IPO Details
Issue Size: ₹839.28 Cr (@ upper price band of ₹496)
Fresh Issue: ₹750 Cr
Offer For Sale: ₹89.28 Cr
Face Value: ₹10
Price Band: ₹472 – ₹496 per equity share
Lot Size: 30 Shares & multiples thereafter
Minimum Application: ₹14,880 (30 Shares)
Maximum Retail Application: ₹1,93,440 (390 Shares)
Small HNI: ₹2,08,320 (420 Shares)
Big HNI: ₹10,11,840 (2,040 Shares)
Company Overview
TruAlt Bioenergy is one of India's largest biofuels producers, with a strong presence in ethanol production. As of March 31, 2025, it has an aggregate installed capacity of 2,000 KLPD and operational capacity of 1,800 KLPD, accounting for a 3.6% market share. The company also produces by-products like dry ice and liquid CO2.
Its operations extend into compressed biogas (CBG), with expansion plans through MoUs with Japanese Gas Company and Sumitomo Corporation. It is also venturing into second-generation ethanol, sustainable aviation fuel (SAF), and biochemicals such as Mevalonolactone (MVL).
Key Highlights
Largest installed ethanol production capacity in India.
Integrated resource management enabling scalability.
Strategically located production infrastructure.
Well-positioned for favorable industry tailwinds.
Strong customer base and demand pipeline.
Expansion into SAF – one of the world’s largest facilities in the making.
Objects of the Issue
Funding capital expenditure for multi-feed stock operations (₹150.68 Cr).
Funding working capital requirements (₹425 Cr).
General corporate purposes.
Offer for Sale of 18,00,000 equity shares (₹89.28 Cr) – proceeds go to selling shareholders.
Our View
TruAlt Bioenergy, incorporated in 2021, is India’s largest ethanol producer by installed capacity. Supported by government incentives for renewable energy, it is expanding into CBG, 2G ethanol, and sustainable aviation fuel.
Risks: Heavy dependence on government policies, promoter share pledging, underutilization of facilities, high debt-to-equity ratio, and customer concentration.
Financials: Revenue/EBITDA/PAT CAGR of 58%/71%/103% between FY23–FY25, EBITDA margin of 16.2%, PAT margin of 7.69%, ROE of 28.27%, ROCE of 10.88%. The IPO valuation (P/E ~24x) appears aggressive compared to industry average (~21.5x).
Conclusion: TruAlt Bioenergy offers an opportunity to invest in India’s renewable energy future. Suitable for high-risk investors with a long-term horizon.
Frequently Asked Questions (FAQs)
When is the TruAlt Bioenergy IPO scheduled?
The IPO opens on September 25, 2025, and closes on September 29, 2025.
What is the size of the TruAlt Bioenergy IPO?
The issue size is ₹839.28 Cr, including ₹750 Cr fresh issue and ₹89.28 Cr OFS.
What is the price band of the TruAlt Bioenergy IPO?
The price band is ₹472 to ₹496 per equity share.
What is Sushil Finance’s recommendation?
We recommend this IPO as a Long Term Investment for High Risk Investors.
Brief Financials
| PARTICULARS |
₹ in Million |
| FY ’25 |
FY ‘24 |
FY ‘23 |
| Total Income |
1,96,852.78 |
1,28,018.77 |
76,238.03 |
| Total Expenditure |
1,80,908.50 |
1,23,531.36 |
71,339.52 |
| EBITDA |
10,504.65 |
18,808.51 |
30,914.37 |
| Profit before Tax |
15,944.28 |
4,487.41 |
4 ,898.51 |
| Profit after Tax |
14,663.85 |
3,180.79 |
3 ,545.99 |
| E.P.S. (Diluted) |
20.94 |
4.25 |
7.10 |
| P/E (x) (Diluted) |
24 |
- |
- |
| RONW (%) |
14.74 |
12.02 |
19.07 |
PRICE CHART (@ ₹ 496) (Retail Category)
| LOT SIZE |
| Amount |
| 30 |
14,880 |
| 60 |
29,760 |
| 90 |
44,640 |
| 120 |
59,520 |
| 150 |
74,400 |
| 180 |
89,280 |
| 210 |
104,160 |
| 240 |
119,040 |
| 270 |
133,920 |
| 300 |
148,800 |
| 330 |
163,680 |
| 360 |
178,560 |
| 390 |
193,440 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
420 |
208,320 |
| Big HNI |
2,040 |
1,011,840 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
30/9/2025 |
| Initiation of refunds/unblocking ASBA Fund |
1/10/2025 |
| Credit of Equity Shares to demat accounts of Allottees |
1/10/2025 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
3/10/2025 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
Checkout More Blogs
