The initial public offering of TruAlt Bioenergy was booked over 5.8 times on Monday. According to BSE data at 11:42 a.m., investors have applied for 7,19,80,470 shares against the 1,23,55,424 shares on offer.
TruAlt Bioenergy Ltd.'s initial public offering was subscribed 0.81 times on its second day of bidding on Friday. The company aims to raise nearly Rs 839.28 crore from the primary market.
The IPO is a book-built issue that comprises a fresh issue of 1.51 crore shares aggregating Rs 750 crore and an offer-for-sale of 0.18 crore shares totalling Rs 89.28 crore.
The IPO has a price band set between Rs 472 and Rs 496 per share. Each lot size consists of 30 shares.
The retail investors require a minimum investment of Rs 14,880 at the upper price band. For Small Non-Institutional Investors (sNII), the minimum investment is 14 lots or 420 shares, totalling Rs 2,08,320. For Big Non-Institutional Investors (bNII), it is 68 lots or 2,040 shares, amounting to Rs 10,11,840.
TruAlt Bioenergy IPO will close for subscription on September 29.
Dam Capital Advisors Ltd. is the book-running lead manager and Bigshare Services Pvt. Ltd. is the registrar of the issue.
Despite the lack of buzz, the unlisted shares of TruAlt Bioenergy Ltd. have been trading at a premium in the grey market (GMP), suggesting positive listing gains for investors.
As the Day 3 subscription gets underway, the GMP for TruAlt Bioenergy IPO remains in focus on the final day of bidding.
TruAlt Bioenergy IPO GMP Today
The grey market premium (GMP) for TruAlt Bioenergy IPO was Rs 105 at 11:00 a.m. on September 29. Considering the upper end of the IPO’s price band of Rs 496, the estimated listing price is Rs 601 (cap price plus today’s GMP), implying an expected listing gain of around 21.17% per share.
This means that the unlisted shares of the company were trading at Rs 601 per share in the private market. Investors who are successfully allotted the shares of TruAlt Bioenergy can expect a potential gain of up to 21% when the stock debuts on the market this week.
Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.
TruAlt Bioenergy IPO: Allotment And Listing Date
The IPO allotment status for TruAlt Bioenergy is expected to be finalised on September 30. The company will transfer shares to the demat accounts of successful bidders on October 1, and refunds for non-allottees will be processed on the same day.
Shares of TruAlt Bioenergy are expected to be listed on the BSE and NSE on Wednesday, October 3.
Use Of Proceeds
Around Rs 150 crore of the proceeds from the IPO will be used for capital expenditure. Nearly Rs 425 crore is allocated for working capital. The remaining funds will be used for general corporate purposes.
About TruAlt Bioenergy
Founded in 2021, TruAlt Bioenergy is primarily engaged in the production of biofuels, with a strong focus on the ethanol segment.
For the financial year ended March 31, TruAlt Bioenergy reported a significant jump in total income at Rs 1,968.53 crore, up from Rs 1,280.19 crore the previous year
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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