Milky Mist IPO: Milky Mist Dairy Food Ltd, a dairy products maker, has raised about Rs 482 crore ahead of its proposed IPO. The company has raised funds from Jongsong Investments Pte Ltd, an indirect wholly-owned subsidiary of Temasek Holdings.
Milky Mist Dairy Food has raised funds in a pre-IPO funding round, it said in a statement.
According to the statement, the fundraising includes a primary capital infusion of around Rs 357 crore and a secondary share sale worth about Rs 125 crore ahead of the company's proposed IPO.
Milky Mist Dairy Food has allotted 5,43,789 equity shares at Rs 139.76 apiece, aggregating to Rs 7.6 crore.
Milky Mist Dairy Food has also issued 25 lakh compulsorily convertible preference shares (CCPS) at the same price, raising about Rs 349.4 crore. The CCPS will be converted into equity shares on a 1:1 basis prior to listing.
In addition, promoters Sathishkumar T and Anitha S divested 89,43,903 equity shares at Rs 139.76 per share, aggregating to Rs 125 crore, as part of the secondary transaction.
Milky Mist IPO Papers
Earlier in July, Milky Mist Dairy Food had filed preliminary papers with SEBI to raise funds through its maiden public offering.
Milky Mist IPO Fundraise
Milky Mist Dairy Food has said that the proceeds raised from the IPO will be used to fund debt repayment, expansion, and modernisation of the manufacturing facility.
Founded in Erode, Tamil Nadu, Milky Mist is a leading dairy brand in India. It is exclusively focused on premium value-added dairy products, including paneer, cheese, yogurt, ice cream, butter, ghee, and packaged foods.
Milky Mist does not sell liquid milk, enabling higher margins and strong positioning akin to FMCG companies.
