The company reduced the IPO from 20.35 billion rupees to 15.53 billion rupees following pre-listing transactions involving Temasek's Jongsong Investments, which acquired an approximately 5.2% stake in Milky Mist, according to the IPO details reported by Reuters. At the upper end of the 133-140-rupee price band, Milky Mist is seeking a valuation of approximately 107.78 billion rupees ($1.13 billion). Revenue Growth Supports the Valuation CaseMilky Mist's revenue from operations increased 34% to 31.38 billion rupees in the financial year ended March 31, while profit rose approximately 176% to 1.27 billion rupees, according to the company's reported financial figures. Chief Executive Officer K. Rathnam said earlier this year that Milky Mist expects to maintain annual revenue growth of about 30%, according to Reuters. The company has already secured anchor participation from 19 investors, providing 4.65 billion rupees of demand before the broader subscription process.