Milky Mist said to launch $213 million IPO this month

Tamil Nadu-based dairy company Milky Mist is set to launch a 213 million dollar IPO by the end of this month or early August, having completed investor roadshows. The offering comprises a fresh issue of up to 17.85 billion rupees and an offer for sale of up to 2.5 billion rupees by founders, with a possible pre-IPO placement of up to 3.57 billion rupees. Proceeds will be used to expand manufacturing capacity and repay debt, though the broader dairy sector has lagged this year with Parag Milk Foods down 20 percent, Dodla Dairy down about 11 percent, and Hatsun Agro down 7.5 percent year-to-date.