New Delhi, July 2 -- Functional & Innovative Foods Limited, an integrated food contract manufacturing company offering a diversified product portfolio, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in preparation for its Initial Public Offering (IPO).

The IPO will comprise up to 85,00,000 equity shares with a face value of Rs.10 each, consisting of a fresh issue of up to 60,00,000 equity shares and an offer for sale (OFS) of up to 25,00,000 equity shares.

The company plans to utilise the net proceeds from the fresh issue to fund capital expenditure for setting up two new manufacturing facilities-Unit V at Namakkal, Tamil Nadu, and Unit VI at Dhar, Madhya Pradesh.

The proceeds w...