TruAlt Bioenergy Launches IPO at ₹472–₹496 Per Share
Bengaluru, September 25, 2025: TruAlt Bioenergy Limited has announced that its maiden Initial Public Offering (IPO) will open on Thursday, September 25, 2025, and close on Monday, September 29, 2025. The company has set a price band of ₹472–₹496 per equity share of face value ₹10 each. Investors can subscribe for a minimum of 30 shares and in multiples of 30 thereafter.
The IPO comprises a fresh issue of up to ₹750 crore and an offer for sale of up to 18 lakh shares. Currently, the company has 7.06 crore outstanding equity shares.
Use of IPO Proceeds
₹150.68 crore will be allocated for setting up multi-feedstock operations to enable ethanol production from grains.
₹425 crore will be used to meet working capital requirements.
Industry Leadership
TruAlt Bioenergy is one of India’s largest ethanol producers, with an installed capacity of 2,000 kilo litres per day (KLPD) and operational capacity of 1,800 KLPD as of March 31, 2025, accounting for a 3.6% share of the national ethanol market (CRISIL Report). The company currently operates four distilleries using molasses and syrup-based feedstock and plans to convert 1,300 KLPD to dual-feed capacity by March 2026.
In addition to ethanol, the company produces Extra Neutral Alcohol (ENA), dry ice, and liquid CO₂, key by-products in its operations.
CBG Expansion & Strategic Partnerships
TruAlt is among the first producers of Compressed Biogas (CBG) under the government’s SATAT initiative. Its subsidiary, Leafiniti, operates a 10.2 TPD CBG plant and is partnering with GAIL to establish multiple CBG units across India, with GAIL holding up to 49% stake.
The company has also signed agreements with Japanese trading and gas firms to set up 3–5 additional CBG plants in different regions.
Future Growth Plans
TruAlt is expanding into new business verticals approved by its Board on September 6, 2025:
Second Generation (2G) Ethanol: Utilizing 8 lakh MT of bagasse to produce approximately 6 crore litres per year.
Sustainable Aviation Fuel (SAF): Using ethanol to produce 10 crore litres annually, in collaboration with UOP LLC.
Mevalonolactone (MVL) & Allied Biochemicals: For specialty fuels, elastomers, and SAF production.
Biofuel Dispensing Stations: Currently five stations in Karnataka, with plans to expand as a private OMC.
Financial Highlights
Revenue: ₹1,907.72 crore in FY25 (up from ₹1,223.4 crore in FY24)
Profit After Tax: ₹146.64 crore in FY25 (up from ₹31.81 crore in FY24)
IPO Structure
The book-building IPO is structured as follows:
50% for Qualified Institutional Buyers (QIBs)
15% for Non-Institutional Investors (NIIs)
35% for Retail Investors
DAM Capital Advisors Limited and SBI Capital Markets Limited are the lead managers, with Bigshare Services Pvt. Ltd. acting as the registrar.
The Red Herring Prospectus (RHP) dated September 19, 2025, is available on SEBI, NSE, BSE, and company websites. Investors are advised to review the risk factors in the RHP before making investment decisions.
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