IPO Opens with Market Anticipation
Trualt Bioenergy, one of India’s leading ethanol producers, launched its much-anticipated Initial Public Offering (IPO) on September 25, 2025, and the subscription window closes today, September 29, 2025. The public issue, pegged at a total of ₹839.28 crore, features a price band of ₹472–₹496 per equity share.
Investor Demand & Subscription Status
By the end of the second day of the offer, Trualt Bioenergy’s IPO witnessed a subscription rate of 0.85 times, garnering bids for 1 crore shares against 1.18 crore available. Breaking it down:
- Retail Individual Investors (RIIs): Subscribed 0.83 times
- Non-Institutional Investors (NIIs): Subscribed 0.84 times
- Qualified Institutional Buyers (QIBs): Subscribed 0.90 times
Grey Market Premium (GMP) Signals Positive Sentiment
Investor enthusiasm is also evident in the grey market. As of the latest update, Trualt Bioenergy shares are commanding a GMP of ₹109. This indicates a potential listing price of ₹605, which is nearly 22% higher than the upper band price of ₹496. Such a premium reflects strong speculative demand and optimism about the company’s future.
IPO Structure: Fresh Issue and OFS
The IPO consists of:
- Fresh Issue: 1.51 crore shares worth ₹750 crore
- Offer for Sale (OFS): 0.18 crore shares worth ₹89.28 crore
Retail investors can participate with a minimum bid of 30 shares, requiring an investment of ₹14,880 at the upper price band.
Anchor Investor Response & Listing Timeline
Ahead of the IPO, Trualt Bioenergy successfully raised ₹251.78 crore from anchor investors on September 24, indicating strong institutional confidence. The basis of allotment is expected to be finalized on September 30, with the stock listing scheduled for October 3, 2025, on both NSE and BSE.
- Lead Manager: Dam Capital Advisors Ltd.
- Registrar: Bigshare Services Pvt. Ltd.
Strategic Fund Utilization Plan
Proceeds from the IPO will fuel Trualt Bioenergy’s growth strategy. Key allocations include:
- ₹150.68 crore to establish multi-feed stock ethanol operations
- ₹425 crore toward working capital requirements
- The remaining funds will support general corporate purposes
Company Profile: A Diversified Energy Player
Headquartered in Bengaluru, Trualt Bioenergy operates with a daily ethanol production capacity of 2,000 kilolitres. But the company’s scope extends beyond biofuels. It also manufactures a wide range of transformers—including power, inverter-duty, furnace, generator, and special-duty transformers.
As of March 31, 2025, the company has delivered:
- 4,400 transformers
- Totaling 94,000 MVA capacity
- Across 19 Indian states and 3 union territories
Its manufacturing network includes five plants, with four currently operational—two in Anand (Gujarat), one in Bengaluru (Karnataka), and a new unit in Vadodara, launched in July 2025.
Analyst Views: Should You Apply?
Reliance Securities’ Perspective
Reliance Securities views India’s bioenergy sector as a high-growth arena but emphasizes the need for companies like Trualt Bioenergy to focus on strategic planning, technological advancement, and policy alignment. The brokerage notes the company’s diversified product mix, financial strength, and strategic partnerships as key positives, and has given a ‘Subscribe’ recommendation.
SBI Securities’ Take
According to SBI Securities, Trualt Bioenergy plans to expand its Compressed Bio Gas (CBG) production and enter the sustainable aviation fuel (SAF) segment. Financially, the company has delivered a stellar CAGR performance between FY22 and FY25:
- Revenue CAGR: ~58%
- EBITDA CAGR: ~72%
- PAT CAGR: ~103%
SBI Securities values the company at a FY25 PE multiple of 29x (post-issue capital) and supports a ‘Subscribe’ stance for investors.
