The IPO will make Milky Mist the fifth listed dairy company in India
Milky Mist had recently filed DRHP for its upcoming ₹2,035-crore IPO. The company operates in India’s dairy market worth ₹11 lakh crore, with more than 68 per cent of its revenue derived from value-added dairy products (VADPs). When listed, it will make the company the fifth listed dairy player. Here are a few interesting facts we could glean from the DRHP.
Products such as paneer, milk powder and butter are projected to outpace the VADP market with CAGRs of 15-17 per cent in the next five years.
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Milky Mist’s debt of about ₹1,400 crore, with a debt to equity ratio of 4.2x, makes it the most levered one among peers. Despite a higher share of revenue from VADP, Milky Mist has the lowest net margin. This could also be because of its higher interest cost.
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