Milky Mist Dairy Food Ltd. Files Rs 2,035 Crore IPO
Milky Mist Dairy Food Ltd. has recently filed its draft red herring prospectus with the Securities and Exchange Board of India for its proposed initial public offering amounting to Rs 2,035 crore.
Details of the IPO
The IPO includes a fresh issue of shares valued at Rs 1,785 crore, along with an offer for sale of shares totaling Rs 250 crore. Promoter shareholders Sathishkumar T and Anitha S plan to sell their stakes worth Rs 1,500 crore and Rs 1,000 crore, respectively.
Significance of the IPO
This IPO from Milky Mist Dairy Food Ltd. is the largest in its category. The leading managers for this issue are JM Financial, Axis Capital, and IIFL Capital Services.
Utilization of Funds
The company intends to utilize the proceeds from the IPO to settle its outstanding debts and upgrade its manufacturing facility in Perundurai. Additionally, the funds will be used to introduce visi coolers, ice cream freezers, chocolate coolers, and for general corporate purposes.
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