TruAlt Bioenergy Limited has set the price range for its initial public offering (IPO) at ₹472 to ₹496 per equity share, each with a face value of ₹10. The IPO will open for subscription on Thursday, September 25, 2025, and will close on Monday, September 29, 2025. Investors can bid for a minimum of 30 equity shares and in multiples of 30 thereafter. As of now, there are 706,316,624 equity shares outstanding at ₹10 each. The IPO comprises a fresh issue of up to ₹750 crore and an offer for sale of up to 1,800,000 equity shares.
Proceeds from the fresh issue, amounting to ₹150.68 crore, will finance capital expenditures to establish multi-feed stock operations, enabling the use of grains as an additional raw material for the ethanol plant at TBL Unit 4, which has a capacity of 300 kilo litres per day (KLPD). An additional ₹425 crore will be allocated for working capital needs. TruAlt is one of India’s major biofuels producers, particularly in the ethanol sector, and is recognized as the largest ethanol producer in India by installed capacity, boasting an aggregate production capacity of 2,000 KLPD and an operational capacity of 1,800 KLPD as of March 31, 2025.
The company holds a significant market share in ethanol production, accounting for 3.6% in Fiscal 2025 (according to a CRISIL Report). Currently, it operates four ethanol production distilleries using molasses and syrup-based feedstock, achieving a production capacity of 1,800 KLPD as of March 31, 2025. By March 2026, the company plans to convert 1,300 KLPD of its current mono feed capacity to a dual-feed system that can utilize grain-based feedstock or grains unfit for human consumption. Additionally, the company aims to increase its operational capacity from 1,800 KLPD as of March 31, 2025, to 2,000 KLPD.
Alongside ethanol production, TruAlt also manufactures extra neutral alcohol (ENA), a key ingredient in alcoholic beverages, and its product range includes dry ice and liquid carbon dioxide (CO2), which are by-products of the ethanol production process.