Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Capital Markets

Milky Mist Dairy Food / Equity Capital Markets

<ul>
<li>We spoke to couple of players in the ecosystem of <a href="https://www.smartkarma.com/entities/milky-mist-dairy-food-ltd" target="_blank" data-smartkarma-citation="entities:45619:1" rel="noopener">Milky Mist Dairy Food Ltd (1023949D IN)</a> supply chain.</li>
<li>This insight talks about the various softer aspects about the company culture, management, promoters and their business practices.</li>
<li>Finally, we provide our view on company, valuation and conclusion.</li>
</ul>


We spoke to couple of players in the ecosystem of Milky Mist Dairy Food Ltd (1023949D IN) supply chain.
This insight talks about the various softer aspects about the company culture, management, promoters and their business practices.
Finally, we provide our view on company, valuation and conclusion.


Milky Mist Dairy Food IPO - Feedback From Ecosystem

APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/milky-mist-dairy-food-limited" target="_blank" data-smartkarma-citation="entities:45604:1" rel="noopener">Milky Mist Dairy Food (1231D IN)</a> raised US$163m in its India IPO.</li>
<li>Milky Mist Dairy Food Ltd (MMDFL) is a value-added dairy and packaged food manufacturer focused on premium products such as paneer, cheese, curd, yogurt, UHT milk, and frozen RTE/RTC foods.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Milky Mist Dairy Food (1231D IN) raised US$163m in its India IPO.
Milky Mist Dairy Food Ltd (MMDFL) is a value-added dairy and packaged food manufacturer focused on premium products such as paneer, cheese, curd, yogurt, UHT milk, and frozen RTE/RTC foods.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Aequitas: Milky Mist IPO Trading - Strong Demand

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>Milky Mist is a fast-growing value-added dairy products company. It has differentiated itself from other private dairy players by focusing on premium dairy products like Paneer and Cheese.</li>
<li>Following a single unit model and aggressive Pan-India brand build-up, Milky Mist has become the largest private dairy player based on non-milk revenues.</li>
<li>We break down the business model and compare the company with other listed peers to analyse if there is any cream left for public investors</li>
</ul>


Milky Mist is a fast-growing value-added dairy products company. It has differentiated itself from other private dairy players by focusing on premium dairy products like Paneer and Cheese.
Following a single unit model and aggressive Pan-India brand build-up, Milky Mist has become the largest private dairy player based on non-milk revenues.
We break down the business model and compare the company with other listed peers to analyse if there is any cream left for public investors


Milky Mist IPO - Any Cream Left for Investors?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/milky-mist-dairy-food-limited" target="_blank" data-smartkarma-citation="entities:45604:1" rel="noopener">Milky Mist Dairy Food (1231D IN)</a> is looking to raise up to US$163m in its upcoming India IPO.</li>
<li>Milky Mist Dairy Food Ltd (MMDFL) is a value-added dairy and packaged food manufacturer focused on premium products such as paneer, cheese, curd, yogurt, UHT milk, and frozen RTE/RTC foods.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.</li>
</ul>



Milky Mist Dairy Food (1231D IN) is looking to raise up to US$163m in its upcoming India IPO.
Milky Mist Dairy Food Ltd (MMDFL) is a value-added dairy and packaged food manufacturer focused on premium products such as paneer, cheese, curd, yogurt, UHT milk, and frozen RTE/RTC foods.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.


Aequitas: Milky Mist IPO - RHP Updates and Thoughts on Valuations

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Milky Mist Dairy launched India IPO to raise nearly INR 15.53B. The company is a packaged food company exclusively focused on value-added products within the dairy market.</li>
<li>Company intends to use the proceeds for repayment/ prepayment of certain outstanding borrowings, for expansion and modernisation of Perundurai manufacturing facility and for working capital purpose.</li>
<li>Milky Mist’s assertive aggressive growth initiatives alongside the market prospects make the valuation multiple it is seeking, seem reasonable.</li>
</ul>


Milky Mist Dairy launched India IPO to raise nearly INR 15.53B. The company is a packaged food company exclusively focused on value-added products within the dairy market.
Company intends to use the proceeds for repayment/ prepayment of certain outstanding borrowings, for expansion and modernisation of Perundurai manufacturing facility and for working capital purpose.
Milky Mist’s assertive aggressive growth initiatives alongside the market prospects make the valuation multiple it is seeking, seem reasonable.


Milky Mist Dairy IPO: Not Misty For Sure, Investors Can Expect A Milky Way To Growth

India

Milky Mist Dairy Food Limited operates as a packaged food company. The Company provides various dairy products, such as cheese, paneer, butter, curd, ghee, yogurt, and ice cream, as well as offers ready-to-eat meals, chocolates, and frozen foods. Milky Mist Dairy Food serves customers across India.

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Milky Mist Dairy Food (MILKYMIS IN)

Milky Mist Dairy Food IPO - Feedback From Ecosystem

Milky Mist is listing today. The issue saw very strong interest with overall subscription at 59 times. While the issue is optically expensive based...

Sreemant Dudhoria

Aequitas: Milky Mist IPO Trading - Strong Demand

Milky Mist has raised $163m in its India IPO. This note covers the allocation results of the IPO as well as any trading dynamics.

Hong Jie Seow

Milky Mist IPO - Any Cream Left for Investors?

Milky Mist stands out in the dairy industry with its focus on premium products, single unit model, and strong brand presence. We see strong growth...

Himanshu Dugar

Aequitas: Milky Mist IPO - RHP Updates and Thoughts on Valuations

Milky Mist Dairy Food is set to raise $163m in India IPO, specializing in premium dairy and packaged food products. Updates on RHP and valuations...

Hong Jie Seow

Milky Mist Dairy IPO: Not Misty For Sure, Investors Can Expect A Milky Way To Growth

Milky Mist launches India IPO to raise INR 15.53B for expansion, modernization, focusing on value-added-dairy. Assertive aggressive growth...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Milky Mist Dairy Food IPO - Feedback From Ecosystem

Milky Mist is listing today. The issue saw very strong interest with overall subscription at 59 times. While the issue is optically expensive based...

Sreemant Dudhoria

Aequitas: Milky Mist IPO Trading - Strong Demand

Milky Mist has raised $163m in its India IPO. This note covers the allocation results of the IPO as well as any trading dynamics.

Hong Jie Seow

Milky Mist IPO - Any Cream Left for Investors?

​Milky Mist stands out in the dairy industry with its focus on premium products, single unit model, and strong brand presence. We see strong growth...

Himanshu Dugar

Aequitas: Milky Mist IPO - RHP Updates and Thoughts on Valuations

​Milky Mist Dairy Food is set to raise $163m in India IPO, specializing in premium dairy and packaged food products. Updates on RHP and valuations...

Hong Jie Seow

Milky Mist Dairy IPO: Not Misty For Sure, Investors Can Expect A Milky Way To Growth

​Milky Mist launches India IPO to raise INR 15.53B for expansion, modernization, focusing on value-added-dairy. Assertive aggressive growth...

Tina Banerjee

Milky Mist stands out in the dairy industry with its focus on premium products, single unit model, and strong brand presence. We see strong growth...

Milky Mist Dairy Food is set to raise $163m in India IPO, specializing in premium dairy and packaged food products. Updates on RHP and valuations...

Milky Mist launches India IPO to raise INR 15.53B for expansion, modernization, focusing on value-added-dairy. Assertive aggressive growth...