TruAlt Bioenergy Limited IPO
TruAlt Bioenergy Limited IPO
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Following its successful public offering, TruAlt Bioenergy Limited's made its market debut on 03-10-2025 and is now actively traded on the NSE, BSEplatform. The IPO mobilized 1,69,20,967 Shares in total capital, including 1,51,20,967 Shares in primary equity infusion and ₹89.28 Cr in secondary share sales.
The offering was structured with a price band of ₹472 to ₹496 and minimum investment lots of 30 shares. Investor participation during the subscription window from 25-09-2025 to 29-09-2025 demonstrated market confidence in the company's prospects.
The allotment process concluded on 30-09-2025, allocating shares to successful bidders. The listing represents the culmination of the IPO process, transitioning the company to publicly traded status with enhanced transparency and governance standards.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
TruAlt Bioenergy IPO About Company
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.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
TruAlt Bioenergy IPO Strength Factors
- 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.
TruAlt Bioenergy IPO 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.
TruAlt Bioenergy IPO Lead Manager(s)
- Dam Capital Advisors Limited
- SBI Capital Markets Limited
TruAlt Bioenergy IPO Promoter(s)
- Vijaykumar Murugesh Nirani
- Vishal Nirani
- Sushmitha Vijaykumar Nirani
TruAlt Bioenergy IPO FAQs
TruAlt Bioenergy Limited IPO subscribed 75.02 times. The public issue subscribed 11.5 times in the retail category,165.16times in QIB, and 118.62 times in the HNI (10+) category byNovember 21, 2025 9:24:42 AM (Day 21).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
TruAlt Bioenergy IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
TruAlt Bioenergy IPO FAQs
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