TruAlt Bioenergy IPO: Price band set at ₹472-496 per share; check key dates, issue details, more

The TruAlt Bioenergy IPO price band has been fixed in the range of ₹472 to ₹496 per equity share of the face value of ₹10. The TruAlt Bioenergy IPO date of subscription is scheduled for Thursday, September 25 and will close on Monday, September 29. The allocation to anchor investors for the TruAlt Bioenergy IPO is scheduled to take place on Wednesday, September 24.

The floor price is 47.20 times the face value of the equity shares and the cap price is 49.60 times the face value of the equity shares. The TruAlt Bioenergy IPO lot size is 30 equity shares and in multiples of 30 equity shares thereafter.

TruAlt Bioenergy IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.

Tentatively, TruAlt Bioenergy IPO basis of allotment of shares will be finalised on Tuesday, September 30 and the company will initiate refunds on Wednesday, October 1 while the shares will be credited to the demat account of allottees on the same day following refund. TruAlt Bioenergy share price is likely to be listed on BSE and NSE on Friday, October 3.

TruAlt Bioenergy IPO details

The firm intends to raise ₹750 crore through the issuance of new shares, while promoters Dhraksayani Sangamesh Nirani and Sangamesh Rudrappa Nirani will divest 18 lakh shares via an offer-for-sale (OFS).

The biofuels producer, based in Bangalore with an ethanol production capacity of 2,000 kilo litres per day (KLPD), plans to allocate ₹150.68 crore of the proceeds from the fresh issue for establishing multi-feedstock operations to enable the use of grains as an extra raw material in its ethanol plants at unit 4, which has a capacity of 300 KLPD. Additionally, ₹425 crore will be directed towards meeting working capital needs, and the remainder of the fresh issue funds will be reserved for general corporate purposes.

The book running lead managers overseeing the Trualt Bioenergy IPO include DAM Capital Advisors and SBI Capital Markets, while Bigshare Services Pvt. Ltd. serves as the issue registrar.

Company details

Trualt Bioenergy Limited, founded in 2021, is involved in biofuel production, primarily concentrating on the ethanol industry. It ranks among India's largest ethanol producers, boasting an installed capacity of 2,000 kilo litres per day (KLPD). In Fiscal 2025, the company holds a 3.6% share of the ethanol production capacity market.

The company’s operations include both ethanol and compressed biogas (CBG) production. As of March 31, 2025, its subsidiary, Leafinity, manages a CBG production facility with a capacity of 10.20 TPD (Tonnes per day). To enhance its CBG capabilities, it has signed Memorandums of Understanding (MoUs) with a Japanese gas company and Sumitomo Corporation Asia & Oceania Pte. Ltd.

Trualt Bioenergy, which competes with Balrampur Chini Mills, Triveni Engineering, and Dalmia Bharat Sugar, operates five distillery units in Karnataka, including four that produce ethanol from molasses and syrup-based feedstocks.

The company has plans to explore additional sectors, such as second-generation ethanol, sustainable aviation fuel, Mevalonolactone (“MVL”), and other allied biochemical products.

Trualt Bioenergy has reported a profit of ₹146.6 crore for FY25, representing a growth of 361 percent from the ₹31.8 crore earned in the last fiscal year. During the same period, revenue increased by 56 percent, reaching ₹1,907.7 crore, a rise from ₹1,223.4 crore.

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