TruAlt Bioenergy IPO: Ethanol producer's shares hint at ₹576 listing
TruAlt Bioenergy, a big name in ethanol, launched its IPO this week and saw solid interest—44% subscribed on the first day.
Shares are priced between ₹472-496, with the IPO set to raise about ₹839 crore.
Retail investors show interest in the IPO
By Friday noon, retail investors took up 30%, non-institutional investors at 24%, and qualified institutional buyers showed major confidence at 86%.
The IPO is drawing attention in the gray market too, trading around ₹80 above issue price—hinting at a possible listing near ₹576 per share.
TruAlt's business and financials
TruAlt runs five distilleries in Karnataka and mainly produces ethanol from molasses and syrup.
They hold a steady 3.6% market share as of FY25, ramped up revenue by over half to ₹1,968 crore this year, and grew profits four times to hit ₹146 crore.
Fresh issue proceeds to go toward expansion plans
The company plans to use most of the fresh funds (₹750 crore) for expanding operations—₹150 crore for new feedstock projects, another chunk for working capital needs, and some for general business growth.
Their net debt rose to ₹1,400 crore this year as they pushed ahead with expansion plans.