TruAlt Bioenergy IPO

TruAlt Bioenergy IPO

Industrial Gases & Fuels
upcoming
₹14,160Min. investment
  1. Pre-apply
    TBA
  2. Bid start
    25 Sep
  3. Bid end
    29 Sep
  4. Allotment
    30 Sep
  5. Release of funds
    1 Oct
  6. Demat transfer
    1 Oct
  7. Listing
    3 Oct

About TruAlt Bioenergy Limited

SectorIndustrial Gases & Fuels
Price range₹472 – ₹496
IPO type
Regular
Lot size30 shares
Issue size₹839.28Cr
Red Herring Prospectus
Read
Market Cap
₹4,253CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹1,907CrLower than sector avg
Growth rate3Y CAGR
58.19%

TruAlt Bioenergy Limited IPO Overview

Trault Bioenergy Limited IPO date

Trault Bioenergy Limited IPO will open for subscription on September 25, 2025, and the closing date for the IPO is September 29, 2025. After this, investors are expected to be updated about the allotment status on September 30, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on October 01, 2025. The shares will be listed on the NSE and the BSE on Friday, October 03, 2025.

Trault Bioenergy Limited IPO price band

The IPO includes a fresh issue and an offer for sale. The IPO price band has been set between ₹472 to ₹496 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹750 crore and an offer for sale of ₹89.28 crore only.

Trault Bioenergy Limited's IPO listing price will be determined on October 03, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Trault Bioenergy Limited IPO lot size

Trault Bioenergy Limited IPO details have been declared. The minimum lot size for an application is 30 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹839.28 crore.

Checklist

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Revenue
Higher revenue means strong sales and good market demand
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₹1,907Cr
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₹7,642.03Cr
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PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹146.64Cr
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₹643.02Cr
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Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹4,253Cr
This sector
₹13,607.42Cr
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P/E ratio
Lower ratio usually means stock is undervalued
This IPO
23.68
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36.80
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D/E ratio
Lower ratio usually means fewer liabilities
This IPO
1.82
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0.16
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Objectives

Working capital
56.67%
General corporate purposes
23.24%
Capital expenditure
20.09%

Strength and Weakness

Largest installed capacity in India

As of March 31, 2025, the company is one of the largest producers of Ethanol in India in terms of installed capacity. It has established five distillery units in Karnataka. As of March 31, 2025, it had an aggregate operational ethanol production capacity of 1,800 KLPD and an installed capacity of 2,000 KLPD.

Integrated resource management

The company has ensured an uninterrupted supply of sugar syrup, sugarcane juice and molasses through supply agreements with Nirani Sugars Limited (formerly known as MRN Chamundi Canepower and Biorefineries Limited), one of its promoter group entities. With a cane crushing capability of 79,000 TCD per day, as of March 31, 2025, they ensure a robust and uninterrupted supply chain while reducing dependency on external resources.

Strategically located production infrastructure

The company owns five distillery units and operates four distillery units in the Bagalkot district of Karnataka, which holds a significant position as part of India's sugar belt. The state is a major player in sugar production, which provides readily available resources for Ethanol manufacturing.

Entrenched customer relationships

The company’s subsidiary has offtake agreements for CBG with two OMCs, with tenure of 10 years and 15 years respectively, which showcase its demand pipeline. The utilisation of ENA in Indian-made foreign liquor production has also allowed it to form relationships with customers in the spirits industry, such as John Distilleries, InBrew Beverages Private Limited and more.

Technological innovation

The company has adopted technology such as multi-pressure vacuum distillation and molecular sieve dehydration systems, which create ease of operations. Its CBG unit is a “no effluent discharge plant”. Additionally, it has installed zero-discharge facilities at its units for the treatment of all liquid effluents.

About TruAlt Bioenergy Limited

TruAlt Bioenergy Limited is among India's largest integrated biofuels manufacturers, well-placed within the renewable energy industry. The company boasts a record of being India's largest ethanol manufacturer at an installed capacity of 2,000 kilo litres per day (KLPD) and operational capacity of 1,800 KLPD as of March 31, 2025. This is equivalent to a market share of 3.6% of India's ethanol production capacity.
The company operates five distillery units in Karnataka, with four currently operational and a fifth established as a greenfield project. These five units are capable of producing ethanol from molasses and sugarcane syrup, with a large share of production being fungible to dual-feed operations. TruAlt plans to convert 1,300 KLPD of capacity into dual-feed units for processing of spoiled food grains, excess rice, and maize to enable utilisation throughout the year and improved margins by FY26.
The company also manufactures extra neutral alcohol (ENA), which is commonly utilised in the liquor business, and sells by-products such as liquid CO₂ and dry ice, further diversifying its revenue. TruAlt Bioenergy is also developing robust capabilities in the compressed biogas (CBG) segment through its subsidiary Leafiniti Bioenergy. Leafiniti was one of the earliest CBG manufacturers under the Government of India's SATAT scheme and operates a 10.20 tonnes per day (TPD) CBG unit in Karnataka that also produces useful by-products like solid and liquid fermented organic manure. The firm has formed a strategic collaboration with GAIL, wherein up to 20 CBG units are to be set up in India, of which up to 49% stake is to be held by Leafiniti. The firm has also entered into MoUs with Sumitomo Corporation Asia & Oceania and major Japanese trading and gas players to increase its CBG and ethanol presence.
Raw material security is at the core of TruAlt's business. The promoter group has a sugarcane crushing capacity of 79,000 tonnes crushed per day (TCD), which guarantees a stable and voluminous supply of molasses, sugarcane juice, and bagasse. This integration gives TruAlt a clear edge over other ethanol manufacturers who rely extensively on volatile open-market procurement.
The Indian biogas market is expected to grow up to $2.25 billion in 2029, at a CAGR of 6.3% between 2022 and 2029, and the ethanol demand in India is expected to grow at a CAGR of 17.7% till FY26. Along with Ethanol, the Government of India is looking forward to exploring CBG as an addition in the biofuel mix of the country, such as with the Ethanol Blended Petrol (EBP) programme of 2003, aiming to promote the use of environmentally friendly alternative fuels. Incentives and schemes have been offered by the Government of India and the State Government of Karnataka, which provide impetus to the company’s operations, including several ethanol interest subvention schemes, exemptions on excise duty, production-linked incentives, central financial assistance, working capital subsidies, as well as key ethanol blending targets, which greatly give an advantage to the company.
The company's future strategies include diversifying the sources of ethanol production, focusing on increasing its CGB capabilities, commencing production of 2G ethanol and venturing into sustainable aviation fuel supply. It has entered into an MOU with Visolis Inc. to enter into a technology collaboration on a non-exclusive basis for SAF production, subject to completion of certain feasibility assessments.
Now, Trault Bioenergy Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹750 crore and an offer for sale of ₹89.28. The total issue size of the IPO is ₹839.28 crore. Its shares will be listed on the NSE and BSE.

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of TruAlt Bioenergy IPO ?

The issue size of the TruAlt Bioenergy IPO is 839.28 Cr.

What is 'pre-apply' for TruAlt Bioenergy IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will TruAlt Bioenergy IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Opens on 25 Sep 2025