Milky Mist Dairy Food Ltd is set to launch its initial public offering in early August, aiming to raise ₹2,035 crore ($243 million) in what would be a significant debut for the Indian dairy sector.
The company, which has established itself as the largest private dairy player in India, is moving to list on domestic stock exchanges after filing a draft prospectus with regulators earlier this month.
The public market debut follows a ₹482 crore pre-IPO fundraise completed in May, led by Jongsong Investments Pte Ltd, an indirect wholly-owned subsidiary of Singapore's sovereign wealth fund, Temasek Holdings.
The involvement of a global sovereign investor underscores the strategic value placed on the company's distribution network and brand equity in a fragmented market.
The timing of the offering comes as Indian equity markets navigate a cautious sentiment toward new listings.
Recent debuts, including Turtlemint Fintech Solutions, have faced headwinds with grey-market premiums indicating potential discounts to issue prices.