Milky Mist Trims India IPO Size After Temasek Stake Sale
Milky Mist Dairy Food cut the size of its initial public offering to 15.5 billion rupees after selling a 5.16% stake to a unit of Singapore state investor Temasek in pre-initial public offering transactions, according to its red herring prospectus on Tuesday.The dairy products maker had initially targeted an offering of 20.4 billion rupees.Under the revised structure, the offering comprises a fresh issue of 14.3 billion rupees and an offer for sale of 1.25 billion rupees by founders Sathishkumar T and Anitha S.Temasek's unit acquired the stake in April through a 3.57 billion-rupee investment in the company's shares and compulsorily convertible preference shares, along with 1.25 billion rupees worth of shares purchased from the founders, the prospectus showed.The listing will open for subscription from Aug. 11 to Aug. 13, with anchor investor bidding scheduled for Aug. 10.Shares are expected to list on the BSE and the National Stock Exchange on Aug. 18.
