TruAlt Bioenergy Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹472 - ₹496
- Lot size
- 30 shares
- Issue amount
- ₹839.28 cr
- Total subscription
- 75.02×
- Opens
- 25 Sept 2025
- Closes
- 29 Sept 2025
- Allotment
- 30 Sept 2025
- Listing
- 3 Oct 2025
Offer at a glance
Issue overview
- Issue size
- 1,69,20,967 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹14,160
- Fresh issue
- ₹750 cr
- Offer for sale
- ₹89.28 cr
- Registrar
- Bigshare Services Private Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,880
- Issue type
- Bookbuilding IPO
- Shares before issue
- 7,06,31,624
- Shares after issue
- 8,57,52,591
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail | 1 | 30 | ₹14,880 |
| sHNI | 14 | 420 | ₹2,08,320 |
| bHNI | 68 | 2,040 | ₹10,11,840 |
Share reservation
Subscription & GMP
Subscription by category
Reported 29 Sept 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 1,97,411 | 19,60,820 |
| HNIs(10L +) | 4,029 | 97,133 |
| HNIs (2-10L) | 2,014 | 1,41,017 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 167.86 | 27,723.02 |
| FIIs | 0 | 4,078.26 |
| FIs | 0 | 16,097.57 |
| Mutual Funds | 0 | 688.36 |
| Others | 0 | 6,858.83 |
| RETAIL | 293.75 | 3,377.97 |
| HNIs 2+ | 41.96 | 3,016.46 |
| HNIs 10+ | 83.93 | 9,955.47 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| EPS | 20.94 | 4.25 | 7.1 |
| ROE | 28.27 | 10.27 | 27.04 |
| ROCE | 10.88 | 7.42 | 11.38 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 23.89 | 0 | 0 |
| POST IPO(PE) | 29.01 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Balrampur Chini Mills Ltd | 23.89 | 515.35 | 1.00 | 187.99 | 11.51 | 21.65 |
| TruAlt Bioenergy Limited | NA | NA | 10.00 | 108.87 | 19.07 | 20.94 |
| Triveni Engineering & Industries Limited | 33.07 | 359.75 | 1.00 | 144.34 | 7.66 | 10.88 |
| Dalmia Bharat Sugar & Industries Limited | 7.75 | 370.45 | 2.00 | 399.62 | 11.96 | 47.78 |
Company information
Company profile
Trualt Bioenergy Limited, established in 2021, is a growing player in the renewable energy sector, primarily focusing on ethanol and compressed biogas (CBG). The company operates three distillery units in Karnataka with a combined ethanol production capacity of 1,400 KLPD, supported by both molasses and sugar syrup as raw materials. In FY 2023 and 2024, it produced 164,904 KL and 141,659 KL of ethanol, showing steady contribution to India’s green energy transition. Alongside ethanol, Trualt runs a CBG unit with an installed capacity of 10.20 TPD at its Jamakhandi facility and has partnered with GAIL through its subsidiary Leafiniti to set up nine more CBG plants, indicating strong expansion plans. The company aims to strengthen its position in the biofuel industry by focusing on capacity growth, strategic partnerships, and sustainable energy solutions. As of March 31, 2024, it employed 541 people across its operations.
Strengths
- India’s Largest Ethanol Producer – Installed capacity of 2,000 KLPD (1,800 KLPD operational) across five distilleries as of March 31, 2025.
- Integrated Raw Material Supply – Reliable feedstock through promoter group sugar mills with 79,000 TCD crushing capacity.
- Strategic Karnataka Location – Distilleries situated in the state’s sugar belt with access to abundant raw material, incentives, skilled manpower, and lower logistics cost.
Risk factors
- High Policy Dependence – Business performance closely tied to government policies; adverse changes may impact operations and revenues.
- Short Operating Track Record – Ethanol operations started only in September 2022, making the business relatively new and exposed to integration risks.
- Regulatory Compliance Concerns – Past irregularities in share allotment by group entities, settled through NCLT and SEBI, highlight compliance risks.
Promoters
Vijaykumar Murugesh Nirani
Vishal Nirani
Sushmitha Vijaykumar Nirani
Registrar & documents
Lead manager
Dam Capital Advisors Limited, SBI Capital Markets Limited
Registrar & contacts
Bigshare Services Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Survey No. 166, Kulali CrosJamkhandi Mudhol Road, Bagalkot, 587313, Karnataka, India
080 2325 5000
[email protected]Company website ↗Understanding TRUALT IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.