TruAlt Bioenergy's IPO raises ₹839cr for multi-feedstock ethanol production
TruAlt Bioenergy, India's largest ethanol producer by installed capacity, made a splashy stock market debut this week.
Its IPO, open from September 25-29, was wildly popular—oversubscribed 5.92 times.
Shares started trading on the NSE, landing a solid premium above the IPO's top price.
TruAlt leads India in ethanol production with 2,000 kl/day capacity
Based in Bengaluru and launched in 2021, TruAlt leads India in ethanol production with a daily capacity of 2,000 kiloliters.
The company is shifting from old-school feedstocks like sugar syrup and molasses to grain-based ethanol for steadier output.
They're also eyeing next-gen ethanol made from bagasse (sugarcane waste), aiming for more sustainable options.
IPO raised ₹839 crore, anchor investors chipped in ₹252 crore
The IPO raised ₹839 crore through new shares and offers for sale, with another ₹252 crore coming earlier from anchor investors.
Funds will go toward expanding multi-feedstock facilities, working capital requirements, and other business needs.