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TruAlt Bioenergy IPO
71.70xsubscribed

TruAlt Bioenergy IPO

Industrial Gases & Fuels
listed
₹14,160Min. investment

TruAlt Bioenergy Limited IPO Details

SectorIndustrial Gases & Fuels
Price range₹472 – ₹496
IPO type
Regular
Lot size30 shares
Issue size₹839Cr
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 IPO Subscription Status

Date
QIB
NII
Retail
Total
25-Sep-25
0.86 times (X)
0.23 times (X)
0.3 times (X)
0.45 times (X)
26-Sep-25
0.87X
0.79X
0.8X
0.82X
29-Sep-25
128.84X
97.83X
10.65X
71.7X

As on 25-Sep-25, 5:30 PM

TruAlt Bioenergy IPO Timeline

  1. Pre-apply
    24 Sep 2025
  2. Bid start
    25 Sep 2025
  3. Bid end
    29 Sep 2025
  4. Allotment
    30 Sep 2025
  5. Release of funds
    1 Oct 2025
  6. Demat transfer
    1 Oct 2025
  7. Listing
    3 Oct 2025

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.

Trualt Bioenergy Limited IPO Analysis

IPO REVIEW

TruAlt Bioenergy IPO | Analysis Video

Should you apply?

Watch our analysts break down the Trualt Bioenergy Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

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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.

Objectives of Trualt Bioenergy Limited IPO

Working capital
56.67%
The company will utilise up to ₹425 crore to fund working capital requirements.
General corporate purposes
23.24%
Part of the IPO proceeds will be used for general corporate purposes.
Capital expenditure
20.09%
The company will use up to ₹150.68 crore to set up multi-feed stock operations.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹1,907Cr58.19%₹146.64Cr₹4,253Cr23.681.82
This sector (avg.)₹7,642.03Cr0%₹643.02Cr₹13,607.42Cr36.800.16
₹1,42,291.42Cr---₹12,462.87Cr₹1,10,760.7Cr10.080.25
₹2,485.38Cr---₹454.84Cr₹51,230.23Cr99.880.01
₹50,982.03Cr---₹3,972.68Cr₹43,462.5Cr11.850.13

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

TruAlt Bioenergy IPO Contact Details

Company NameTruAlt Bioenergy Limited

How to apply for TruAlt Bioenergy IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Trualt Bioenergy Limited IPO FAQs

Investors can apply for the TruAlt Bioenergy IPO through their Demat account via the stock exchange or through their broker.
The issue size of the TruAlt Bioenergy IPO is 839 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
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.
TruAlt Bioenergy IPO will be open between 2025-09-25 and 2025-09-29.
TruAlt Bioenergy IPO allotment date is 2025-10-01. For TruAlt Bioenergy IPO allotment status check, you can visit the website of the registrar of the IPO.
For TruAlt Bioenergy IPO, the IPO registrar is Bigshare Services Private Limited. You can check TruAlt Bioenergy IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The TruAlt Bioenergy IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The TruAlt Bioenergy IPO lot size is 30 and minimum order quantity is 30.
TruAlt Bioenergy IPO has set the price band for its IPO at 496 per equity share with a face value of 10.