funding requirements and proposed deployment of Net Proceeds of the Offer are based on management estimates and has not been independently appraised by a bank or a financial institution and if there are any delays or cost overruns, its business, financial condition and results of operations may be adversely affected.
- Risks Relating to the Business: The value added dairy products industry is competitive and the company's inability to compete effectively may adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The Company is involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have an adverse effect on the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company's business and prospects depends significantly on its reputation, and any negative publicity involving the Company, Promoters, Directors, Key Managerial Personnel or Senior Management could adversely affect its business, results of operations and financial condition.
- Risks Relating to the Business: The company has in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
- Risks Relating to the Business: The company's insurance coverage may not be adequate or its may incur uninsured losses or losses in excess of the company's insurance coverage which could have an adverse impact on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's Senior Management team, Key Managerial Personnel and other qualified personnel are critical to its continued success and the company may be unable to attract and retain such personnel in the future.
- Risks Relating to the Business: The company's business may be adversely affected by work stoppages, increased wages demands by the company's employees, or an increase in minimum wages, and if the company is unable to engage new employees at commercially attractive terms.
- Risks Relating to the Business: There have been certain instances of delays in payment of statutory dues by the company in the past. Any delay in payment of statutory dues by the company in future, may result in the imposition of penalties and in turn may have an adverse effect on its business, financial condition, results of operation and cash flows.
- Risks Relating to the Business: Pricing pressure on account of competition may result in the company providing higher discount and rebates and its inability to pass on costs to the company's customers, may materially and adversely impact its revenue from operations and profitability.
- Risks Relating to the Business: Majority of the company's Directors are or were not directors of listed companies and hence lack of such adequate experience to address complexities associated with listed companies, could have an adverse impact on its business and operations.
- Risks Relating to the Business: Any real and perceived health and safety concerns arising from food-borne illnesses, epidemics, allergic reactions or other negative product quality related incidents could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Under-utilisation of the company's manufacturing facility in the future may have an adverse impact on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The average shelf life of the company's products ranges from 20 days to 12 months. Inaccurate demand forecasting for its products can result in excess inventory and waste which, in turn, could have an adverse effect on the company's business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company's product development efforts may not yield the expected benefits. Additionally, difficulties in developing and launching new products due to unpredictable consumer preferences may have an adverse effect on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Any inability to accurately manage inventory and forecast demand for the company's products may have an adverse effect on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The emergence of modern trade channels in the form of supermarkets and high end retail outlets may adversely affect the company's ability to negotiate its distribution agreements, which may have an adverse effect on the company's business, results of operation, financial condition and cash flows.
- Risks Relating to the Business: The company has power and fuel requirements and any disruption to power and fuel sources could increase its production costs and adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company has undertaken and may continue to undertake strategic acquisitions in the future, which may be difficult to integrate and manage. If the company fails to integrate or manage acquired companies or businesses efficiently, or if the acquired companies or businesses are difficult to integrate, divert management resources or does not perform to its expectations, the company may not be able to realise the benefits envisioned for such acquisitions, and its overall profitability and growth plans could be adversely affected.
- Risks Relating to the Business: The company derives a portion of its revenue from outside India (3.72%, 3.16% and 2.65% of the company's revenue from operations in Fiscals 2026, 2025 and 2024, respectively). Any adverse events in the countries where its export the company's products or foreign exchange fluctuations could have an adverse impact on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Some of its directors and Key Managerial Personnel have interests in the company other than reimbursement of expenses incurred, normal remuneration or benefits.
- Risks Relating to the Business: If the company fails to ensure the confidentiality of its technical knowledge in respect of the company's manufacturing operations and product offerings, its may suffer a loss of the company's competitive advantage which could have an adverse impact on its business, results of operations and cash flows.
- Risks Relating to the Business: Technology failures could disrupt the company's operations and adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Grants of stock options under the company's employee stock option plan may result in a charge to its profit and loss account and, to that extent, reduce the company's profitability and financial condition.
- Risks Relating to the Business: The company has enrolled for benefits under certain government initiative schemes. Cancellation or its inability to meet the conditions under such schemes may adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Information relating to the company's installed capacity and the historical capacity utilization of its products included in this Red Herring Prospectus is based on various assumptions and estimates and future production and capacity utilization may vary.
- Risks Relating to the Business: Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- Risks Relating to the Business: Internal or external fraud or misconduct by the company's employees could adversely affect its reputation and the company's results of operations.
- Risks Relating to the Business: The company's inability to adopt new technologies for its manufacturing processes could adversely affect the company's business, results of operations, financial condition and cash flows. Changes in technology may render its current technologies obsolete or requires it to undertake substantial capital investments, which could adversely affect its results of operations.
- Risks Relating to the Business: The company has included in this Red Herring Prospectus certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- Risks Relating to the Business: An inability to establish and maintain effective internal controls could lead to an adverse effect on the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The Net Proceeds of the Offer will be utilized for the repayment, prepayment and/or redemption of indebtedness availed of by the Company.
