TruAlt
Bioenergy Limited’s Initial Public Offering to
open on Thursday, Sept 25, 2025, price band set at Rs 472 – Rs 496 per
Equity Share
Ø Price band of Rs 472 –
Rs 496 per Equity Share bearing face value of Rs 10 each (“Equity Shares”)
Ø Bid/Offer Opening Date –
Thursday, September 25, 2025 and Bid/Offer Closing Date – Monday, September 29,
2025.
Ø Minimum Bid Lot is 30 Equity
Shares and in multiples of 30 Equity Shares thereafter
Mumbai, September 22, 2025: TruAlt Bioenergy Limited has fixed
the price band of ₹ 472/- to ₹496/- per
Equity Share of face value ₹ 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.
The Offer is being made through the book-building process, wherein
not more than 50% of the offer is allocated to qualified institutional buyers,
and not more than 15% and 35% of the offer is assigned to non-institutional
bidders and retail individual bidders respectively.
TRUALT BIOENERGY LIMITED is proposing, subject to receipt of requisite approvals, market
conditions and other considerations, to make an initial public offer of its
Equity Shares and has filed a red herring prospectus dated September 19,
2025, with the RoC. The RHP is made available on the website of the SEBI
at www.sebi.gov.in as well as on the
website of the BRLM i.e., DAM Capital Advisors Limited, at www.damcapital.in and SBI Capital Markets Limited at www.sbicaps.com, the website of the NSE
at www.nseindia.com and the website of the
BSE at www.bseindia.com and the website of
the Company at https://www.trualtbioenergy.com/. Any potential investor
should note that investment in equity shares involves a high degree of risk and
for details relating to such risks, please see the section “Risk
Factors” beginning on page 36 of the RHP. Potential investors should
not rely on the DRHP for making any investment decision but should only rely on
the information included in the RHP filed by the Company with the RoC.
The Equity Shares offered in the Issue have not been, and will not
be, registered under the U.S. Securities Act and may not be offered or sold
within the United States, except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the U.S.
Securities Act and applicable state securities laws. The Equity Shares offered
in the issue are being offered and sold only outside the United States in
“offshore transactions” as defined in and in reliance on Regulation S under the
U.S. Securities Act (“Regulation S”).
