Milky Mist Dairy Food Ltd. is gearing up to launch its 20.35 billion rupees ($213 million) initial public offering as early as July, according to people familiar with the matter, paving the way for what is expected to be India's largest dairy-sector IPO.
The Tamil Nadu-based company has completed investor roadshows and is aiming to open the share sale at the end of the month or in early August, the people said, asking not to be identified because the information is private.
A representative for Milky Mist declined to comment on the timeline.
The IPO comes at a time when local dairy stocks have lagged the broader market. Parag Milk Foods Ltd. has fallen 20% this year, while Dodla Dairy Ltd. has declined about 11%. Hatsun Agro Product Ltd. has slipped 7.5% since the start of the year.
The proposed offering comprises a fresh issue of shares worth as much as 17.85 billion rupees and an offer for sale of up to 2.5 billion rupees by founders, according to the draft prospectus. The company may raise as much as 3.57 billion rupees via a pre-IPO placement, which would reduce the size of the fresh issue, the filing showed.
Milky Mist plans to use the proceeds to expand its manufacturing capacity and repay debt, according to the filing.
JM Financial Ltd., Axis Capital Ltd. and IIFL Capital Services Ltd. are the book-running lead managers for the offering.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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