Innoterra Ltd, the Indian subsidiary of Swiss agritech major Innoterra AG, has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The proposed IPO comprises a fresh issue of equity shares aggregating up to Rs 105 crore and an Offer-for-Sale (OFS) of 70,55,315 equity shares by existing shareholders, according to the draft red herring prospectus (DRHP) filed on Monday.
The OFS involves the sale of shares by Milklane Holding Pte Ltd, the promoter with a 97.82 per cent stake, and Mahyco Pvt Ltd, which owns the remaining 2.18 per cent.
The company intends to utilise the proceeds from the fresh issue for setting up new bulk milk collection centres and replacing bulk milk cooling units at existing collection centres.
Also, the funds will be used to meet working capital requirements, pursue unidentified inorganic acquisitions, and for general corporate purposes.
Innoterra Ltd is India's leading business-to-business (B2B) milk procurement platform, connecting dairy farmers with institutional buyers through its procurement network.
The company is a technology-led, asset-light agri-food business that operates across multiple segments of India's agri-food value chain. Through its digital platform, it connects farmers directly with enterprise customers, providing market access, end-to-end supply chain services and product traceability.
Its operations span raw milk procurement and supply, in-house formulated cattle nutrition products, and the sourcing and distribution of fresh fruits and staple commodities to retailers and institutional buyers.
InCred Capital Wealth Portfolio Managers is the sole book-running lead manager to the issue.
