Dairy products maker Milky Mist Dairy Food Ltd has raised about Rs 482 crore from Jongsong Investments Pte Ltd, an indirect wholly-owned subsidiary of Temasek Holdings, in a pre-initial public offering (IPO) funding round, according to a public announcement.
The fundraise includes a primary capital infusion of around Rs 357 crore and a secondary share sale worth about Rs 125 crore ahead of the company’s proposed IPO.
As part of the primary issuance, the company allotted 5,43,789 equity shares at Rs 139.76 apiece, aggregating to Rs 7.6 crore. It also issued 25 lakh compulsorily convertible preference shares (CCPS) at the same price, raising about Rs 349.4 crore. The CCPS will be converted into equity shares on a 1:1 basis prior to listing.
The entire primary investment was subscribed by Jongsong Investments, underlining Temasek’s growing appetite for consumer-facing Indian businesses with strong brand and distribution play.
Alongside the fresh capital raise, promoters Sathishkumar T and Anitha S sold 89.44 lakh equity shares at Rs 139.76 apiece, generating about Rs 125 crore through the secondary transaction.
The transaction implies a strong valuation benchmark ahead of Milky Mist’s proposed IPO, which market participants expect could hit Dalal Street later this year, subject to regulatory approvals.
Founded in Tamil Nadu, Milky Mist has built a strong presence in premium dairy categories, including paneer, cheese, curd, butter, yoghurt, and other value-added products. The company has expanded aggressively beyond southern India in recent years, benefiting from rising branded dairy consumption and deeper cold-chain penetration.
Temasek’s entry comes at a time when global long-only investors are increasingly looking at India’s consumption story despite broader market volatility. The investment also adds to a growing list of consumer and food brands attracting late-stage pre-IPO capital before public listings.
For Milky Mist, the fresh funds are expected to support expansion, capacity additions, distribution strengthening and brand-building as it prepares for the next phase of growth in the public markets.
