Innoterra IPO
Innoterra Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue of up to ₹105.00 crore and an offer for sale of up to 70,55,315 shares by promoter Milklane Holding Pte. Ltd. and corporate shareholder Mahyco Private Limited. In FY25, the latest full year the draft covers, the company made a profit of ₹0.10 crore on revenue of ₹163.47 crore, after losses in FY24 and FY23. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 29 Jun 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- InCred Capital Wealth Portfolio Managers Private Limited
- Last SEBI contact
- 3 Sep 2026
- Price band and dates
- Not announced
Where it stands
Innoterra IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI29 Jun 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 29 June 2026, 130 days ago, and its last communication on the draft was on 3 September 2026 (day count is our calculation).
DRHP at a glance
Innoterra DRHP at a glance
Draft red herring prospectus, 29 Jun 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 170) and Basis for Offer Price, KPIs (p. 103)Innoterra is a technology-led, asset-light agri-food company running an integrated business across the Indian agri-food value chain. Through digital platforms it connects farmers with enterprise customers, offering market access, fulfilment and traceability in raw chilled milk, fresh fruits and staples. It works in three verticals: raw milk procurement and supply, which buys raw milk direct from farmers, aggregates it and supplies institutional customers; cattle nutrition, formulated in-house and made by contract manufacturers; and FarmLink, which sources and supplies fresh fruits, including ripening, and staples to retailers and institutional buyers through a digital platform.
The company is an operating entity of the Innoterra group, a Switzerland-headquartered agri-tech group led by Innoterra AG, its ultimate holding company and one of its promoters, with operations in Switzerland, India, China, the United Arab Emirates and the Philippines. It ran 101 bulk milk collection centres in FY25, down from 117 in FY23, with 14,549 registered farmers and 7,481 active farmers. Average milk procured was 68.36 kilolitres a day in FY25, against 110.15 in FY23, at a realisation of ₹37.97 a litre. Fruit sales were 8,034 tonnes in FY25 against 570 tonnes in FY23, and cattle nutrition sales 8,580 tonnes against 10,823 tonnes.
The offer
DRHP cover pages, The Offer (p. 52) and Capital Structure (p. 70)| Fresh issue | Up to ₹105.00 croreMoney goes to the company |
| Offer for sale | Up to 70,55,315 sharesBy promoter selling shareholder Milklane Holding Pte. Ltd., up to 66,18,235 shares at a weighted average cost of ₹70.81, and corporate selling shareholder Mahyco Private Limited, up to 4,37,080 shares at ₹0.89. The company receives no proceeds from the offer for sale |
| Shares before the IPO | 2,00,55,257Face value ₹5 each. The offer for sale is about 35.2% of them (ours) |
| Pre-IPO placement | Up to ₹21.00 croreOptional; would reduce the fresh issue, and will not exceed 20% of its size |
| Listing | BSE and NSEMainboard, under Regulation 6(2), because the company does not meet Regulation 6(1)(a) and 6(1)(b) |
| Lead manager | InCred Capital Wealth Portfolio Managers Private Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Milklane Holding Pte. Ltd., Innoterra AG, Francisco Fernandez and Urs Berthold Wietlisbach |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 85 to 86)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Capital expenditure for new bulk milk collection centres and replacement of bulk milk cooling units at existing centres | 10.68 | 10.2% |
| Working capital | 54.75 | 52.1% |
| Unidentified inorganic acquisitions and general corporate purposes (set later; together within 35% of the gross proceeds, and each within 25%) |
The total shown is the fresh issue size of ₹105.00 crore. Offer expenses are deducted before these amounts. The named objects add to ₹65.42 crore (ours), to be deployed across FY27 to FY29, with the balance going to acquisitions, general corporate purposes and offer expenses. Any pre-IPO placement proceeds would reduce the fresh issue.
Financials
DRHP, Summary of Restated Financial Information (p. 55 to 57) and Basis for Offer Price, KPIs (p. 101 to 103), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 199.50 | 191.74 | 163.47 |
| Revenue from raw milk procurement and supply | 162.37 | 138.61 | 94.74 |
| Revenue from fresh fruits and staples | 11.81 | 29.92 | 47.52 |
| Revenue from cattle nutrition | 25.31 | 23.21 | 21.20 |
| Gross profit | 11.27 | -7.97 | 10.12 |
| Gross profit margin | 5.65% | -4.15% | 6.19% |
| EBITDA | -14.68 | -26.71 | -10.43 |
| EBITDA margin | -7.36% | -13.93% | -6.38% |
| Profit or loss after tax | -16.52 | -28.77 | 0.10 |
| Profit or loss after tax margin | -8.28% | -15.00% | 0.06% |
| Diluted EPS (₹) | -9.99 | -17.40 | 0.06 |
| Total equity | 25.38 | 4.13 | 15.46 |
| Cash from operations | -2.56 | -31.20 | -11.69 |
| Total borrowings | 5.28 | 9.35 | 11.59 |
| Debt to equity (times) | 0.21 | 2.27 | 0.75 |
| Net working capital (days) | 14 | 4 | 9 |
| Bulk milk collection centres | 117 | 112 | 101 |
| Registered farmers | 10,380 | 12,144 | 14,549 |
| Average milk procured a day (kilolitres) | 110.15 | 104.67 | 68.36 |
Restated figures for the three full years to FY25. Revenue fell in each of FY24 and FY25, driven by the raw milk business, while fresh fruits and staples grew from ₹11.81 crore to ₹47.52 crore. EBITDA was negative in all three years and the company made losses in FY23 and FY24 before a profit of ₹0.10 crore in FY25. Cash from operations was negative in all three years. Net asset value a share was ₹9.15 as of 31 March 2025. Basic and diluted earnings per share are the same in all three years as printed.
Risks the draft lists first
DRHP, Risk Factors (p. 17 to 25)- Milk procurementDairy operations depend on buying raw milk from a fragmented network of farmers, with no assurance of continued supply. (Risk factor 1, p. 17)
- Raw milk segmentRaw milk procurement and supply gave 57.96% of FY25 revenue from operations, against 81.39% in FY23. (Risk factor 2, p. 19)
- Past lossesThe company made losses of ₹28.77 crore in FY24 and ₹16.52 crore in FY23, and the draft says it may not sustain profitability. (Risk factor 6, p. 22)
- TrademarksThe company does not own certain key trademarks used in its business, including Innoterra, which is also part of its name. (Risk factor 9, p. 23)
- TechnologyThe business depends on its technology infrastructure and digital platforms, which are open to failure and security risk. (Risk factor 10, p. 24)
- Pledged promoter stakeThe shareholding of promoter Milklane Holding Pte. Ltd. is pledged in favour of a lender. (Risk factor 11, p. 25)
Documents
Innoterra DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Innoterra IPO FAQs
When will the Innoterra IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 130 days ago (our calculation).
Has SEBI approved the Innoterra IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the Innoterra IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Innoterra IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Innoterra IPO?
InCred Capital Wealth Portfolio Managers Private Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Innoterra do with the IPO money?
According to the DRHP, the fresh issue money goes to capital expenditure for new bulk milk collection centres and replacement of bulk milk cooling units at existing centres (₹10.68 crore), working capital (₹54.75 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Innoterra do?
Innoterra is a technology-led, asset-light agri-food company running an integrated business across the Indian agri-food value chain. Through digital platforms it connects farmers with enterprise customers, offering market access, fulfilment and traceability in raw chilled milk, fresh fruits and staples. It works in three verticals: raw milk procurement and supply, which buys raw milk direct from farmers, aggregates it and supplies institutional customers; cattle nutrition, formulated in-house and made by contract manufacturers; and FarmLink, which sources and supplies fresh fruits, including ripening, and staples to retailers and institutional buyers through a digital platform.
Where can I read the Innoterra DRHP?
On SEBI's website, where the draft red herring prospectus was published on 8 July 2026. The draft is dated 29 June 2026 and runs to 411 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 29 June 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.