In a significant capital market transaction, Milky Mist Dairy Food Limited has successfully raised ₹1,553 crore through its initial public offering (IPO). This substantial fundraising effort included a fresh issue of ₹1,428 crore and an offer for sale totaling ₹125 crore, orchestrated by the company’s promoters.
Legal Counsel and Advisory Roles
Khaitan & Co played a pivotal role, acting as legal advisors to Milky Mist and its promoters throughout the IPO process. The legal team, led by partners Aditya Cheriyan and Chirayu Chandani, included Principal Associate Tishita Mukherjee, Senior Associate Anshul Mordia, and Associates Kaushlendra Palawat, Vanshika Singh, Hrishi Kapadia, and Mehar Sharma.
In parallel, TT&A provided legal counsel to the book running lead managers, which included JM Financial Limited, Axis Capital Limited, and IIFL Capital Services Limited. The TT&A team was spearheaded by Partner Abhinav Kumar, with assistance from Managing Associate Shubham Sancheti, Senior Associates Indira Satish and Abhishek Iyer, and Associates Soham Vakil, Anand Kumar, Harsh Shekhar, and Mihika Ambikar.
Internationally, Hogan Lovells served as the legal counsel to the Book Running Lead Managers (BRLMs). The team was led by Biswajit Chatterjee, the Head of the India Practice and Dubai Office Managing Partner, with contributions from Counsel Kaustubh George and Varun Jetly, Senior Associates Aditya Rajput and Suchisubhra Sarkar, and Associates Aditya Dsouza, Sanjana Ravjiani, Komal Israni, and Purva Mishra.
Company Profile and Utilization of IPO Proceeds
Established in 1997, Milky Mist has emerged as a leading player in the Indian dairy industry. The company is renowned for its comprehensive portfolio of over 150 value-added dairy products, including milk, yogurt, and cheese. The funds garnered from this IPO are earmarked for strategic investments such as the expansion of refrigeration infrastructure, debt reduction, and general corporate purposes.
The successful execution of this IPO underscores the collaborative efforts of the legal teams involved and marks a significant milestone for Milky Mist in its growth trajectory.
