Temasek-backed Milky Mist jumps 30% in India debut, hits $1.86 billion valuation
Sign up now: Get ST's newsletters delivered to your inbox
Milky Mist, whose products include cottage cheese, butter, cheese, ice cream and Greek yogurt, is one of India’s largest makers of value-added dairy products.
PHOTO: REUTERS
- Milky Mist Dairy Food's shares rose about 30% on its Indian debut, valuing the company at US$1.9 billion after raising US$163 million in its IPO.
- Investors favour Milky Mist for its strong brand and growth in value-added dairy products like yogurt and high-protein items.
- The company plans 30% annual revenue growth, using IPO funds to repay debt and expand its manufacturing facility in Tamil Nadu.
AI generated
Temasek-backed Milky Mist Dairy Food rose roughly 30 per cent in its Indian trading debut on Aug 18 as investors bet on growing demand for value-added dairy products and the company’s expansion beyond its southern India stronghold.
Shares traded at 181.5 rupees, valuing Milky Mist at 139.69 billion rupees (S$1.86 billion), after listing at a 29.61 per cent premium to their issue price of 140 rupees. The company raised US$163 million (S$208.3 million) in its initial public offering (IPO).
Investors were drawn to Milky Mist’s strong brand and its presence in fast-growing value-added dairy categories such as yogurt and high-protein products, said Kranthi Bathini, director of equity strategy at WealthMills Securities.
The IPO was attractively priced and benefited from growing consumer interest in premium dairy products, Bathini added.
Milky Mist, whose products include cottage cheese, butter, cheese, ice cream and Greek yogurt, is one of India’s largest makers of value-added dairy products.
The listing comes as India’s primary market revives, with several IPOs drawing strong demand from retail and wealthy investors in recent weeks. India has seen 26 IPOs launched or announced in less than two months since July, nearly matching the 28 recorded in the first half of 2026.
“The IPO market has revived, retail participation is increasing and there is strong liquidity in the market. At the same time, investors are becoming more selective, focusing on valuations and the sustainability of revenue models,” Bathini said.
Milky Mist’s 15.53 billion rupee IPO last week was subscribed 2.17 times, underpinned by retail and high-net-worth investors.
The company raised 4.65 billion rupees from anchor investors, including International Finance Corp, HDFC Mutual Fund and Singapore’s Temasek ahead of the offering.
Milky Mist expects annual revenue growth of about 30 per cent and plans to use the IPO proceeds to repay debt and expand and upgrade its flagship manufacturing facility in Perundurai, Tamil Nadu. REUTERS
