Shares of Trualt Bioenergy ended their first trading day on Dalal Street with a 6.65% gain at ₹529 apiece, although this was below the listing price of ₹545, which itself represented a ₹496″>10% premium over the issue price of ₹496.
Following the decent listing on the Indian stock market, analysts suggested that investors who received allotments could consider booking partial profits while retaining some shares with a stop loss of ₹520.
Mr. Harshal Dasani, Business Head at INVasset PMS, said, “Trualt Bioenergy Ltd made an impressive debut on the stock market, listing at approximately ₹545 per share, around 10% above its issue price of ₹496. Investors may book partial profits and hold the remainder with a stop loss at ₹520.”
TruAlt Bioenergy IPO details
The IPO, open between September 25 and 29, received bids for 88.85 crore shares against an offer of 1.18 crore shares, resulting in a subscription of nearly 75 times.
The retail portion was subscribed 11.50 times, while non-institutional investors (NIIs) showed robust demand at 103 times. The qualified institutional buyers (QIBs) category saw the highest interest, subscribed 165 times, and the issue has not allocated any portion to employees.
The ₹839.28 crore issue includes a new share issuance amounting to ₹750 crore and an offer-for-sale (OFS) of 18 lakh shares priced at ₹89.28 crore at the upper limit, provided by the promoters.
The company proposes to use the funds from the issue towards financing capital expenditure for setting up multi-feedstock operations at its TBL Unit 4 ethanol plant (300 KLPD), meeting working capital requirements, and supporting general corporate purposes.
About Trualt Bioenergy
The company claims that it is one of India’s largest biofuels producers, particularly in the ethanol sector, based on installed capacity, with an aggregate installed capacity of 2,000 kiloliters per day.
It currently operates five distillery units in Karnataka. As of March 31, 2025, it operates four ethanol production distilleries on molasses- and syrup-based feedstocks, with a production capacity of 1,800 KLPD.
The company faces competition from domestic players, including sugar mills, distilleries, and ethanol manufacturers. Some of its domestic peers include Bajaj Hindustan Sugar Limited, Dhampur Sugar Mills Limited, Triveni Engineering & Industries Limited, Balrampur Chini Mills Limited, Shree Renuka Sugars Limited, Dalmia Bharat Sugar and Industries, Dwarikesh Sugar Indus Limited, and EID Parry India Limited.
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