Legacy Law Offices has acted as legal counsel on the proposed Mainboard IPO of Functional and Innovative Foods Limited, a Tiruchengode-based integrated food contract manufacturer. The company has filed a Draft Red Herring Prospectus (DRHP) before SEBI for a book-built “Mainboard” offer comprising a fresh issue of 65,00,000 shares and an Offer for Sale of 25,00,000 shares, with an offer size of ₹90 crore+. The DRHP filing was made on July 3, 2026.
Introduction
Legacy Law Offices advised and acted for Functional and Innovative Foods Limited, the Selling Shareholder (Senthil Kumar), and the Book Running Lead Manager (Beeline Capital Pvt Ltd) on this Mainboard IPO. The firm’s representation of all three principal parties in a single transaction — the issuer, the selling shareholder, and the BRLM — is a notable structural feature of this mandate.
Tiruchengode-based Functional and Innovative Foods Ltd is an integrated food contract manufacturing company with a diversified product portfolio across Ready-to-Eat and Ready-to-Cook products, staples, sugar alternatives, spices, and allied FMCG categories. The company primarily operates on a B2B model, serving both emerging consumer brands and established FMCG names, including Slurrp Farm, The Whole Truth, Urban Platter, Big Basket, Kellogg’s India, Millet Bank, and Marico.
Deal Value
The proposed IPO carries an offer size of ₹90 crore+, structured as a book-built Mainboard offer comprising a fresh issue of 65,00,000 equity shares and an Offer for Sale of 25,00,000 shares. The IPO proceeds from the fresh issue component are intended, among other purposes, for capital expenditure and general corporate purposes. Further details on the price band and issue timeline were not disclosed at the DRHP stage.
Legal Teams Involved
Legacy Law Offices advised Functional and Innovative Foods Limited, the Selling Shareholder Senthil Kumar, and the Book Running Lead Manager Beeline Capital Pvt Ltd. The transaction team was led and supervised by the following members:
- Gagan Anand — Managing Partner
- Shalini Munjal — Co-Managing Partner and Chair – General Corporate
No other legal advisors were disclosed in connection with this transaction.
Significance and Impact
This transaction is notable for several reasons. First, Legacy Law Offices acted for all three principal transaction parties simultaneously — the issuer company, the selling shareholder, and the BRLM — making this a single-firm, multi-party mandate on a Mainboard IPO. Second, the issuer operates across a diversified FMCG product portfolio spanning Ready-to-Eat, Ready-to-Cook, staples, sugar alternatives, and spices, positioning the IPO squarely within India’s growing health and convenience foods segment, which continues to attract significant capital market interest.
Third, the transaction represents a Mainboard listing path for a Tamil Nadu-based food contract manufacturer — a relatively underrepresented geography in recent large-format IPO filings. The Book Running Lead Manager to the Offer is Beeline Capital Advisors Private Limited, a SEBI-registered Category I Merchant Banker with experience across both Mainboard and SME IPO mandates.
The Deal Meter tracks law firm activity across Indian capital markets transactions, including Mainboard IPO mandates such as this one.
Legacy Law Offices, led by Gagan Anand and Shalini Munjal, has advised on the DRHP filing of Functional and Innovative Foods Limited‘s proposed ₹90 crore+ Mainboard IPO — acting for the issuer, the selling shareholder, and the BRLM in a consolidated mandate. The transaction now awaits SEBI’s observations before proceeding to the next stage of the listing process. Further details on the price band, issue dates, and allotment structure were not disclosed.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
