Renfra Energy, Innoterra file DRHPs with SEBI to raise funds through IPOs
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In a fresh development in the primary market, two companies operating in the renewable energy and agritech sectors have filed their draft red herring prospectuses (DRHPs) with the Securities and Exchange Board of India (Sebi) to raise funds through initial public offerings (IPOs).
Tamil Nadu-based Renfra Energy India Ltd., an integrated solar and wind energy solutions provider, has filed its IPO paper with the regulator, proposing to raise fresh capital of up to ₹430 crore, while Innoterra Ltd., a subsidiary of Swiss agritech major Innoterra AG, also looks to garner up to ₹105 crore through fresh issue.
Renfra Energy plans ₹430-crore fresh issue
Renfra Energy's proposed IPO comprises a fresh issue of equity shares aggregating up to ₹430 crore and an offer for sale (OFS) of up to 47,94,800 equity shares by existing shareholders. The company's promoters, Muthuraj Periyasamy, Chairman and Managing Director, and Jayendran, Executive Director, will not participate in the OFS.
The company intends to utilise ₹160 crore from the fresh issue proceeds towards redemption of non-convertible debentures, ₹175 crore for funding working capital requirements, and the remaining amount for general corporate purposes.
The company may also consider a pre-IPO placement of up to ₹50 crore before filing the red herring prospectus with the Registrar of Companies. If undertaken, the size of the fresh issue will be reduced accordingly.
Founded in 2017, Renfra Energy operates in the turnkey engineering, procurement and construction (EPC) segment, providing solar energy solutions, wind energy solutions and operation and maintenance services to utility-scale and commercial & industrial (C&I) customers across Tamil Nadu and Puducherry.
As of May 15, 2026, the company had executed projects with an aggregate installed capacity of 462.35 MW, including 412.85 MW of solar projects and 49.50 MW of wind projects. It also had ongoing projects with a combined capacity of 139.10 MW.
For FY26, Renfra Energy reported revenue from operations of ₹1,013 crore, representing a CAGR of 54.38% since FY23, while profit after tax stood at ₹156.8 crore.
The company's listed peers include KPI Green Energy, K.P. Energy, Solarworld Energy Solutions and Zodiac Energy. Unistone Capital Private Ltd. is the book-running lead manager to the issue.
Innoterra files DRHP for ₹105-crore fresh issue
Separately, Innoterra Ltd. (formerly MilkLane Dairy Services Pvt. Ltd.) has filed its DRHP with Sebi for an IPO comprising a fresh issue of up to ₹105 crore and an offer for sale of 70,55,315 equity shares by existing shareholders Milklane Holding Pte. Ltd. and Mahyco Pvt. Ltd.
The company proposes to use ₹10.69 crore from the fresh issue towards setting up new bulk milk collection centres and replacing bulk milk cooling units, ₹54.75 crore for working capital requirements, and the balance towards unidentified inorganic acquisitions and general corporate purposes.
Innoterra describes itself as India's largest B2B milk procurement platform by procurement volume as of December 31, 2025. It operates a technology-led, asset-light agritech platform connecting farmers with enterprise customers through three key business segments.
Its flagship MilkLane platform supplies aflatoxin-safe and antibiotic-safe raw milk to institutional customers, while its MilkLane Aayush brand offers cattle nutrition products. The company also operates the FarmLink platform, which sources and supplies fresh fruits and staples under brands such as Happy Fruits and Amaraah.
As of December 31, 2025, Innoterra operated 122 bulk milk collection centres across Tamil Nadu, Andhra Pradesh and Karnataka. Its FarmLink business is supported by distribution centres in Bengaluru, Chandigarh, Lucknow and Delhi.