TruAlt Bioenergy IPO: Day 1 sees 44% subscription
TruAlt Bioenergy's IPO kicked off with 44% subscription on Day 1—QIBs showed the most interest at 86%, while retail and non-institutional investors came in at 30% and 24%.
Shares are priced between ₹472-496, and the window to invest closes on September 29.
TruAlt produces ethanol from sugar syrup and molasses
Based in Bengaluru, TruAlt mainly produces ethanol from sugar syrup and molasses.
Now, it's branching out into second-gen (2G) ethanol using sugarcane bagasse, plus boosting grain-based production to cut reliance on seasonal crops.
Money raised will help expand multi-feedstock plants, pay down debt, and cover general expenses.
Key details of the IPO
The IPO totals ₹839.28 crore—including a fresh issue of ₹750 crore—and already has ₹252 crore lined up from anchor investors.
Share allotment is expected by September 30, with trading set to start on NSE and BSE from October 3, 2024.
DAM Capital Advisors and SBI Capital Markets are managing the process.