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Trualt Bioenergy IPO is a bookbuilt issue of ₹839.28 crore. It combines a fresh issue of 1.51 crore shares, aggregating to ₹750.00 crore, and an offer for sale of 0.18 crore shares, aggregating to ₹89.28 crore.
The IPO opens for subscription on September 25, 2025, and closes on September 29, 2025. The allotment is expected to be finalized on Tuesday, September 30, 2025. The price band for the IPO is set at ₹472 to ₹496 per share, and the minimum lot size for an application is 30 shares.
Company Summary
Trualt Bioenergy Limited, incorporated in 2021, is engaged in the production of biofuels, with a primary focus on the ethanol sector. It is one of the largest Ethanol producers in India, based on the installed capacity of 2,000 kilo litres per day (KLPD). In Fiscal 2025, it has a 3.6% market share in ethanol production capacity.
The company’s business operations span across ethanol production and compressed biogas (CBG) production. As of Mar 31, 2025, its subsidiary, Leafinity, operates one CBG production plant with a capacity of 10.20 TPD (Tonnes per day). To further expand its CBG capacity, it has entered into Memorandum of Understanding (MoU) with a Japanese Gas company and Sumitomo Corporation Asia & Oceania Pte. Ltd.
As on the date of RHP, the company has five distillery units in Karnataka, four are operated on molasses and syrup-based feedstocks.
The company also proposed to enter into other verticals, including second-generation ethanol, sustainable aviation fuel, and Mevalonolactone (“MVL”) and Allied Biochemicals.
Company Strengths
- Largest Installed Capacity for Production of Ethanol in India
- Integrated Resource Management, Creating Scalable Operations
- Strategically Located Production Infrastructure, with a Focus on Technological Innovation and Sustainability
- Well-positioned to Capture Favourable Industry Tailwinds
- Entrenched Customer Relationships and Strong Demand Pipeline
- Skilled and Experienced Promoters and Management Team
Company Financials
| Period Ended | 31 Mar 2025 | 31 Mar 2024 |
| Assets | 3,029.73 | 2,419.08 |
| Total Income | 1,968.53 | 1,280.19 |
| Profit After Tax | 146.64 | 31.81 |
| EBITDA | 309.14 | 188.09 |
| Net Worth | 769 | 264.61 |
| Total Borrowing | 1,549.68 | 1,684.68 |
| Amount in ₹ crore | ||
Objectives of IPO
- Funding capital expenditure towards setting up multi-feed stock operations to pave- way for utilizing grains as an additional raw material in ethe thanol plant at TBL Unit 4 of 300 KLPD capacity.
- Funding our working capital requirements.
- General corporate purposes
Promoters of the company
Vijaykumar Murugesh Nirani, Vishal Nirani, and Sushmitha Vijaykumar Nirani are the company promoters.
IPO Details
| IPO Date | September 25, 2025 to September 29, 2025 |
| Listing Date | October 3, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹472 to ₹496 per share |
| Lot size | 30 shares |
| Total Issue size | 1,69,20,967 shares (aggregating upto ₹839.28 Cr ) |
| Fresh Issue | 1,51,20,967 shares (aggregating upto ₹750.00 Cr ) |
| Offer for Sale | 18,00,00 shares of ₹10 (aggregating upto ₹89.28 Cr ) |
| Issue type | Bookbuilding IPO |
| Listing at | NSE, BSE |
| Share Holding Pre Issue | 7,06,31,624 shares |
| Share Holding Post Issue | 8,57,52,591 shares |
Lot Allocation Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 30 | ₹14,800.00 |
| Retail (Max) | 13 | 390 | ₹1,93,440.00 |
| S-HNI (Min) | 14 | 420 | ₹2,08,320.00 |
| S-HNI (Max) | 67 | 2,010 | ₹9,99,960.00 |
| B-HNI (Min) | 68 | 2,040 | ₹10,11,840.00 |
Allotment Schedule
| Basis of Allotment | Tue, 30 Sep, 2025 |
| Initiation of Refunds | Wed, 1 Oct, 2025 |
| Credit of Shares to Demat | Wed, 1 Oct, 2025 |
| Tentative Listing Date | Fri, 3 Oct, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 29, 2025 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII Shares Offered | Not less than 15% of the Offer |
To check allotment, click here
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