The Erode-based company’s net debt stood at ₹1,671.85 crore in the latest fiscal year. Ahead of the IPO’s opening (on August 11), Milky Mist allotted 3.32 million equity shares to 19 anchor investors, raising approximately ₹465.29 crore at the upper price band of ₹140 per share. And part will be market-building activities and part will be for internal expenses,” Rathnam said during an interaction. Ruling out plans to plans to enter the milk business; he said existing players already cater to that market, while Milky Mist intends to focus on specialised, value-added products, particularly protein-based offerings. Sathishkumar T, Chairman and Managing Director, said the company’s strategy “is to focus on Tier 1, 2 and 3 cities and middle class and upper middle class” consumers rather than rural areas.”