TruAlt Bioenergy was incorporated on March 31, 2021. The company is a prominent and diversified player in the biofuels industry, with its strong focus on the ethanol sector.
| Bidding Dates |
|---|
| 25 Sep 2025 - 29 Sep 2025 |
| Subscription |
|---|
| 71.92x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,160 | 1 | 13 | 30 | 16.9 M | ₹472 - ₹496 | 70.55 % | ₹7986.7 M - ₹8392.8 M | RHP DOC |
TruAlt Bioenergy IPO SUBSCRIPTION STATUS
29 Sep '25TruAlt Bioenergy IPO overall subscription rate was 71.92 times the total available shares
TruAlt Bioenergy IPO retail subscription rate was 11 times in the retail segment
TruAlt Bioenergy IPO non-institutional investor subscription rate was 98.56 times in the non-institutional investor category
TruAlt Bioenergy IPO Qualified Institutional Bidder subscription rate was 159.22 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
29 Sep 2025 (Day 3) | 11x | 98.56x | 159.22x |
26 Sep 2025 (Day 2) | 0.79x | 0.8x | 0.87x |
25 Sep 2025 (Day 1) | 0.3x | 0.24x | 0.86x |
TruAlt Bioenergy FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 1,907.7 | 146.6 | 329.2 | 69.6 | 16.2% |
| FY24 | 1,223.4 | 31.8 | 35.5 | -321.3 | 15.4% |
| FY23 | 762.4 | 35.5 | 233.5 | -42.0 | 13.8% |
TruAlt Bioenergy IPO SUBSCRIPTION STATUS DETAILS
TruAlt Bioenergy had 16.9 M shares on offer
TruAlt Bioenergy IPO offer price was in the range ₹472 - ₹496
TruAlt Bioenergy IPO minimum Investment was ₹14160
TruAlt Bioenergy IPO issue size was ₹ 7986.7 M - ₹ 8392.8 M
TruAlt Bioenergy had a minimum lot size of 30 Shares per application
TruAlt Bioenergy NUMBER OF SHARES ON OFFER
TruAlt Bioenergy IPO IMPORTANT DATES
| Issue Open Date | 25 Sep 2025 |
| Issue close Date | 29 Sep 2025 |
| Allotment Date | 30 Sep 2025 |
| Refund Date | 01 Oct 2025 |
| Demat Account Credit Date | 01 Oct 2025 |
| Listing Date | 03 Oct 2025 |
| Listing on Exchange(s) | NSE and BSE |
| TruAlt Bioenergy Allotment Status | Exchange/ Registrar |
TruAlt Bioenergy IPO subscription opened on 25 Sep 2025, and closed on 29 Sep 2025
IPO allotment for TruAlt Bioenergy was finalized on Tuesday, 30 Sep 2025
IPO listing for TruAlt Bioenergy was on NSE and BSE on Friday, 03 Oct 2025
TruAlt Bioenergy IPO LISTING GAINS
| Issue Price (adjusted) | 496.0 |
| Listing Open Price | 545.4 |
| Listing Close Price | 531.0 |
| Listing Gain% | 10.0% |
| Current Gain% | -3.8% |
TruAlt Bioenergy Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TruAlt Bioenergy Ltd. | 477 | 4090.8 | 27.6 | -1.9 | 2 | 6.3 | 2.5 | 1814 | -7.9 | 95.9 | -34.6 | 17.3 | -14.1 |
| Balrampur Chini Mills Ltd. | 633.4 | 13395.4 | 35.4 | -2.6 | 2.1 | 9.1 | 4.5 | 6308 | 14.6 | 378.5 | -13.4 | 17.9 | -13.4 |
| Piccadily Agro Industries Ltd. | 743.2 | 7325.3 | 53.3 | 1.5 | 7.1 | 15.3 | 8.4 | 1045.7 | 26.8 | 137.5 | 34.4 | 14 | 34.4 |
| Triveni Engineering & Industries Ltd. | 233.2 | 5139.3 | 18.3 | 0.6 | 0.8 | 8 | 4.1 | 6366.7 | 10.8 | 268.7 | 10.5 | 12.8 | 29.9 |
| Shree Renuka Sugars Ltd. | 22.2 | 4718.9 | -6 | 0.1 | 0.5 | 0 | -10.7 | 9305.3 | -15.7 | -792.1 | -164.2 | -3.7 | -96.4 |
| Bannari Amman Sugars Ltd. | 3491 | 4377.6 | 29.6 | 0.7 | 2.3 | 7.7 | 6.8 | 1959.6 | 7.7 | 147.9 | 41.3 | 118 | 41.3 |
TruAlt Bioenergy INFORMATION ON IPO ISSUE
About TruAlt Bioenergy
TruAlt Bioenergy was incorporated on March 31, 2021. The company is a prominent and diversified player in the biofuels industry, with its strong focus on the ethanol sector.
Object of the Issue
- Funding capital expenditure towards setting up multi-feed stock operations to pave- way for utilizing grains as an additional raw material in ethanol plants at TBL Unit 4 of 300 KLPD capacity
- Funding our working capital requirements
- General corporate purposes
TruAlt Bioenergy - PROMOTERS
| Name |
|---|
| Vijaykumar Murugesh Nirani |
| Vishal Nirani |
| Sushmitha Vijaykumar Nirani |
TruAlt Bioenergy - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Yagati Badarinarayana Ramakrishna | Chairman & Independent Director |
| Vijaykumar Murugesh Nirani | Managing Director |
| Vishal Nirani | Executive Director |
| Anand Murugan Jakkampati Durairaj | Executive Director |
| Sushmitha Vijaykumar Nirani | Non-Executive Director |
| Mallikarjun Bhimappa Dyaberi | Non- Executive Independent Director |
| Kanekal Chandrasekhar | Non-Executive Independent Director |
TruAlt Bioenergy Book Running Lead Manager
DAM Capital Advisors Limited
trualt.ipo@damcapital.in
SBI Capital Markets Limited
trualt.ipo@sbicaps.com
TruAlt Bioenergy Registrar to the Offer
Bigshare Services Private Limited
ipo@bigshareonline.com
TruAlt Bioenergy Strengths
Favourable Location
The company owns and operates three distillery units in the Bagalkot district of Karnataka, a key area in India's sugar belt. Karnataka is a major sugar producer, providing a readily available feedstock for ethanol manufacturing.
Leadership Position
The company is the largest producer of ethanol in India based on installed capacity. It operates three sugar syrup-based distillery units in Karnataka, with a total installed ethanol production capacity of 1,400 kilo litres per day as of FY24.
TruAlt Bioenergy Risks
Dependent on Few Customers
The company derives a significant portion of its revenue from a few key customers, particularly oil marketing companies (OMCs). The loss of one or more of these customers, or a reduction in their demand for the company’s products, could negatively impact its business and cash flows.
Dependent on Third-Party Transporters
The company transports raw materials and finished products via pipelines and road transport. It relies on third-party logistics companies and freight forwarders for delivery. Any disruptions in logistics or significant increases in freight charges could negatively impact the company's business and results of operations.
Government Policies
The company sells a significant portion of its ethanol production to oil marketing companies (OMCs) under the Government of India's Ethanol Blending Program (EBP) through a tender-driven process. As the business is substantially dependent on GoI policies, any changes in these policies could impact its financial condition.
IPO FAQs
This IPO consists of an offer for sale of up to Rs 89.3 crore, of 1,800,000 shares. It also consists of a fresh issue of Rs 750.0 crore.
The promoters of the company are Vijaykumar Murugesh Nirani, Vishal Nirani and Sushmitha Vijaykumar Nirani.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 472.0 - 496.0.
The IPO application opens on Sep 25, 2025 and closes on Sep 29, 2025.
The minimum lot size for the IPO is 30. The maximum lot size for the IPO is 390.
For all category investors, the minimum application amount for this IPO is Rs. 14,160.0, the maximum value for this IPO is Rs 193,440.0.
This IPO will be allotted on Sep 30, 2025.
The refund will be credited to your account on Oct 01, 2025.
The allotted shares will be credited to your demat on Oct 01, 2025.
TruAlt Bioenergy Ltd.’s shares listed on the stock exchanges on Oct 03, 2025.