Milky Mist Dairy Food Ltd. is preparing to launch a $213 million initial public offering as early as July, positioning it to become India's largest dairy-sector IPO. The Erode, Tamil Nadu-based company filed its draft red herring prospectus with SEBI, structuring the deal with a 1,785 crore rupee ($206.9 million) fresh issue and a 250 crore rupee ($29 million) offer-for-sale by promoters Sathishkumar T and Anitha S. Proceeds will fund expansion in value-added dairy products.

Revenue has surged from 1,394 crore rupees ($161.6 million) in FY23 to 2,349 crore rupees ($272.2 million) in FY25, reflecting a 30% CAGR. EBITDA reached 310 crore rupees ($35.9 million) in FY25 with a 13.2% margin. The company operates one of India's largest paneer facilities and sources milk from over 67,000 farmers across its supply chain.

The IPO tests investor appetite for dairy plays amid rising protein demand and organized retail penetration. Milky Mist's product portfolio — spanning paneer, cheese, yogurt, ice cream, ghee, and butter — captures the full value-added spectrum. Fresh issue capital targets capacity expansion and cold-chain infrastructure, critical for margin defense in a perishables-heavy model.

A successful listing would establish a public-market benchmark for Indian dairy valuations, currently dominated by cooperatives like Amul and private players such as Hatsun. The 30% revenue CAGR and 13% EBITDA margin suggest scalable unit economics, though working capital intensity and milk price volatility remain key risks for post-IPO performance.