TruAlt Bioenergy IPO Subscribed 71.92 Times

New Delhi, Sep 29 (PTI) The initial share sale of biofuels producer TruAlt Bioenergy Ltd garnered 71.92 times subscription on the last day of offering on Monday.

The company's Rs 839.28 crore IPO received bids for 88,85,66,820 shares against 1,23,55,424 shares on offer, according to details available with the NSE.

The quota for Qualified Institutional Buyers (QIBs) attracted 159.22 times subscription. The category for non-institutional investors garnered 98.56 times subscription and Retail Individual Investors (RIIs) portion got subscribed 11 times.

TruAlt Bioenergy Ltd on Wednesday said it has collected Rs 252 crore from anchor investors.

The IPO has a price band of Rs 472-496 per share.


TruAlt's IPO is a combination of a fresh issue of shares worth Rs 750 crore and an offer-for-sale (OFS) of 18 lakh shares valued at Rs 89.28 crore at the upper end, by promoters. This aggregates the total issue size to Rs 839.28 crore.

Funds raised through the fresh issuance will be earmarked for setting up multi-feed stock operations, payment of debt and general corporate purposes.

Bengaluru-based TruAlt Bioenergy is among the leading biofuels producers and is primarily in the production of ethanol. The company is diversifying into new areas like second-generation (2G) ethanol, utilising surplus bagasse -- a byproduct of sugar production -- as a raw material.

TruAlt's business performance is heavily influenced by the price and availability of raw materials like sugar syrup and molasses. To reduce reliance on these seasonal resources, the company plans to shift its focus towards producing grain-based ethanol.

This strategic move is expected to help control material costs, optimise revenue, and maintain consistent ethanol production.

DAM Capital Advisors and SBI Capital Markets are the book-running lead managers of the IPO.