Milky Mist converts name to public entity ahead of market debut plans

Dairy products manufacturer Milky Mist has passed a resolution to convert into a public company as it gears up for a domestic listing.

As per regulatory documents, Milky Mist Board has passed a special resolution to change its status to a public company and rename it from “Milky Mist Dairy Food Private Limited” to “Milky Mist Dairy Food Limited”.

These developments come just a month after the company appointed two independent directors Radha Venkatakrishnan and Mallika S Janakiraman in April earlier this year.

The development was first reported by Entrackr.

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According to a report by MoneyControl, Milky Mist picked JM Financials, IIFL Capital Services and Axis Capitaln as bankers for its initial public offering (IPO). The company plans to file draft papers by mid of this year and list on exchanges by the end of calendar year 2025.

Media reports state that the Tamil Nadu based company is looking to raise around Rs 2,000 crore, across primary capital and OFS component, while looking at a valuation of Rs 20,000 crore.

Founded by T. Sathish Kumar, Milky Mist has built its business around a fully integrated farm-to-fork approach, sourcing fresh milk directly from farmers. It offers over 150 SKUs across categories like paneer, ghee, milk and curd on offline and online channels.

The company clocked 33% growth in revenue to Rs. 1,900 crore during the year ended March 31, 2024. During the same period, its profit narrowed to Rs 19.46 crore from Rs 28 crore in the previous year.