Milky Mist raises Rs 482 Cr in pre IPO round led by Temasek arm
- ByStartupStory | May 6, 2026
Dairy products maker Milky Mist Dairy Food has raised around Rs 482 crore in a pre IPO funding round from Jongsong Investments Pte Ltd, an indirect wholly owned subsidiary of Temasek Holdings, according to a public announcement.
The round includes a primary capital infusion of Rs 357 crore from Jongsong Investments and a secondary share sale worth Rs 125 crore by promoters Sathish Kumar T and Anitha S ahead of the company’s planned public listing.
As part of the primary issuance, Milky Mist allotted 5.43 lakh equity shares at Rs 139.76 per share, raising about Rs 7.6 crore. It also issued 25 lakh compulsorily convertible preference shares at the same price, bringing in nearly Rs 349.4 crore. These shares will convert into equity on a one to one basis prior to listing.
Based on the issue price, the company is valued at around Rs 9,300 crore, which is sharply lower than the nearly Rs 20,000 crore it had targeted earlier for its IPO.
The development comes six months after Milky Mist received approval from the Securities and Exchange Board of India to move ahead with its IPO.
On the financial front, the Erode based company’s revenue from operations grew 29% to Rs 2,349 crore in FY25 from Rs 1,822 crore in FY24. Its profit jumped 2.4X to Rs 46 crore in FY25 from Rs 19 crore in the previous year.
Founded in Tamil Nadu, Milky Mist focuses on premium dairy products such as paneer, cheese, yogurt, ice cream, butter, and ghee. The company does not sell liquid milk. This approach supports higher margins and a strong FMCG style positioning.
The IPO proceeds will be used for debt repayment, expansion of capacity, and modernization of its Perundurai facility. Funds will also go towards cold chain infrastructure and distribution.
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