Biofuels producer TruAlt Bioenergy has launched its initial public offering (IPO) aiming to raise ₹839.38 crore, with shares priced in the range of ₹472 to ₹496 each. The IPO is set to close on September 29, and investors can purchase a minimum of 30 shares, constituting a market lot. The offering includes a fresh issuance of ₹750 crore and an offer-for-sale (OFS) of ₹89.28 crore from the promoters.
The allocation of the IPO shares is structured such that up to 50% is reserved for qualified institutional buyers (QIBs), 35% is designated for retail investors, and the remaining 15% is for non-institutional investors.
Proceeds from the fresh issue will be utilized for establishing multi-feedstock operations, reducing debt, and fulfilling general corporate needs.
On September 25, the Bengaluru-based company secured ₹252 crore from anchor investors as part of the IPO process. Notable investors included Tata Mutual Fund, HDFC Mutual Fund, Bandhan Mutual Fund, SBI General Insurance Company, Societe Generale, and Citigroup Global Markets Mauritius. The company has allocated 50.76 lakh equity shares to 19 funds at the upper price of ₹496 per share.
TruAlt Bioenergy is recognized as a leading producer in the biofuels sector, with a primary focus on ethanol production. The company is also expanding its operations into second-generation (2G) ethanol by utilizing surplus bagasse, a byproduct of sugar manufacturing. Currently, TruAlt’s operational efficiency is significantly impacted by the availability and pricing of raw materials such as sugar syrup and molasses. To mitigate reliance on these seasonal inputs, the company intends to shift towards grain-based ethanol production.
This strategic transition is projected to enhance cost control, optimize revenues, and enable stable ethanol production.
DAM Capital Advisors and SBI Capital Markets are serving as the book-running lead managers for the public issue.
In a recent analysis, Reliance Securities stated that while the bioenergy sector in India presents considerable growth opportunities, companies like TruAlt Bioenergy must effectively navigate risks via strategic planning and technological advancements. With its diverse product offerings and strong financial performance, TruAlt is well-positioned to tap into India’s increasing demand for sustainable energy solutions. The firm’s capability to address potential challenges could allow it to seize emerging market opportunities, further contributing to the country’s sustainable energy objectives.
The IPO was published on September 25, 2025.