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The Economic Times

Temasek-backed Milky Mist seeks $1.13 billion valuation after cutting India IPO size

AI Market Summary
Temasek-backed Milky Mist set an IPO price band of 133–140 rupees after trimming deal size following a pre-listing stake sale, targeting a ~$1.13B valuation. Proceeds earmarked for debt repayment and capacity upgrades point to balance-sheet optimization, but the cut underscores softer equity issuance conditions in India amid sector margin pressure from high milk procurement costs. Broader market impact appears limited, with relevance mainly to regional IPO sentiment.
Impact level
● Low
Affected assets
NCCOGOLD2USD/USDT+2.70%
AI Insight · NCCOGOLD2USD/USDTAI Insight
● Neutral
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Temasek-backed dairy maker Milky Mist has cut its India IPO to 15.53 billion rupees from 20.35 billion rupees and set a price band of 133–140 rupees per share, targeting a valuation of about 107.78 billion rupees. Temasek unit Jongsong Investments bought a roughly 5.2% stake in an April pre-IPO placement at 139.76 rupees per share. The offer includes 14.28 billion rupees of new shares and 1.25 billion rupees of shares sold by founders, with proceeds earmarked for debt repayment and facility upgrades.
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