SEBI Greenlights IPOs: Milky Mist's ₹2,035 Cr Dairy Mega-Issue & Curefoods' ₹800 Cr Cloud Kitchen Expansion
The Securities and Exchange Board of India (SEBI) has granted its final approval, issuing "observations," to five companies, including the highly anticipated Initial Public Offerings (IPOs) of dairy products manufacturer Milky Mist Dairy Food and cloud kitchens operator Curefoods India. The clearances were issued between October 14 and October 24, 2025, signaling a robust phase for India's primary market pipeline across traditional and new-age sectors.
IPO Announcement and Key Details
The two consumer-facing companies are set to tap the public markets with significant fundraising plans.
1. Milky Mist Dairy Food Ltd.
Tamil Nadu-based Milky Mist, which focuses exclusively on high-margin, value-added dairy products, is preparing for one of the largest public issues in the Indian dairy sector to date.
| Detail | Description |
| IPO Size (Proposed) | ₹2,035 crore |
| Issue Split | Fresh Issue: ₹1,785 crore |
| Offer for Sale (OFS): ₹250 crore by promoters | |
| Use of Fresh Issue Proceeds | Repayment of debt (approx. ₹750 crore), expansion and modernisation of the Perundurai manufacturing facility, and investment in retail presence via visi coolers and freezers. |
| Book-Running Lead Managers | JM Financial, Axis Capital, and IIFL Capital Services. |
2. Curefoods India Pvt. Ltd.
Bengaluru-based Curefoods, which manages a multi-brand cloud kitchen network including brands like EatFit, CakeZone, and Nomad Pizza, is looking to fuel its aggressive expansion plans.
| Detail | Description |
| IPO Size (Fresh Issue) | ₹800 crore (Total size will be larger due to OFS component) |
| Issue Split | Fresh Issue of Equity Shares: ₹800 crore |
| Offer for Sale (OFS): 4.85 crore equity shares by existing shareholders, including prominent investors like Iron Pillar and Accel India. Founder Ankit Nagori is not participating in the OFS. | |
| Use of Fresh Issue Proceeds | Establishing new cloud kitchens, restaurants, and central kitchens; expanding existing kitchens; purchasing machinery; and investment in subsidiaries. |
| Book-Running Lead Managers | JM Financial, IIFL Capital, and Nuvama Wealth. |
Financial Performance and History
The two companies present contrasting financial profiles, reflecting the different stages of maturity in their respective sectors.
Milky Mist: Revenue and Profitability Table (₹ in crore)
| Period Ended March 31 | FY2025 | FY2024 | FY2023 |
| Total Income/Revenue | 2,354.79 | 1,826.86 | 1,398.95 |
| Profit After Tax (PAT) | 46.07 | 19.44 | 27.23 |
| Revenue Growth (YoY) | +28.98% | +30.63% | - |
History: Founded in 1999, Milky Mist has grown into a dominant private-sector player in the value-added dairy segment, with a strong direct procurement network from over 67,000 farmers. The company's consistent revenue and exponential PAT growth underscore its operational efficiency and strategic focus on high-margin products. The IPO aims to sustain this growth trajectory and solidify its pan-India presence.
Curefoods India: Revenue and Profitability Table (₹ in crore)
| Period Ended March 31 | FY2025 | FY2024 |
| Operating Revenue | 746.00 | 635.09 |
| Net Profit / (Loss) | (169.97) | (172.61) |
| Revenue Growth (YoY) | +17.47% | - |
History: Curefoods, established more recently by Flipkart co-founder Ankit Nagori, has quickly built the second-largest digital-first food business in India. Despite strong revenue growth—driven by the rapid expansion of the cloud kitchen model—the company continues to post losses, a common characteristic of high-growth, technology-enabled food-tech firms focused on market capture. The IPO proceeds are critical for continuing this expansion, scaling up operations, and moving towards profitability.
Conclusion: A Bellwether for India's Primary Market
The SEBI approval for Milky Mist and Curefoods, alongside other clearances for companies in sectors like cement and private equity, suggests a robust and diversified market sentiment.
Milky Mist's IPO provides a compelling opportunity for investors to participate in an established, profitable, and fast-growing consumer brand. The capital raised will be used for prudent purposes like debt reduction and capacity expansion, signalling a mature growth strategy.
In contrast, Curefoods’ IPO represents a major test for investor appetite in the cloud kitchen and food-tech segment. The funds will be deployed for aggressive market expansion, allowing investors to bet on the future potential of India's rapidly digitizing food delivery ecosystem. The success of these two IPOs spanning a traditional FMCG powerhouse and a new-age digital disruptor—will be a key indicator for the future trajectory of India's capital market.g here...