Trualt Bioenergy IPO
Bookbuilding IPO | ₹839.00 Cr | Listing at BSE, NSE
IPO Open
Thu, Sep 25, 2025
IPO Close
Mon, Sep 29, 2025
Price Band
₹472.00 to ₹496.00
Market Cap (Pre-IPO)
₹4,253.33 Cr
IPO Details
| IPO Date | Sep 25, 2025 to Sep 29, 2025 |
| Listing Date | Tentative: Oct 03, 2025 |
| Face Value | ₹10.00 per share |
| Price Band | ₹472.00 to ₹496.00 |
| Lot Size | 30 Shares (Minimum: ₹14,880.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹839.00 Crores |
| Total Shares Offered | 16,920,967 shares |
| Fresh Issue | 15,120,967 shares |
| Offer For Sale | 1,800,000 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 165.16x |
| NII | 103.04x |
| RII | 11.50x |
| Total | 75.02x |
Trualt Bioenergy IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 84,60,482 (50.00%) |
| Retail Shares Offered | 59,22,339 (35.00%) |
| NII Shares Offered | 25,38,146 (15.00%) |
Trualt Bioenergy IPO Lot Size
Investors can bid for a minimum of 30 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 30 | ₹14,880 |
| Retail (Max) | 13 | 390 | ₹193,440 |
| S-HNI (Min) | 14 | 420 | ₹208,320 |
| S-HNI (Max) | 67 | 2,010 | ₹996,960 |
| B-HNI (Min) | 68 | 2,040 | ₹1,011,840 |
Trualt Bioenergy Financial Information (Restated Consolidated)
Trualt Bioenergy Ltd.'s revenue increased by 54% and profit after tax (PAT) rose by 361% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|
| Assets | 3,029.73 | 2,419.08 |
| Total Income | 1,968.53 | 1,280.19 |
| Profit After Tax | 146.64 | 31.81 |
| EBITDA | 309.14 | 188.09 |
| NET Worth | 769.00 | 264.61 |
| Reserves and Surplus | 1,549.68 | 1,684.68 |
| Total Borrowing | 0.00 | 0.00 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 28.27% |
| ROCE (Return on Capital Employed) | 10.88% |
| Debt/Equity | 2.02 |
| RoNW (Return on Net Worth) | 19.07% |
| PAT Margin (Profit After Tax Margin) | 7.69% |
| EBITDA Margin | 16.20% |
| Price to Book Value | 4.56 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 20.76 | 17.10 |
| P/E (x) | 23.89 | 29.01 |
| Promoter Holding | 88.20% | 70.55% |
Company Promoters
- Vijaykumar Murugesh Nirani
- Vishal Nirani and Sushmitha Vijaykumar Nirani are the company promoters.
Company Overview
Trualt Bioenergy Limited, incorporated in 2021, is engaged in the production of biofuels, with a primary focus on the ethanol sector. It is one of the largest Ethanol producer in India based on installed capacity of 2,000 kilo litres per day (KLPD). In Fiscal 2025, it has a 3.6% market share in ethanol production capacity.
The company's business operations spans across ethanol production and compressed biogas (CBG) production. As on Mar 31, 2025, its subsidiary, Leafinity operates one CBG production plan with a capacity of 10.20 TPD (Tonnes per day). To further expand its CBG capacity, it has entered into Memorandum of understandings (MoUs) with a Japanese Gas company and Sumitomo Corporation Asia & Oceania Pte. Ltd.
As on the date of RHP, the company has five distillery units in Karnataka, four are operated on molasses and syrup-based feedstocks.
The company also proposed to enter into other verticals, including second-generation ethanol, sustainable aviation fuel, and Mevalonolactone (“MVL”) and Allied Biochemicals.
Company Strengths
- Largest Installed Capacity for Production of Ethanol in India
- Integrated Resource Management, Creating Scalable Operations
- Strategically Located Production Infrastructure, with a Focus on Technological Innovation and Sustainability
- Well-positioned to Capture Favourable Industry Tailwinds
- Entrenched Customer Relationships and Strong Demand Pipeline
- Skilled and Experienced Promoters and Management Team
Use of Proceeds
| 1) | Funding capital expenditure towards setting- up multi-feed stock operations to pave- way for utilizing grains as an additional raw material in ethanol plant at TBL Unit 4 of 300 KLPD capacity. | 150.68 |
| 2) | Funding the working capital requirements. | 425.00 |
| 3) | General corporate purposes | 81.36 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Trualt Bioenergy IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| TruAlt Bioenergy | 20.94 | 20.94 | 108.87 | 0.00 | 19.07 | 0.00 | - |
| Balrampur Chini Mills | 21.65 | 21.57 | 187.99 | 23.89 | 11.51 | 0.00 | - |
| Triveni Engineering & Industries | 10.88 | 10.88 | 144.34 | 33.07 | 7.66 | 0.00 | - |
| Dalmia Bharat Sugar & Industries | 47.78 | 47.78 | 399.62 | 7.75 | 11.96 | 0.00 | - |
Quick Info
| Sector | Biofuels, Bioenergy, and Renewable Energy |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹4,253.33 Cr |
Important Dates
| IPO Open | Sep 25, 2025 |
| IPO Close | Sep 29, 2025 |
| Allotment Date | Oct 30, 2025 |
| Credit to Demat | Oct 01, 2025 |
| Listing Date | Tentative: Oct 03, 2025 |
Lead Manager(s)
Dam Capital Advisors Ltd.
Registrar
Bigshare Services Pvt.Ltd.
+91-22-6263 8200
Description
- Trualt Bioenergy Ltd. IPO is a book build issue of ₹839.28 crores. The issue is a combination of fresh issue of 1.51 crore shares aggregating to ₹750.00 crores and offer for sale of 0.18 crore shares aggregating to ₹89.28 crores.
- Trualt Bioenergy IPO bidding started from Sep 25, 2025 and ended on Sep 29, 2025. The allotment for Trualt Bioenergy IPO was finalized on Sep 30, 2025. The shares got listed on BSE, NSE on Oct 3, 2025.
- Trualt Bioenergy IPO price band is set at ₹496.00 per share . The lot size for an application is 30. The minimum amount of investment required by an retail is ₹14,880 (30 shares) (based on upper price). The lot size investment for sNII is 14 lots (420 shares), amounting to ₹2,08,320, and for bNII, it is 68 lots (2,040 shares), amounting to ₹10,11,840.