Key Highlights
- Milky Mist converts to public company ahead of Rs. 2,000 crore IPO launch.
- IPO to be led by JM Financial, IIFL Capital, and Axis Bank with a $2.3Billion valuation.
- Milky Mist posts 33 percent revenue growth in FY24, reaching Rs. 1,900 crore.
Milky Mist has cleared a key step toward an initial public offering worth Rs. 2,000 crore by converting to a public company.
Entrackr reported first in April that the independent directors, Radha Venkatakrishnan and Mallika S Janakiraman, were appointed to the company’s board.
Milky Mist’s board recently voted to change the company’s status to a public company and name it “Milky Mist Dairy Food Limited”, according to the filing with the authorities.
According to news reports, the plan is for the company to raise Rs. 2,000 crore through an IPO that offers both new and existing shares for sale. Company sources say that JM Financial, IIFL Capital and Axis Bank are likely to lead the IPO which could give the company a value of around $2.3 billion.
Established by T. Sathish Kumar, Milky Mist follows a straight farm-to-table process, getting its milk from farmers and preparing over 150 types of products in categories such as curd, paneer, ghee and cheese. It allows online purchases, manages its units from source to store and normally pays attention to distributing products in South India.
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In fiscal year 2024, the company saw its revenue grow by 33 percent to reach Rs. 1,900 crore. Its profit went down from Rs. 28 crore in the last fiscal to Rs. 19.46 crore in FY24.
Like boAt, Pine Labs, OfBusiness, Shiprocket and Shadwofax before it, Milky Mist is heading for an IPO soon or in the coming year.
