Milky Mist Dairy Food has filed a draft red herring prospectus (DRHP) with SEBI for an IPO worth 2,035 crore rupee (US$235.9 million) .

The offer includes a fresh issue of 1,785 crore rupee (US$206.9 million) and an offer-for-sale of 250 crore rupee (US$29 million) by promoters Sathishkumar T and Anitha S.

The company, based in Erode, Tamil Nadu, focuses on value-added dairy products like paneer, cheese, curd, yogurt, ice cream, ghee, and butter.

The company grew its revenue from 1,394 crore rupee (US$161.6 million) in FY23 to 2,349 crore rupee (US$272.2 million) in FY25, with a CAGR of nearly 30%.

FY25 EBITDA stood at 310 crore rupee (US$35.9 million) with a 13.2% margin.

Milky Mist runs one of India’s largest paneer plants and sources milk from over 67,000 farmers.