TruAlt Bioenergy IPO

₹14,160/30 shares

Minimum Investment

IPO Details

Open Date

25 Sep 25

Close Date

29 Sep 25

Minimum Investment

₹14,160

Lot Size

Price Range

₹472 to ₹496

Listing Exchange

NSE, BSE

Issue Size

₹839.28 Cr

Listing Date

03 Oct 25

Open Free Demat Account

TruAlt Bioenergy IPO Timeline

Bidding Start

25 Sep 25

Bidding Ends

29 Sep 25

Allotment Finalisation

30 Sep 25

Refund Initiation

01 Oct 25

Demat Transfer

01 Oct 25

Listing

03 Oct 25

Trualt Bioenergy Limited

Trualt Bioenergy Limited, established in 2021, is one of India’s leading biofuel producers, with a strong focus on ethanol. With an installed capacity of 2,000 KLPD, it holds a 3.6% market share in ethanol production as of Fiscal 2025. Its operations also cover compressed biogas through subsidiary Leafinity, which runs a 10.20 TPD plant. Backed by MoUs with global firms, the company manages five distillery units in Karnataka and plans expansion into second-generation ethanol, sustainable aviation fuel, MVL, and allied biochemicals.

Trualt Bioenergy Limited IPO Overview

Trualt Bioenergy IPO is a book-built issue consisting of a fresh issue worth ₹750 crore along with an offer for sale of 0.18 crore shares. The subscription will open on September 25, 2025, and close on September 29, 2025. Allotment is likely to be finalised on September 30, 2025, with shares scheduled to list on BSE and NSE by October 3, 2025. The IPO price band has been set at ₹[.] to ₹[.] per share, with Dam Capital Advisors Ltd. acting as lead manager and Bigshare Services Pvt. Ltd. as registrar.

Trualt Bioenergy Limited IPO Details

Particulars	Details
IPO Date	25 September 2025 to 29 September 2025
Listing Date	3 October 2025 (tentative)
Face Value	₹10 per share
Issue Price Band	₹[.] to ₹[.] per share
Lot Size	[To be updated]
Total Issue Size	Fresh Issue: ₹750 Cr + OFS: 18,00,000 shares
Fresh Issue	₹750.00 Crores
Offer for Sale	18,00,000 shares (₹[.] Cr)
Issue Type	Bookbuilding IPO
Listing At	BSE, NSE
Share Holding Pre Issue	7,06,31,624 shares
Share Holding Post Issue	[.] shares

Trualt Bioenergy Limited IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of the Offer
Retail	Not less than 35% of the Offer
NII (HNI)	Not less than 15% of the Offer

Trualt Bioenergy Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	88.20%
Post-Issue	[.]

Trualt Bioenergy Limited IPO Valuation Overview

KPI	Value
EPS (Pre IPO)	₹20.94
P/E Ratio	TBD
RoNW	19.07%
ROE	28.27%
ROCE	10.88%
NAV	₹108.87
PAT Margin	7.69%
EBITDA Margin	16.20%
Debt to Equity Ratio	2.02

Objectives of the Proceeds

Capex towards setting up multi-feed stock operations at Unit 4 (300 KLPD): ₹150.68 Cr

Funding working capital requirements to support ethanol and CBG operations: ₹425 Cr

General corporate purposes to strengthen overall business operations and expansion

Key Financials (₹ in Crores)

Particulars	31 Mar 2025	31 Mar 2024
Assets	3,029.73	2,419.08
Revenue	1,968.53	1,280.19
Profit After Tax	146.64	31.81
Net Worth	769.00	264.61
Total Borrowings	1,549.68	1,684.68

SWOT Analysis of TruAlt Bioenergy IPO

Strength and Opportunities

Largest ethanol production capacity in India ensures scale advantages.
Diversified operations across ethanol, CBG, and upcoming sustainable fuels.
Strategic MoUs with global energy companies for expansion.
Strong revenue and PAT growth, with increasing demand visibility.

Risks and Threats

High debt-equity ratio indicates financial risk exposure.
Regulatory changes in ethanol blending policies may impact growth.
Dependence on molasses and grain feedstocks creates supply risk.
Competition from established sugar and ethanol producers.

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All About TruAlt Bioenergy Limited IPO

TruAlt Bioenergy IPO Strengths

Holds largest installed ethanol production capacity in India, ensuring consistent scalability and industry dominance.

Operates an integrated resource management system, optimising ethanol and CBG production for sustainable growth.

Infrastructure strategically located, supported by technological innovation and focus on sustainability practices.

Positioned to leverage strong ethanol demand from blending programmes and future aviation fuel requirements.

Maintains long-term customer relationships with a growing domestic and global demand pipeline.

Experienced promoters and management team with proven expertise in energy and manufacturing.

Peer Group Comparison (As on March 31, 2025)

Company Name	EPS (Basic)	EPS (Diluted)	NAV (₹)	P/E (x)	RoNW (%)
TruAlt Bioenergy	20.94	20.94	108.87	—	19.07
Peer Group
Balrampur Chini Mills	21.65	21.57	187.99	23.89	11.51
Triveni Engineering & Industries	10.88	10.88	144.34	33.07	7.66
Dalmia Bharat Sugar & Industries	47.78	47.78	399.62	7.75	11.96

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