Trualt Bioenergy IPO ends with subscription of 71.92 times

The offer received bids for 88.85 crore shares as against 1.23 crore shares on offer.

The initial public offer of Trualt Bioenergy received bids for 88,85,42,520 shares as against 1,23,55,424 shares on offer. The issue was subscribed 71.92 times.

The Qualified Institutional Buyers (QIB) category was subscribed 159.22 times, the Non-Institutional Investors category was subscribed 98.56 times and the Retail Individual Investors category was subscribed 11 times.

The issue opened for bidding on 24 September 2025 and it closed on 29 September 2025. The price band of the IPO is fixed between Rs 472 and 496 per share.

The IPO includes a fresh issue of about 1.51 crore shares, priced in the range of Rs 472?496, raising Rs 750 crore. In addition, the promoters will sell up to 18 lakh shares through an offer for sale, which could fetch around Rs 85?89 crores.

The company plans to use the IPO proceeds for capex of Rs 150.68 crore to convert its TBL Unit 4 into a 300 KLPD multi-feed ethanol plant, allowing the use of grains like maize and rice. It will also allocate Rs 425 crore for working capital and the rest for general corporate purposes. The total project cost is Rs 172.68 crore, with commercial production expected from January 2026.

Trualt Bioenergy, incorporated in 2021, is India?s largest ethanol producer with 2,000 KLPD capacity and a 3.6% market share. The company is expanding into 2G ethanol, sustainable aviation fuel (SAF), CBG, and biofuel retailing, backed by partnerships with GAIL and Sumitomo.

Ahead of the IPO, Trualt Bioenergy on Wednesday, 24 September 2025, raised Rs 251.78 crore from anchor investors. The board allotted 50.76 lakh shares at Rs 496 each to 19 anchor investors.

The firm reported a consolidated net profit of Rs 146.64 crore and sales of Rs 1,907.72 crore for the twelve months ended on 31st March 2025.

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