Milky Mist Dairy Food has received Securities and Exchange Board of India’s (SEBI) go-ahead to raise funds through initial public offering (IPO). The company is looking to raise Rs 2,035 crore through its maiden public offering, comprising a fresh issue of equity shares worth Rs 1,785 crore and an offer for sale (OFS) of shares valued at Rs 250 crore by promoters.
Proceeds from the fresh issue to the tune of Rs 750 crore will be used for payment of debt, Rs 414 crore for the expansion and modernisation of the Perundurai manufacturing facility, which includes setting up whey protein concentrate, yogurt, and cream cheese plants. Further, Rs 129 crore will be invested in deploying visi coolers, ice cream freezers, and chocolate coolers, and the remaining funds will be allocated towards general corporate purposes. JM Financial, Axis Capital and IIFL Capital Services are the book-running lead managers to the issue.
Founded in Erode, Tamil Nadu, Milky Mist is a leading dairy brand in India, exclusively focused on premium value-added dairy products, including paneer, cheese, yogurt, ice cream, butter, ghee, and packaged foods.
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