Trualt Bioenergy IPO: The initial public offer (IPO) of leading ethanol producer Trualt Bioenergy opened on September 25 and will close for subscription today, September 29.
The ₹839.28 crore IPO, had fixed a price band in the range of ₹472-496 apiece.
Trualt Bioenergy IPO Subscription
By the end of Day 2, the issue was subscribed 0.85 times. It received bids for 1 crore shares as against 1.18 crore on offer. The retail portion was booked 0.83 times while the non-institutional investors (NII) category was bid 0.84 times and the qualified institutional buyers (QIBs) quota was bid 0.90 times.
Trualt Bioenergy IPO GMP
Trualt Bioenergy IPO is witnessing strong interest in the grey market, with a grey market premium (GMP) of ₹109. This suggests that the shares are trading above the issue price. At the current premium, the stock is expected to list near ₹605, which would be about 21.98 percent higher than the upper end of the price band set at ₹496.
About Trualt Bioenergy IPO
TruAlt Bioenergy IPO comprises a fresh issue of 1.51 crore shares worth ₹750 crore and an offer-for-sale (OFS) of 0.18 crore shares aggregating to ₹89.28 crore. For retail investors, the minimum bid size is set at 30 shares, translating into an investment of ₹14,880 at the upper end of the price band. The basis of allotment is expected to be finalised on September 30, with listing scheduled on both NSE and BSE on October 3.
The issue raised ₹251.78 crore from anchor investors on September 24, 2025, reflecting strong demand. Dam Capital Advisors Ltd. is the book running lead manager, while Bigshare Services Pvt. Ltd. is acting as the registrar.
The Bengaluru-based biofuels producer, with an installed ethanol production capacity of 2,000 kilo litres per day, plans to utilise ₹150.68 crore from the fresh issue for setting up multi-feed stock operations. Another ₹425 crore will be allocated towards working capital requirements, while the balance will go into general corporate purposes.
Founded in December 1988, TruAlt Bioenergy also manufactures power, auto, and inverter-duty transformers in India. As of March 31, 2025, its portfolio included six types of transformers—power, inverter-duty, furnace, generator, and special-duty transformers—supplied to state and national grids, private players, and renewable energy projects across 19 states and three union territories. The company has delivered 4,400 transformers totaling 94,000 MVA capacity and operates five manufacturing facilities, of which four are functional, including two in Anand, Gujarat, one in Bengaluru, Karnataka, and a new Vadodara unit that commenced production in July 2025.
Trualt Bioenergy IPO: Apply or not?
Reliance Securities said that while India’s bioenergy sector holds strong potential, companies like TruAlt Bioenergy Ltd must carefully manage risks through “strategic planning, technological innovation, and proactive policy engagement.”
The brokerage added, “With its diversified product portfolio, strategic partnerships, and robust financial performance, the company is well-positioned to capitalise on India’s growing demand for sustainable energy solutions. By addressing these challenges, the company can contribute meaningfully to India’s sustainable energy future. Owing to such developments, we recommend to subscribe.”
Meanwhile, SBI Securities, in its IPO note, observed that “TBL will also focus on expanding its CBG capabilities and venturing into sustainable aviation fuel supply.” It further highlighted that the company delivered a strong Revenue/EBITDA/PAT CAGR of ~58 percent/72 percent/103 percent respectively between FY22–25. “At the upper price band of ₹496, the company is valued at FY25 PE multiple of 29.0x based on post issue capital,” SBI Securities stated.
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