TruAlt Bioenergy Ltd.'s initial public offering will open on Thursday, Sept. 25, to sell shares worth up to Rs 839 crore. The company will raise Rs 750 crore via a fresh issue of equity. An offer of sale of 18 lakh shares by the promoters aggregating up to Rs 89 crore is also part of the IPO.
Investors can bid for the TruAlt Bioenergy IPO at a price band of Rs 472-496 per share. The minimum quantity to apply for the IPO is 30 shares, requiring an investment of Rs 14,880 based on the upper price band.
Promoters Dhraksayani Sangamesh Nirani and Sangamesh Rudrappa Nirani will offload shares via OFS.
TruAlt Bioenergy will seek investments from large institutions under the pre-IPO anchor round on Sept. 24. The IPO will close on Sept. 29, and the allotment of shares to investors will be tentatively done on Sept. 30.
The stock will list on the BSE and NSE on Oct. 3.
TruAlt Bioenergy is a Bangalore-based biofuels producer with an installed ethanol production capacity of 2,000 kilo litres per day (KLPD) and an operational capacity of 1,800 KLPD, as of March 31, 2025. Its market share in FY25 stood at 3.6%, as per a Crisil report cited in the offer documents.
The company will spend Rs 150.68 crore of the fresh issue proceeds for setting up multi-feed stock operations to pave the way for utilising grains as an additional raw material in ethanol plants at Unit 4 of 300 KLPD capacity.
Further, Rs 425 crore will be used for working capital requirements, while the company will set aside the remaining fresh issue funds for general corporate purposes.
By March 2026, out of the 2,000 KLPD installed capacity, the company intends to convert 1,300 KLPD of current mono feed (sugarcane juice/sugar syrup/molasses) capacity to dual-feed, capable of producing ethanol from grainbased feedstocks or grains unfit for human consumption. It also intends to increase operational capacity from 1,800 KLPD to 2,000 KLPD.
On the financial front, Trualt Bioenergy reported a profit of Rs 146.6 crore in FY25 and revenue of Rs 1,908 crore.
DAM Capital Advisors Ltd. and SBI Capital Markets Ltd. are the merchant bankers to the IPO.
TruAlt Bioenergy applied for an IPO in August 2024.
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