Milky Mist plans IPO, targets INR 20,000-crore valuation by 2025-end

JM Financial and IIFL Capital Services are managing Milky Mist's initial public offering (IPO). In FY24, Milky Mist reported revenues of INR 1,950-crore and a profit of INR 50-crore. The company has expanded its product range and plans to use IPO proceeds for debt repayment and nationwide expansion.

The Karur-based company’s focus on value-added products such as paneer, curd or yoghurt, butter, and cheese has been a key driver of its impressive growth trajectory. Unlike the raw milk market, which often faces price volatility and thin margins, the value-added segment offers higher profitability and greater scope for product innovation.

This emphasis on diversified dairy offerings allows companies like Milky Mist to capture a larger share of the consumer wallet and build stronger brand loyalty, positioning them for sustained expansion within India’s burgeoning dairy consumption landscape.

India is the world’s largest milk producer, and its dairy sector contributes over 6% to the country’s GDP. Today, India’s per capita milk consumption is 479-grammes per day. This is above the global average of 371-grammes.