Innoterra IPO Details
Issue Date
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Price Band
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Lot Size
-- Shares
IPO Size
N/A
Listing At
NSE, BSE
About Innoterra IPO
The public issue of the Innoterra Limited IPO, a mainboard IPO, opens on TBA and closes on TBA. The basis of allotment is expected to be finalised on TBA. Shares will be credited to the eligible investors' demat accounts on TBA, while refunds, if any, will be initiated on TBA. The listing of shares is scheduled for TBA. The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.
The IPO comprises a fresh issue and an offer for sale. The fresh issue consists of equity shares aggregating up to ₹105 crores. The offer for sale comprises up to 70,55,315 equity shares by the selling shareholders. The total issue size and price band will be announced closer to the IPO opening date.
Innoterra Limited’s IPO price band is fixed at ₹TBA to ₹TBA per share. The lot size for an application is TBA shares. The minimum investment required for retail investors is ₹TBA (TBA shares). The minimum investment required for HNI investors is ₹TBA.
Originally incorporated in 2015 as MilkLane Dairy Services Private Limited, Innoterra Limited is a technology-led agri-food company. It operates across three business verticals: raw milk procurement and supply, cattle nutrition, and fresh fruits and staples. The company connects farmers with enterprise customers through its technology-enabled procurement and supply chain platform.
Objectives Of Innoterra IPO
- Funding capital expenditure for establishing new bulk milk collection centres and replacing bulk milk cooling units at existing collection centres.
- Meeting the company's working capital requirements.
- Funding unidentified inorganic acquisitions.
- General corporate purposes.
Innoterra IPO Valuation
Upper Price Band | TBA |
Fresh Issue | TBA shares (aggregating up to ₹105 crores) |
Offer for Sale | 7,055,315 shares of ₹5 (aggregating up to ₹[TBA] crores) |
EPS Diluted (in ₹) for FY25 | 0.06 |
Share Offer and Subscription Details
QIBs | Not less than 75% of the net offer |
Non-institutional Investors (NIIs) | Not more than 15% of the net offer |
Retail-individual Investors (RIIs) | Not more than 10% of the net offer |
Innoterra IPO Lot Size
Individual investors (Retail) (Min) | TBA | TBA | TBA |
Individual investors (Retail) (Max) | TBA | TBA | TBA |
S-HNI (Min) | TBA | TBA | TBA |
S-HNI (Max) | TBA | TBA | TBA |
B-HNI (Min) | TBA | TBA | TBA |
Industry Outlook
India's agri-food sector is expected to benefit from rising incomes, changing consumption patterns and increasing demand for organised food products. Consumers are gradually shifting towards branded, packaged and value-added food categories, creating long-term opportunities for organised agri-food companies.
India's economy has continued to expand, with GDP increasing from ₹200.75 trillion in FY20 to ₹318.07 trillion in FY25. During the same period, Private Final Consumption Expenditure (PFCE) grew from ₹122.37 trillion to ₹179.71 trillion. In FY24, Food & Beverages accounted for 28.84% of total PFCE, making it the largest consumption category.
India's agriculture and allied sectors have also witnessed steady growth. The sector's Gross Value Added (GVA) increased from ₹19.69 trillion in FY20 to ₹50.86 trillion in FY25, while its contribution to total GVA rose from 14.83% to 18.60% during the same period. Growth has been supported by improving rural demand, higher productivity and continued government support.
The packaged foods industry grew from ₹8.74 trillion in FY20 to ₹14.25 trillion in FY25 at a CAGR of 10.27% and is projected to reach ₹23.62 trillion by FY30. Rising demand for branded, traceable and value-added food products is expected to create long-term opportunities for organised agri-food companies.
About Innoterra Limited
Originally incorporated in 2015 as MilkLane Dairy Services Private Limited, Innoterra Limited is a technology-led agri-food company operating across raw milk procurement and supply, cattle nutrition, and fresh fruits and staples. The company combines digital platforms with an integrated supply chain to connect farmers with enterprise customers across multiple agricultural value chains.
Innoterra was the largest non-captive B2B raw milk procurement platform in India by procurement volume as of 31 December 2025, handling more than 100 KLPD of raw milk. As of the same date, the company operated 122 bulk milk collection centres, 125 bulk milk cooling units, and procured 36.29 million litres of raw milk during the nine months ended 31 December 2025.
The company's technology platform, InnoDairy, had 7,860 monthly active dairy farmers (active in the last 90 days) as of 31 December 2025. It also supports farmer onboarding, quality-linked pricing, transaction visibility and direct payments. Through FarmLink, the company enables technology-driven procurement, fulfilment and supply chain management for fresh fruits and staples, strengthening traceability across its operations.
Strengths Of Innoterra Limited
- Strong working capital efficiency supported by diversified and seasonality-resilient operations.
- Technology-enabled asset-light model driving scalable growth and strong unit economics.
- Leveraging the MilkLane farmer ecosystem for cross-vertical synergies and monetisation.
- Robust quality control measures supporting customer retention and execution excellence.
- Extensive farmer network strengthened by sustainability and social initiatives.
- Innoterra Group backing and experienced management supporting governance and growth.
Risks Of Innoterra Limited
- The raw milk procurement and supply segment contributed 61.96% of revenue during the nine months ended 31 December 2025 and 57.96% in FY25. Any disruption in this business could affect the company's financial performance.
- Since April 2025, Milky Mist Dairy Food Limited has been the company's sole customer for raw chilled milk. Loss of this customer could impact revenue and profitability.
- The company depends on its farmer network for raw milk procurement. Lower procurement volumes, seasonal disruptions or higher procurement costs may affect margins.
- The cattle nutrition business is exposed to fluctuations in commodity prices. Higher input costs could impact profitability if they cannot be passed on to customers.
- The company operates in a highly competitive agri-food industry. Increased competition may affect its market share, pricing and growth prospects.
Innoterra Limited Financials (in ₹ crores)
Peer Comparison
As per the DRHP, there are no listed companies in India or globally (outside India) that engage in a similar business on this scale. Hence, industry comparison is not provided.
Anchor Investor Bidding DateTBA
Registrar Details
KFin Technologies Limited
E-mail: innoterra.ipo@kfintech.com
Tel: +91 40 6716 2222 /1800 309 4001
Book Running Lead Manager
InCred Capital Wealth Portfolio Managers Private Limited
Innoterra Limited Contact Details
Office no. 805, 8th floor, Platinum Techno Park, Sector 30A,
Vashi, Navi Mumbai 400 703, Maharashtra, India
E-mail: investors@innoterra.com
Tel: 080-4909 2960
Innoterra Limited Business Model
Innoterra Limited operates a technology-led agri-food business. The company generates revenue from raw milk procurement and supply, cattle nutrition, and fresh fruits and staples. It connects farmers with enterprise customers through digital procurement platforms and integrated supply chain solutions.
Innoterra Limited Growth Trajectory
Innoterra Limited's Total Income for FY25 was ₹163.56 crores, whereas in FY24 and FY23 it was ₹192.70 crores and ₹200.72 crores, respectively.
The company reported a Profit After Tax of ₹0.09 crores in FY25, compared with losses of ₹28.77 crores in FY24 and ₹16.52 crores in FY23.
The company reported a negative EBITDA of ₹10.43 crores in FY25. It had reported negative EBITDA of ₹26.71 crores in FY24 and ₹14.68 crores in FY23.
Innoterra Limited Market Position
Innoterra was the largest non-captive B2B raw milk procurement platform in India by procurement volume as of 31 December 2025. The company procured more than 100 KLPD of raw milk.
As of 31 December 2025, the company operated 122 bulk milk collection centres and 125 bulk milk cooling units. Its InnoDairy platform had 7,860 monthly active dairy farmers, while FarmLink supports technology-enabled sourcing and supply chain management for fresh fruits and staples.
As of 31 March 2025, the company's Total Income stood at ₹163.56 crores. It reported a Profit After Tax of ₹0.09 crores and a negative EBITDA of ₹10.43 crores.
Innoterra Limited Profit and Loss Statement (In ₹ crores)
Total Income | 163.56 | 192.70 | 200.72 |
Profit Before Tax | (13.52) | (28.81) | (16.51) |
Profit After Tax | 0.09 | (28.77) | (16.52) |
EPS (Diluted) ₹ | 0.06 | (17.40) | (9.99) |
EBITDA | (10.43) | (26.71) | (14.68) |
Innoterra Limited Balance Sheet (In ₹ crores)
Profit Before Tax | (13.52) | (28.81) | (16.51) |
Net Cash from Operating Activities | (11.69) | (31.20) | (2.56) |
Net Cash from Investing Activities | (0.24) | 6.36 | (1.22) |
Net Cash from Financing Activities | 7.77 | 2.86 | (1.91) |
Cash & Cash Equivalents | 4.01 | 3.62 | 18.21 |
Note: () denotes negative
How To Apply for Innoterra IPO?
- Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
- Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
- Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
Innoterra IPO FAQs
The Innoterra IPO opens for subscription from [-] to [-], with a total issue size of [-]. The IPO price band is ₹[-] per share with a lot size of [-]. The company aims to list the shares on BSE & NSE on [-].
The Innoterra IPO will open for subscription on [-] and will close on [-] for investors.
The minimum lot size for the Innoterra IPO is [-] equity shares, requiring a minimum investment of ₹[-] for retail investors applying in the IPO.
The price band of the Innoterra IPO has been fixed at ₹[-] per equity share.
You can apply for the Innoterra IPO online through the Kotak Neo Website or the Kotak Neo App using UPI or ASBA during the IPO subscription period.
Innoterra IPO allotment will take place on [-].
You can check the Innoterra IPO allotment status online on the registrar’s website or on the NSE and BSE IPO allotment pages using your application number, PAN, or demat account details.
Innoterra shares will list on the stock exchanges on [-].
You can find detailed information about the Innoterra IPO, including its business operations, financial performance, risk factors, and IPO objectives, in the Draft or Red Herring Prospectus (RHP).
Pradeep Kumar Parakh is the Chairman of Innoterra Limited.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their own research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed SEBI prescribed limit. The securities are quoted as an example and not as a recommendation. SEBI Registration No-INZ000200137 Member Id NSE-08081; BSE-673; MSE-1024, MCX-56285, NCDEX-1262.
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