Three Indian companies — Renfra Energy India, Innoterra, and GNI Infrastructure — have formally submitted their draft red herring prospectuses (DRHPs) to the Securities and Exchange Board of India (SEBI). These filings mark a significant step towards their respective initial public offerings (IPOs), through which they aim to raise capital for various strategic objectives.
The companies, operating in diverse sectors including renewable energy, agritech, and infrastructure, plan to utilize the IPO proceeds primarily for business expansion, meeting working capital requirements, and reducing existing debt obligations.
Renfra Energy India: Powering Up with Solar and Wind
Tamil Nadu-based Renfra Energy India, a comprehensive provider of solar and wind energy solutions for commercial and industrial clients, is preparing for an IPO that includes a fresh issue of up to Rs 430 crore. Additionally, the offering will feature an offer for sale (OFS) of up to 47.95 lakh equity shares. Notably, promoters Muthuraj Periyasamy and Jayendran will not be participating in the OFS component.
Renfra Energy intends to allocate a substantial portion of the fresh issue proceeds to redeem non-convertible debentures totaling Rs 160 crore and to fund working capital needs amounting to Rs 170 crore. The remaining funds are earmarked for general corporate purposes. The company, established in 2017, may also consider a pre-IPO placement of up to Rs 50 crore, which would consequently adjust the size of the fresh issue.
As of May 15, 2026, Renfra Energy had successfully executed renewable energy projects with an installed capacity of 462.35 MW and was actively developing projects totaling 139.10 MW. For the fiscal year 2026, the firm reported revenue of Rs 1,013 crore and a profit after tax of Rs 156.8 crore. Unistone Capital has been appointed as the sole book-running lead manager for the IPO.
Innoterra: Cultivating Growth in Agritech
Agritech platform Innoterra, formerly known as MilkLane Dairy Services and a subsidiary of Switzerland-based Innoterra AG, has also filed its DRHP. Its IPO structure comprises a fresh issue of up to Rs 105 crore and an offer for sale of 70.55 lakh equity shares by existing investors Milklane Holding and Mahyco.
Innoterra plans to deploy the fresh issue funds to establish new bulk milk collection centers, upgrade milk cooling units, cover working capital requirements, pursue inorganic acquisitions, and for general corporate expenses. The company operates an asset-light, technology-driven agri-food platform across three main segments: raw milk procurement under the MilkLane brand, cattle nutrition through MilkLane Aayush, and fresh produce via its FarmLink, Happy Fruits, and Amaraah brands.
By December 31, 2025, Innoterra managed 122 bulk milk collection centers across Tamil Nadu, Andhra Pradesh, and Karnataka. Its FarmLink business maintained distribution centers in key cities including Bengaluru, Chandigarh, Lucknow, and Delhi. A report by 1Lattice, cited in the DRHP, projects the Indian dairy market to achieve a Compound Annual Growth Rate (CAGR) of approximately 10.3 percent through FY30. InCred Capital Wealth Portfolio Managers is the sole book-running lead manager for Innoterra's offering.
GNI Infrastructure: Building Roads, Expanding Horizons
Mumbai-based GNI Infrastructure, an EPC (Engineering, Procurement, and Construction) firm specializing in road construction primarily within Maharashtra, has filed its DRHP for an IPO. The offering will consist of a fresh issue of up to 2.10 crore equity shares and an offer for sale of up to 93.88 lakh shares, culminating in a total offer size of 3.04 crore equity shares.
The net proceeds from GNI Infrastructure's fresh issue are intended to bolster its working capital and support general corporate purposes. Incorporated in 2007, the company's core activities include the construction, widening, upgradation, repair, and maintenance of roads and highways. GNI Infrastructure is also venturing into the solid waste management sector through biomining projects.
As of December 31, 2025, road infrastructure accounted for 87.6 percent of the company's operational revenue, with solid waste management contributing the remainder. Over the past five years, GNI Infrastructure has successfully completed more than 50 road projects and is currently executing 18 projects across Maharashtra, boasting an order book of Rs 1,021 crore at the close of December 2025. SMC Capitals and Marwadi Chandarana Intermediaries Brokers are serving as the book-running lead managers, with KFin Technologies acting as the registrar.