Innoterra India Files IPO Papers With SEBI; Fresh Issue Of ₹105 Crore Planned

Innoterra India, the Indian subsidiary of Swiss-backed food and agri-tech company Innoterra AG, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).

The issue combines a fresh equity raise of up to ₹105 crore with an offer for sale of 70.55 lakh shares by existing investors.

Two shareholders are participating in the offer for sale (OFS). Milklane Holding, a Singapore-based entity through which Innoterra AG holds its 97.82% stake in the Indian arm, will offer 66.18 lakh shares. Mahyco, which holds the remaining 2.18%, will sell 4.37 lakh shares.

Before the public issue, the company may also raise up to ₹21 crore through a pre-IPO placement, which would reduce the fresh issue size proportionately.

What The Proceeds Will Fund

The ₹10.6 crore from the fresh issue will go towards setting up new bulk milk collection centres and replacing cooling units at existing ones.

The largest allocation, ₹54.7 crore, is earmarked for working capital. The rest will be used for inorganic acquisitions and general corporate purposes, though specific acquisition targets have not been identified.

What The Business Does

Innoterra runs a technology-led, asset-light operation across several segments of India's agricultural supply chain. Its core activities include sourcing and supplying raw milk, distributing in-house cattle nutrition products and sourcing fresh fruits and staple commodities for retailers and institutional buyers.

The business is supported by a digital platform connecting farmers with enterprise customers, while providing supply chain services and product traceability.

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Financial snapshot

The company’s financials indicate a business in early recovery. For the year ended March 2025, Innoterra posted a profit of ₹9.9 lakh, a swing from a loss of ₹28.7 crore the previous year. Revenue, however, declined 14.7% to ₹163.5 crore from ₹191.7 crore.

For the nine months ended December 2025, the company reported a profit of ₹3.5 crore on revenue of ₹236.7 crore. InCred Capital Wealth Portfolio Managers is the sole book-running lead manager for the issue.