Indian dairy products maker Milky Mist will push ahead with its planned initial public offering this year despite volatile markets, its CEO said, adding the company expects to maintain about 30% annual revenue growth.
The Tamil Nadu-based firm received regulator approval for an IPO worth 20.35 billion rupees ($223.72 million) in October 2025, a year in which India emerged as the second-largest IPO market, according to data from LSEG. But this year’s tech‑services selloff has cooled investor sentiment, with new listings such as Fractal Analytics and Shadowfax Technologies struggling on debut.
Milky Mist expects to list before its regulatory approval expires in October, CEO K. Rathnam told Reuters in an interview earlier this week.
The consumer products company is betting on premium products such as Greek yogurt and protein-enhanced cottage cheese that have found popularity among India’s rapidly growing health-conscious, working-age population.
“India is a protein-deficient country. So, protein is going to be a major, major contributing factor for anyone, not just Milky Mist,” Rathnam said, adding it also plans to launch high-protein milk.
The company, which competes with Hatsun Agro and Heritage Foods, said it expects to continue to post roughly 30% revenue growth in the year ending March 31 and beyond. As of March 2025, its products were available at more than 350,000 retail outlets.
It is also targeting yearly growth of 15% to 20% in store coverage, and expects the contribution of quick-delivery apps to its overall revenue to go up to 12% to 15% in three years from about a tenth currently.
The company, which earned about 4% of revenue from exports in fiscal 2025, expects U.S. sales to increase in the next one to two years as the India-U.S. trade deal takes effect.
