Innoterra IPO
Innoterra IPO — date, issue size, SEBI status & DRHP details 2026
Innoterra filed its draft red herring prospectus (DRHP) with SEBI on 8 Jul 2026 for an IPO of a fresh issue of up to ₹105 crore and an offer for sale of up to 70,55,315 shares. The draft is under SEBI review. The price band, lot size and IPO dates are not announced yet.
Innoterra is an asset-light agri-food company that buys raw chilled milk from farmers through 122 bulk milk collection centres and also sells cattle nutrition and fresh fruits. Revenue from operations was Rs 236.74 crore in the nine months ended 31 December 2025.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Innoterra IPO stands
From draft to listing. Today is 11 November 2026.
- DRHP filed 08 Jul 2026
- SEBI observations TBA
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 8 Jul 2026 |
|---|---|
| SEBI status | Under SEBI review · 18 Oct 2026 |
| Last SEBI communication | 18 Oct 2026 |
| Coordinating lead manager | InCred Capital Wealth Portfolio Managers Private Limited |
| RHP, price band & dates | Not announced |
Innoterra IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue and offer for sale |
|---|---|
| Fresh issue | Up to ₹105 Cr |
| Offer for sale | Up to 70,55,315 shares |
| Total issue size | Depends on the price band |
| Pre-IPO placement | Up to ₹21 Cr (reduces the fresh issue) |
| Face value | ₹5 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | InCred Capital Wealth Portfolio Managers Private Limited |
| Registrar | KFin Technologies Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Milklane Holding Pte. Ltd. | Promoter | Up to 66,18,235 shares | Rs 70.81 |
| Mahyco Private Limited | Corporate shareholder | Up to 4,37,080 shares | Rs 0.89 |
Mahyco Private Limited has a weighted average cost of Rs 0.89 per share, while Milklane Holding Pte. Ltd. has Rs 70.81 per share.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 6
- 01Revenue from operations rose to Rs 236.74 crore in the nine months ended 31 December 2025, against Rs 163.47 crore in the whole of FY2025.
- 02The company reported a profit after tax of Rs 3.53 crore in the nine months ended 31 December 2025, after losses of Rs 28.77 crore in FY2024 and Rs 16.52 crore in FY2023.
- 03Total borrowings fell to Rs 3.05 crore on 31 December 2025 from Rs 11.59 crore on 31 March 2025, and debt to equity fell to 0.09 from 0.75.
- 04The farmer network grew: registered farmers rose from 10,380 in FY2023 to 17,451 by 31 December 2025.
- 05Fresh fruits and staples revenue grew from Rs 11.81 crore in FY2023 to Rs 62.61 crore in the nine months ended 31 December 2025, which widens the business beyond milk.
- 06Net working capital days were 5 in the nine months ended 31 December 2025, which shows a business that does not lock up much cash in working capital.
Risks · 10
- 01Raw chilled milk gave 61.96% of revenue in the nine months ended 31 December 2025 and 81.39% in FY2023, so one segment carries the company.
- 02Milky Mist Dairy Food Limited has been the sole customer of the milk segment since April 2025.
- 03All raw milk was sourced from Tamil Nadu and Andhra Pradesh in the nine months ended 31 December 2025 and in FY2025, and there are no long-term binding procurement agreements.
- 04The company lost Rs 28.77 crore in FY2024 and Rs 16.52 crore in FY2023, and EBITDA was negative at Rs 3.50 crore in the nine months ended 31 December 2025.
- 05Cash flow from operations was negative in every period shown: Rs 2.02 crore in the nine months ended 31 December 2025 and Rs 11.69 crore in FY2025.
- 06The company does not own certain key trademarks, including Innoterra, and uses them under licence.
- 07It takes services from a promoter group entity, Innoterra India Private Limited, under a shared services agreement.
- 08Some immediate relatives of the individual promoters have not given the information needed for disclosure, and an exemption application has been made to SEBI.
- 09Cattle nutrition products are made by third-party contract manufacturers, so any disruption at their plants hits supply.
- 10Part of the offer is an offer for sale of 70,55,315 shares, and the company gets no money from it. The amount for unidentified acquisitions and general corporate purposes is not yet fixed.
Innoterra financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Dec 2025 (9 months) | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Revenue from Operations | 236.74 | 163.47 | 191.74 | 199.50 |
| EBITDA | -3.50 | -10.43 | -26.71 | -14.68 |
| Profit After Tax | 3.53 | 0.10 | -28.77 | -16.52 |
| Net Worth | 34.86 | 15.46 | 4.13 | 25.38 |
| Total Borrowing | 3.05 | 11.59 | 9.35 | 5.28 |
Key ratios (FY25)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹65.43 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About Innoterra
The company works in three reportable segments. Raw chilled milk is the largest. It gave Rs 146.67 crore, or 61.96% of revenue from operations, in the nine months ended 31 December 2025. Fresh fruits and staples, sold under the FarmLink name, gave 26.45%. Cattle nutrition gave 11.60%. Cattle nutrition products are formulated in-house and made by contract manufacturers, then sold through distributors, retailers and farmers.
For milk, the company buys directly from farmers and supplies institutional customers. In the nine months ended 31 December 2025 it ran 122 bulk milk collection centres across Tamil Nadu, Andhra Pradesh and Karnataka. It had 17,451 registered farmers and 9,275 active farmers. It procured 36.29 million litres of milk in that period. The milk aggregation hub is at Karimangalam in Tamil Nadu.
The fresh fruits business uses one ripening centre in Chandigarh and four distribution centres in and around Chandigarh, Bengaluru, Lucknow and New Delhi. A warehouse at Karnal in Haryana serves as the stocking point for staples. Fruit sales were 7,789 tonnes in the nine months ended 31 December 2025.
The promoters are Milklane Holding Pte. Ltd., Innoterra AG, Francisco Fernandez and Urs Berthold Wietlisbach. The registered office is in Vashi, Navi Mumbai, and the corporate office is in Bengaluru. The company says it plans to expand into adjacent categories and geographies and may make selective acquisitions.
The industry
The industry report by 1Lattice puts AgriTech penetration in India at 0.30% in FY25. It projects the figure to rise to 3.00% by FY30 and 5.00% by FY35. The report links this to rural internet growth and government programmes such as AgriStack and the Digital Agriculture Mission. It calls the sector fragmented and smallholder-driven, with limited rural digital infrastructure.
Customer concentration: Milky Mist Dairy Food Limited has been the sole customer for the raw chilled milk segment since April 2025. That segment gave 61.96% of revenue from operations in the nine months ended 31 December 2025.
Promoters & management
Milklane Holding Pte. Ltd. holds 97.82% before the issue and Mahyco Private Limited holds 2.18%.
| Name | Role |
|---|---|
| Pradeep Kumar Parakh | Chairman and Independent Director |
| Harish Sharma | Managing Director |
| Jaykumar Shankar | Chief Financial Officer |
| Akash Shetty | Company Secretary and Compliance Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Innoterra IPO: frequently asked
When will the Innoterra IPO open?
The Innoterra IPO dates are not announced yet. The draft is under SEBI review. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Innoterra IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹5 per share.
How big is the Innoterra IPO?
Innoterra filed its draft red herring prospectus (DRHP) with SEBI on 8 Jul 2026 for an IPO of a fresh issue of up to ₹105 crore and an offer for sale of up to 70,55,315 shares. The final size in rupees depends on the price band.
Has SEBI approved the Innoterra IPO?
The draft is under SEBI review. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Innoterra IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Innoterra IPO GMP once the RHP and price band are out.
What will Innoterra do with the IPO money?
As per the DRHP: Capital expenditure on new bulk milk collection centres and replacing bulk milk cooling units at existing centres (₹10.68 crore); Fund working capital requirements (₹54.75 crore); Unidentified inorganic acquisitions and general corporate purposes.
Who are the lead managers of the Innoterra IPO?
The book running lead managers are InCred Capital Wealth Portfolio Managers Private Limited. KFin Technologies Limited is the registrar.
Is Innoterra profitable?
Innoterra reported a profit after tax of Rs 3.53 crore in the nine months ended 31 December 2025 and Rs 0.10 crore in FY2025. It lost Rs 28.77 crore in FY2024 and Rs 16.52 crore in FY2023.
Who owns Innoterra?
Milklane Holding Pte. Ltd. holds 97.82% before the issue, and Mahyco Private Limited holds 2.18%.
What does Innoterra do?
Innoterra buys raw chilled milk from farmers and supplies institutional customers. It also sells cattle nutrition products and fresh fruits and staples.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Innoterra files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
