TruAlt Bioenergy IPO to open on Sept 25
FinTech BizNews Service
Mumbai, September 22, 2025: TruAlt Bioenergy Limited has fixed the price band of Rs 472/- to Rs496/- per Equity Share of face value Rs 10/- each for its maiden initial public offer. The Initial Public Offering (“IPO” or “Issue”) of the Company will open on Thursday, September 25, 2025, for subscription and close on Monday, September 29, 2025. Investors can bid for a minimum of 30 Equity Shares and in multiples of 30 Equity Shares thereafter.
Equity shares outstanding as on date 7,06, 31, 624 Equity Shares of Rs 10 each The IPO is a fresh issue aggregating up to Rs 750 crore and an offer for sale up to 18,00,000 Equity Shares. The proceeds from the fresh issue to the extent of Rs 150.68 crore will be funding the capital expenditure towards setting- up multi-feed stock operations to pave- way for utilizing grains as an additional raw material in ethanol plant at TBL Unit 4 of 300 kilo litres per day (KLPD) capacity, and Rs 425.00 crore for working capital requirements.
The company is one of India’s largest biofuels producers, having strategically positioned
ourselves as itself as a prominent and diversified player in the biofuels industry, particularly in
the ethanol sector. The company holds the distinction of being the largest ethanol producer in
India based on installed capacity, with an aggregate production capacity of 2000 kilo litres per
day (KLPD) and an operational capacity of 1800 KLPD, as of 31 March, 2025. The company’s
market share is amongst the largest in terms of ethanol production capacity in Fiscal 2025, at
3.6%. (Source: CRISIL Report).
The company currently operates four ethanol production distilleries on molasses and syrup-
based feedstock, with production capacity of 1,800 KLPD as of 31 March 2025.
By March 2026, out of the 2,000 KLPD installed capacity, the company intends to convert 1,300
KLPD of its current mono feed (sugarcane juice / sugar syrup / molasses) capacity to dual-feed,
capable of producing ethanol from grain-based feedstock or grains unfit for human
consumption. Progressively, the company also intend to increase our operational capacity from
1,800 KLPD as of March 31, 2025 to 2,000 KLPD.
And as part of its ethanol production, the company also produces extra neutral alcohol (“ENA),
the primary raw material in the production of alcoholic beverages. Its product portfolio also
includes dry ice and liquid carbon dioxide ("CO2"), by-products in the ethanol production
process.
The company is also one of the first producers of CBG under the Sustainable Alternative
Towards Affordable Transportation ("SATAT") scheme introduced by the government in 2018.
(Source: CRISIL Report). Its subsidiary, Leafiniti, operates one CBG plant with a capacity of 10.20
tonnes per day "TPD) as of March 31, 2025, which also produces solid and liquid fermented
organic manure (FOM). To strengthen its CBG capabilities further, the company has entered into
a share subscription cum shareholders’ agreement with Gas Authority of India Limited (GAIL),
through which its subsidiary, Leafiniti, will commence setting up multiple CBG units across
various locations in a phased manner, of which 20 locations have been identified in the
subscription-cum- shareholders’ agreement. GAIL is proposing to hold not more than 49%
shareholding in Leafiniti.
In order to further explore strategic partnerships to expand its CBG capabilities, the company
has entered into a memorandum of understanding with a globally recognized Japanese trading
and investment company and a Japanese gas company to establish a joint venture for setting
up multiple CBG plants starting from three to five CBG plants in different parts of India.
Going forward, the company intends to venture into the following business verticals, which have
been approved by our Board of Directors pursuant to resolution dated September 6, 2025 –
Second Generation (2G) Ethanol - As an extension of its existing business, the company
intends to expand its operations and venture into production of 2G Ethanol by utilizing excess
‘bagasse’, a by-product of sugar manufacturing, as the raw material. The company intends to
utilize 8,00,000 MT of bagasse from its promoter group companies to produce approximately 6
crore litres per annum of 2G ethanol.
Sustainable Aviation Fuel (SAF) - The company intends to move-up the value chain further by
utilizing ethanol to produce SAF. The company has also entered into a process license
agreement with UOP LLC for ethanol to Jet process technology to transform ethanol into high-
quality, renewable jet fuel (SAF). The company intends to set up a facility to produce 10 crore
litres of SAF annually, which, according to the CRISIL Report, is intended to place us as one of
the world’s largest producers of SAF from ethanol
Mevalonolactone (MVL) and Allied Biochemicals - MVL can be used to produce various
valuable products, for the synthesis of elastomers, specialty fuels, and SAF molecules. (Source:
CRISIL Report). The company intends to produce MVL and allied biochemicals, during the
manufacturing of ethanol.
Biofuel dispensing stations - The company operates five dispensing stations in Mudhol,
Jamkhandi, Badami, and Kerakalmatti in the Bagalkot district of Karnataka, as of March 31,
2025. With the Government of India’s increased push towards use of non-fossil fuel vehicles
and leveraging our ready source of Ethanol and CBG, the company intends to further set up
biofuel dispensing stations and will be recognized as a private OMC in India
The company’s revenue from operations was Rs 1,907.72 crore during FY 25 vis-à-vis Rs
1,223.4 crore a year earlier.
Its profit after tax of Rs 146.64 crore during FY 25 vis-à-vis Rs 31.81 crore a year earlier.
DAM Capital Advisors Limited and SBI Capital Markets Limited are the book-running lead
managers; and Bigshare Services Private Limited is the registrar of the offer.
