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Investing.com -- Indian dairy products maker Milky Mist has filed for an initial public offering worth 20.35 billion rupees ($235.94 million), according to draft papers released Monday.
The IPO will consist of new shares worth up to 17.85 billion rupees, while existing investors will sell shares valued at 2.5 billion rupees.
Milky Mist plans to use approximately 7.5 billion rupees from the fresh issue to pay down debt. The remaining funds will support expansion and modernization of its manufacturing facility in Tamil Nadu, deployment of additional ice-cream freezers and chocolate coolers across retail outlets, and other corporate purposes.
The dairy company currently operates in about 22 Indian states with more than 350,000 retail touchpoints. Its products are also exported to more than 15 countries.
For the fiscal year ended March 31, Milky Mist reported that its profit more than doubled to 460.74 million rupees, while revenue from operations increased nearly 29% to 23.5 billion rupees.
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