Mumbai, September 22, 2025: TruAlt Bioenergy Limited, one of India’s largest biofuels producers, has announced the launch of its maiden Initial Public Offering (IPO) to open on Thursday, September 25, 2025, with a price band set at ₹472–₹496 per equity share of face value ₹10 each. The issue will remain open for subscription until Monday, September 29, 2025. Investors can bid for a minimum of 30 equity shares and in multiples of 30 thereafter. The IPO comprises a fresh issue aggregating up to ₹750 crore along with an offer for sale of up to 18 lakh equity shares.
Proceeds from the fresh issue will be utilized to fund capital expenditure of ₹150.68 crore towards setting up multi-feed stock operations for ethanol production, paving the way to utilize grains as an additional raw material at TBL Unit 4 of 300 KLPD capacity. Additionally, around ₹425 crore will be deployed for working capital requirements, strengthening the company’s ability to scale operations. As of March 31, 2025, TruAlt’s total outstanding equity shares stood at 7,06,31,624.
TruAlt Bioenergy has strategically positioned itself as a diversified biofuels player, primarily in the ethanol sector. It holds the distinction of being the largest ethanol producer in India based on installed capacity, with an aggregate capacity of 2,000 KLPD (kilo litres per day) and operational capacity of 1,800 KLPD. Its market share in ethanol production capacity for FY 2025 was 3.6%, according to CRISIL. The company currently operates four ethanol production distilleries based on molasses and syrup feedstock, while progressively converting 1,300 KLPD into dual-feed capacity to also process grain-based feedstock by March 2026.
Alongside ethanol, TruAlt also produces extra neutral alcohol (ENA), a key raw material in alcoholic beverages, as well as dry ice and liquid carbon dioxide (CO2), by-products of the ethanol production process. The company has reported strong financial growth, with revenue from operations at ₹1,907.72 crore in FY 2025 compared to ₹1,223.4 crore a year earlier, and profit after tax rising sharply to ₹146.64 crore against ₹31.81 crore in FY 2024. DAM Capital Advisors and SBI Capital Markets are the book-running lead managers of the IPO, while Bigshare Services will act as registrar.
