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Dairy firm Milky Mist raises Rs.357-Cr in pre-IPO round
Erode, Tamil Nadu based Milky Mist has raised INR 357 crore (around USD 42 million) in a pre-IPO round. The company would also go for a fresh issue worth INR 1,785 crore (USD 210 million).The IPO may also include an offer-for-sale component, potentially taking the total amount to be raised to over INR 2,000 crore. The IPO is expected to value the company at approximately USD 2.3 Billion.JM Financial, IIFL Capital, and Axis Bank are likely to serve as the lead managers.Founded by T. Sathish Kumar, Milky Mist follows a farm-to-fork model, sourcing milk directly from farmers and producing over 150 SKUs across 20 categories such as curd, paneer, ghee, and cheese.In the fiscal year ended March 2024, the company reported a 33% YoY revenue growth to INR 1,900 crore.
In Aug 2020, Milky Mist had attracted about USD 2 M from Anicut Capital.
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