Temasek-Backed Milky Mist Sets IPO Price Band; Subscription Opens August 11

Milky Mist Dairy Food, a dairy products company backed by Singapore's Temasek Holdings, has fixed the price band for its upcoming initial public offering (IPO). The subscription for the issue is scheduled to open on August 11.

At the upper end of the price band, the IPO values Milky Mist Dairy Food at approximately ₹10,778 crore. This valuation represents a little over half the market capitalisation of its listed peer, Hatsun Agro Product, one of India's largest private-sector dairy companies. The pricing gives investors a reference point in India's dairy sector, which is the world's largest by milk production volume and has been attracting institutional capital as demand shifts from liquid milk toward higher-margin, value-added products.

Milky Mist is known for its range of dairy products including paneer, curd, ghee, and cheese. Its portfolio emphasis on paneer and cheese — categories that have grown faster than basic liquid milk in recent years on the back of urbanisation and changing dietary preferences — positions it within the premium end of India's dairy value chain. Temasek, a global investment company owned by the Government of Singapore and one of the most active sovereign wealth investors in Indian markets, is a backing investor in the company.

The IPO adds to an active period for public offerings in India's market, which has seen a steady pipeline of issues across sectors amid strong retail and institutional participation. Further details on the price band and issue structure are available in the company's regulatory filings.

Source: CNBC-TV18