TruAlt Bioenergy IPO to Open on Sept 25 at Rs 472–496; Eyes Rs 750 Crore Fundraising for Expansion and Green Fuel Ventures
Bilkul Bazaar
TruAlt Bioenergy IPO Snapshot
IPO Opening Date: September 25, 2025 (Thursday)
IPO Closing Date: September 29, 2025 (Monday)
Price Band: Rs 472 – Rs 496 per equity share
Face Value: Rs 10 per share
Lot Size: 30 equity shares and in multiples thereof
Issue Size:
Fresh Issue: Rs 750 crore
Offer for Sale: 18,00,000 equity shares
Utilization of Proceeds:
Rs 150.68 crore – Capital expenditure (multi-feedstock ethanol operations)
Rs 425 crore – Working capital requirements
Equity Shares Outstanding (pre-issue): 7,06,31,624 shares
Book Running Lead Managers: DAM Capital Advisors, SBI Capital Markets
Registrar: Bigshare Services Pvt. Ltd.
Investor Allocation:
QIBs: Not more than 50%
NIIs: Not more than 15%
Retail: At least 35%
TruAlt Bioenergy Limited IPO to Open on September 25; Price Band Fixed at Rs 472–496
Ahmedabad: TruAlt Bioenergy Limited, one of India’s largest biofuels producers, has announced that its Initial Public Offering (IPO) will open for subscription on Thursday, September 25, 2025, and close on Monday, September 29, 2025. The company has set a price band of Rs 472 to Rs 496 per equity share of face value Rs 10 each. Investors can bid for a minimum of 30 equity shares and in multiples of 30 thereafter.
The IPO comprises a fresh issue aggregating up to Rs 750 crore and an offer for sale of up to 18,00,000 equity shares. The proceeds from the fresh issue include Rs 150.68 crore for capital expenditure towards setting up multi-feedstock operations at the company’s 300 KLPD ethanol plant (TBL Unit 4), and Rs 425 crore for working capital requirements.
Strategic Position in India’s Biofuel Market
TruAlt Bioenergy is India’s largest ethanol producer by installed capacity, with an aggregate production capacity of 2,000 KLPD and an operational capacity of 1,800 KLPD as of March 31, 2025, commanding a 3.6% market share in FY25 (Source: CRISIL Report). The company operates four distilleries using molasses and syrup-based feedstock, and plans to convert 1,300 KLPD of its capacity to dual-feed operations by March 2026, enabling ethanol production from grains.
As part of its diversified product mix, the company also produces Extra Neutral Alcohol (ENA), dry ice, and liquid CO2. TruAlt is further recognized as one of the first producers of compressed biogas (CBG) under the Government’s SATAT scheme. Its subsidiary, Leafiniti, runs a 10.20 TPD CBG plant and has entered into agreements with GAIL to set up multiple CBG units across 20 identified locations, with GAIL holding up to 49% stake. Additionally, the company has signed an MoU with leading Japanese entities for a joint venture to establish multiple CBG plants in India.
Future Growth Plans
The company’s expansion roadmap includes:
Second Generation (2G) Ethanol: Production from 8,00,000 MT of bagasse, targeting 6 crore litres annually.
Sustainable Aviation Fuel (SAF): Aiming to produce 10 crore litres annually, with process technology licensed from UOP LLC, positioning TruAlt among the world’s largest SAF producers from ethanol.
Mevalonolactone (MVL) & Biochemicals: Targeting specialty fuels and elastomer intermediates.
Biofuel Dispensing Stations: Scaling beyond its existing five outlets in Karnataka, aiming to establish itself as a private OMC in India.
Financial Performance
For FY25, TruAlt Bioenergy posted revenue from operations of Rs 1,907.72 crore, up from Rs 1,223.4 crore in FY24, and profit after tax of Rs 146.64 crore, compared to Rs 31.81 crore a year earlier.
Voices from the Press Meet
At the company’s IPO press meet in Ahmedabad, Vijay Nirani, Managing Director of TruAlt Bioenergy, emphasized the company’s leadership and vision:
“TruAlt Bioenergy has positioned itself at the forefront of India’s energy transition. With our scale, innovative feedstock strategy, and expansion into next-generation fuels like SAF, we hold an edge over other companies in the sector. Our future plans reflect not just growth, but sustainability.”
Atul Bothra, Financial Controller of TruAlt Bioenergy, detailed the financial strength and fund utilization plans:
“The IPO proceeds will primarily support capital expenditure for multi-feedstock operations and working capital requirements. This will significantly enhance our operational flexibility and strengthen the balance sheet.”
Speaking on behalf of the lead managers, Shivani Chhapgar of SBI Capital Markets said:
“TruAlt’s IPO provides investors an opportunity to participate in India’s fast-growing bioenergy sector through a market leader that combines scale, diversification, and forward-looking growth plans.”
Issue Management
DAM Capital Advisors Limited and SBI Capital Markets Limited are acting as the Book Running Lead Managers, while Bigshare Services Private Limited is the registrar to the issue.
The IPO is being offered through the book-building process, with allocation of not more than 50% to Qualified Institutional Buyers (QIBs), up to 15% to Non-Institutional Investors (NIIs), and at least 35% to Retail Individual Investors (RIIs).
Disclaimer: This news is for informational purposes only. Please refer to official offer documents and consult a financial advisor before investing.
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