Tamil Nadu-based dairy major Milky Mist has taken a significant step towards its anticipated ₹2,000 crore initial public offering (IPO) by appointing two independent directors to its board. This strategic move aligns with regulatory requirements and signals the company’s readiness to enter public markets later this year.
Key Appointments to the Board
Milky Mist has inducted Radha Venkatakrishnan and Mallika S. Janakiraman as independent directors. These appointments are aimed at enhancing governance standards in compliance with the Companies Act, a prerequisite for companies going public.
IPO Plans and Valuation
- The dairy firm is aiming for a valuation of ₹20,000 crore.
- Proceeds from the IPO—estimated at ₹2,000 crore—will be used to:
- Expand its presence into northern and western India.
- Launch new dairy and value-added products.
Milky Mist has roped in JM Financial, IIFL Capital Services, and Axis Capital as the lead managers for the offering. The company plans to file its draft red herring prospectus (DRHP) by mid-2025, targeting a listing by year-end.
From Local Dairy to National Brand
Founded in 1985, Milky Mist began as a milk trading operation and has since evolved into one of India’s fastest-growing dairy brands. Its portfolio includes paneer, curd, butter, yogurt, cheese, and ice cream, with a strong presence in southern India.
With its state-of-the-art processing plant and an extensive distribution network, Milky Mist has focused on quality control and innovation, positioning itself as a trusted name among Indian consumers.
Our Opinion on the News
Milky Mist’s IPO and board expansion reflect a pivotal growth moment. The company’s ambition to raise ₹2,000 crore and broaden its national footprint underlines the rising investor appetite for the FMCG and dairy sector, especially as health-conscious and premium dairy products gain momentum.
By proactively reinforcing its governance structure with experienced independent directors, Milky Mist not only ensures regulatory alignment but also strengthens investor confidence. This move could set a benchmark for other regional FMCG firms seeking public capital while scaling operations nationwide.
As the Indian dairy market grows—driven by urban demand, innovation, and branding—Milky Mist’s IPO could be one of the most closely watched FMCG listings of the year.