Trualt Bioenergy fixes IPO price band at Rs 472–496; issue to open on September 25

Trualt Bioenergy, one of India’s largest ethanol producers, has set the price band for its upcoming IPO at Rs 472–496 per share. The Rs 839 crore issue will open for subscription on September 25 and close on September 29. The shares are slated to list on both BSE and NSE on October 3.

The IPO comprises a fresh issue of Rs 750 crore and an offer-for-sale (OFS) of Rs 89.3 crore by promoters. Investors can bid for a minimum of 30 shares and in multiples thereafter, translating to a retail application size of Rs 14,880 at the upper end of the price band.

Use of proceeds

Proceeds from the fresh issue will be deployed for funding capital expenditure of Rs 150.7 crore to set up multi-feed stock operations at its 300 KLPD ethanol plant in Karnataka. A large portion, Rs 425 crore, is earmarked for working capital needs, while the rest will go toward general corporate purposes.

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Company profile

Trualt Bioenergy has rapidly emerged as a key player in India’s renewable fuel sector. The company has an installed ethanol production capacity of 2,000 kilo litres per day (KLPD), giving it a market share of 3.6% in FY25. Operations span five distillery units in Karnataka, four of which are based on molasses and syrup feedstocks.

Beyond ethanol, Trualt is diversifying into compressed biogas (CBG), second-generation ethanol, sustainable aviation fuel, and allied biochemicals. Its subsidiary, Leafinity, operates a CBG plant with a 10.2 TPD capacity, and the company has signed MoUs with a Japanese gas major and Sumitomo Corporation Asia & Oceania for expansion in this segment.

Financials

The company reported revenues of Rs 1,968.5 crore in FY25, up 54% year-on-year, while profit after tax surged more than four-fold to Rs 146.6 crore. EBITDA stood at Rs 309.1 crore, with margins of 16.2%.

With India targeting higher ethanol blending in petrol and expanding its renewable energy focus, the Trualt Bioenergy IPO will be closely watched for investor appetite in the fast-growing green fuel space.

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