Milky Mist Plans IPO to Expand Dairy Product Portfolio and Take on Amul: Report

Milky Mist, a popular paneer-to-ice cream maker, is gearing up to raise funds through an initial public offering (IPO) in order to expand its dairy product portfolio and compete with its rival Amul. The company, which was founded in 1985 as a milk trading company, has seen significant growth over the years by diversifying its product range to include items such as curd, butter, cheese, yogurt, and ice cream.

According to reports, Milky Mist has been in talks with various Indian investment and merchant bankers to facilitate the IPO after failed attempts to secure funding from WestBridge. The company, which was valued at around Rs 6,000 crore by WestBridge last year, is now eyeing a valuation of approximately Rs 20,000 crore as it looks to expand its offerings and enter new markets.

Milky Mist’s founder, T Sathish Kumar, who is a school dropout, along with his wife Anitha Sathish Kumar and CEO K Rathnam, have been instrumental in the company’s growth and success. The company has previously attempted to raise private capital from investors like Peak XV Partners and engaged with investment bankers such as Kotak, HDFC, Nuvama, 360 One, and Axis.

In the financial year 2023, Milky Mist reported a revenue of Rs 1,437 crore, marking a 42% increase from the previous year. Despite a slight drop in profits, the company remains optimistic about its future prospects and is looking to capitalize on the growing demand for dairy products in the market.

As Milky Mist prepares to go public, investors and industry experts are keeping a close eye on the company’s progress and potential for growth in the coming years. With a strong track record and a solid reputation in the dairy industry, Milky Mist is poised to make a significant impact in the market with its upcoming IPO.