Erode-based Sheera brand Milky Mist is gearing up for an initial public offering (IPO) of around ₹2,000 crore, expected by the end of 2025. The company has changed its name from “Milky Mist Dairy Food Private Limited” to “Milky Mist Dairy Food Limited” and become a public company. As part of the preparations, two independent directors have been added to the board.

Milky Mist plans to file its draft red herring prospectus (DRHP) by mid-2025. The IPO will include fresh shares and an offer for sale, targeting a valuation of ₹20,000 crore ($2.3 billion). The IPO is being managed by JM Financial, IIFL Capital and Axis Capital.

T. Founded by Satish Kumar, Milky Mist started as a milk trading business and later started manufacturing paneer. Today, it offers over 150 dairy products like curd, cheese, yoghurt and ice cream. The company, which has a strong presence in South India, is planning to expand further.

Milky Mist had a revenue of ₹1,900 crore in FY24 from ₹1,437 crore in FY23. However, profit fell from ₹28 crore to ₹19.46 crore. The company expects to reach ₹2,500 crore in revenue and ₹65 crore in FY25.