Milky Mist, a Tamil Nadu-based dairy products manufacturer, has opened its initial public offering (IPO) today. The company has reduced the size of the offering to ₹1,553 crore, down from the previously planned ₹2,035 crore, following a pre-IPO stake sale to Jongsong Investments, a subsidiary of Singapore's state investment firm Temasek. The reduction reflects the common practice of trimming issue size when existing investors acquire stakes before the public offering.

Analysts covering the IPO have pointed to the company's strong growth trajectory while also noting that its valuations are on the higher side. Market observers have offered differing views on whether investors should subscribe to the issue. India's dairy sector, the world's largest by milk production, has been attracting increasing investor attention as companies specializing in value-added products such as paneer, curd, and yogurt expand beyond commoditized liquid milk.

Milky Mist operates in India's dairy sector, producing a range of dairy products. Temasek, the Singapore government's sovereign wealth fund, has been an investor in the company through its subsidiary Jongsong Investments.

For more details, see the original CNBC-TV18 report.

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