TruAlt Bioenergy IPO: Price Band Fixed at ₹472-₹496; Issue to Open September 25

New Delhi, September 22 – TruAlt Bioenergy Ltd, a leading Bengaluru-based biofuels manufacturer, has announced the price band for its forthcoming Initial Public Offering (IPO) at ₹472 to ₹496 per share. The IPO, which seeks to raise around ₹839 crore, will be open for subscription from September 25, 2025, until September 29, 2025. The shares will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on October 3, 2025

Issue Structure and Use of Proceeds

The issue consists of a new issue of shares amounting to ₹750 crore and an Offer for Sale (OFS) by promoters Dhraksayani Sangamesh Nirani and Sangamesh Rudrappa Nirani, amounting to 18 lakh shares at the higher price band value of ₹89.28 crore. The aggregate issue size is ₹839.38 crore.

Fresh issue proceeds will be used for:

• Setting up multi-feedstock operations.
• Debt repayment.
• General corporate purposes.

Business Overview

TruAlt Bioenergy was founded in 2021 and quickly became a major player in India’s biofuels industry. The firm is a manufacturer of ethanol with a foray into second-generation (2G) ethanol from excess bagasse, a by-product of the sugar industry. This is a strategic move to hedge against input cost fluctuations and stabilize supply. TruAlt is also licensed by the Indian Ministry of Petroleum and Natural Gas as an Oil Marketing Company (OMC) to retail petrol and high-speed diesel. The company intends to have 100 retail fuel stations, with operations in eight stations to begin soon.

IPO Allocation and Lot Size

The IPO retains:

• 50% for Qualified Institutional Buyers (QIBs),
• 35% for Retail Individual Investors (RIIs),
• 15% for Non-Institutional Investors (NIIs).

The minimum size of the application is 30 shares, and bids are to be made in multiples of 30 shares thereafter.

Lead Managers

Book-running lead managers for TruAlt Bioenergy IPO are DAM Capital Advisors Ltd. and SBI Capital Markets Ltd. Investors looking to participate must ensure that they are eligible and ready for the subscription period.

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