Temasek-backed Milky Mist targets $1.13 billion valuation in trimmed India IPO

Dodla Dairy

05/08/2026 23:33

Aug 5 (Reuters) - Temasek-backed Milky Mist Dairy Food MILY.NS set a price band of 133 to 140 rupees per share ($1.40-$1.47) for its downsized initial public offering that launches next week in Mumbai, a filing showed on Thursday.
At the top of the range, the company is seeking a valuation of about 107.78 billion rupees ($1.13 billion), just over half of market leader Hatsun Agro Product's HAPL.NS market value of 202.83 billion rupees.
Tamil Nadu-based Milky Mist slashed its IPO size to 15.53 billion rupees from 20.35 billion rupees on Tuesday after pre-listing stake sales to a unit of Singapore state investor Temasek.
Temasek unit Jongsong Investments, which now holds a roughly 5.2% stake in Milky Mist, had acquired shares at 139.76 rupees per share in an April pre-IPO placement.
The company is issuing new shares worth 14.28 billion rupees in the IPO, while its founders are selling shares worth 1.25 billion rupees.
Milky Mist, whose dairy products include cheese, butter and ice cream, plans to use part of the IPO proceeds to repay debt and expand and upgrade its flagship manufacturing facility in Perundurai, Tamil Nadu.
Anchor investors will get to bid on August 10, and the offering will be open broadly from August 11 to 13. The stock is expected to list on the BSE and National Stock Exchange on August 18.
Milky Mist's rivals have struggled this year amid broader market declines and margin pressures due to high milk procurement costs.
Hatsun Agro's stock has fallen 7% so far this year. Dodla Dairy DODL.NS has dropped 16.5%, Heritage Foods HEFI.NS has plunged 27%, Parag Milk Foods PAMF.NS has tumbled 22%.
($1 = 95.1100 Indian rupees)

 (Reporting by Carlos Méndez in Mexico City; Editing by Savio D'Souza)
 ((Carlos.Mendez@thomsonreuters.com))