Milky Mist Dairy Food Pvt. Ltd., a Temasek Holdings-backed dairy products company, has paused its proposed ₹2,035 crore initial public offering (IPO), citing unfavourable market conditions and subdued investor sentiment in the primary market. The decision reflects a broader trend of companies reassessing listing timelines amid ongoing volatility in equity markets and weaker-than-expected performance of recent public issues.
According to sources familiar with the development, the company has temporarily shelved its listing process after evaluating prevailing market conditions. The IPO, which was expected to be one of the notable offerings in the consumer and dairy sector, had already been filed with draft papers in July 2025. Milky Mist has not issued an official public statement on the pause, and the company did not respond to requests for comment.
The proposed public issue included a fresh issuance of shares worth ₹1,785 crore along with an offer for sale of ₹250 crore by existing shareholders, taking the total issue size to ₹2,035 crore. Prior to the planned listing, the company had strengthened its financial position by raising ₹3,570 crore from Jongsong Investment in a pre-IPO placement completed in May, signalling strong investor interest ahead of its public market debut.
Also Read: Elon Musk's SpaceX Sets Stage For Record-Breaking $75 Billion IPO
The development comes at a time when India’s IPO market has slowed after a period of record fundraising activity over the past two years. Market volatility and inconsistent listing gains have made investors more selective, leading several companies to delay or reassess their listing plans. Industry sources note that the cautious sentiment has affected both new-age firms and established consumer brands considering public offerings.
Several other companies, including Flipkart, PhonePe, and Curefoods, have also reportedly deferred their IPO plans amid similar concerns over market stability and valuation expectations. Analysts suggest that many issuers are now waiting for improved macroeconomic conditions and stronger investor appetite before proceeding with large public offerings.
Despite strong long-term growth prospects in India’s capital markets, recent subdued performance of newly listed companies has prompted a more cautious approach from both issuers and investors. The pause by Milky Mist underscores the challenges facing companies seeking to enter public markets in the current environment, as they balance fundraising ambitions with the need for favourable valuations and stable post-listing performance.
Also Read: Nvidia CEO Says Tech Stock Decline Reflects Early AI Investment Opportunity