Innoterra, the Indian subsidiary of Swiss agritech major Innoterra AG, has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (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.
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. InCred Capital Wealth Portfolio Managers is the sole book-running lead manager to the issue.
Innoterra is India's leading business-to-business (B2B) milk procurement platform, connecting dairy farmers with institutional buyers through its procurement network.
