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19 Nov, 2025
Trualt Bioenergy Ltd. IPO
Trualt Bioenergy IPO is a book-build issue of ₹ 839.28 crores. This issue is a fresh issue of 1.51 crore shares in which the company offers to sell 0.18 crore shares. The IPO opens for subscription on Sep 25, 2025 and closes on Sep 29, 2025. The allotment is expected to be finalized on Sep 30, 2025. The IPO price band is set from ₹472.00 to ₹496.00 per share. The lot size for an application is 30. The minimum amount of investment required by retail is ₹14,880 (30 shares). Trualt Bioenergy IPO will list on BSE and NSE with a tentative listing date fixed as Oct. 3, 2025.
Company Background
Trualt Bioenergy Ltd. was founded in 2021 to create sustainable energy solutions and support India’s biofuels initiatives. The headquarters of Trualt Bioenergy Ltd. is in Bengaluru and Trualt has become one of India’s largest ethanol producers by installed capacity of 2,000 kiloliters per day. Their core operations and products are ethanol, compressed biogas (CBG) and other products.
Operations And Product Range
Trualt Bioenergy is one of India’s largest biofuels producers, with its primary production being ethanol. Trualt Bioenergy is also the first producer of CBG under the Sustainable Alternative Towards Affordable Transportation (SATAT) scheme introduced by the Indian Government in 2018. As the Government of India is pushed towards non-fossil vehicles, Trualt Bioenergy is planning to set up biofuel dispensing stations. The company also proposed to enter into other verticals, including second-generation ethanol, sustainable aviation fuel, mevalonolactone (MVL) and allied biochemicals.
Facility And Production
The primary state of production of Turalt is still Karnataka, with some additional facilities in Maharashtra. And the company has no international installations at this time. Trualt Bioenergy is installing or planning new plants in Pune, Maharashtra, in addition to its existing operations and expansion in Karnataka. In the future, the company also intends to venture into the production of second-generation (2G) ethanol, sustainable aviation fuel (SAF), biofuel dispensing stations and green hydrogen.
Brand And Market Presence
Trualt Bioenergy has been serving since 2021 with the aim to foster a circular economy, empower agriculture, strengthen local communities, address environmental issues and make sustainability and green mobility a tangible reality. The company's brand presence is built on its leadership position in the industry, its commitment to sustainability and its diversified product offerings. Trualt’s expansion in the biofuel market, which is driven by increasing energy demand, makes brand value stronger and the Trualt Bioenergy IPO increases.
Revenue Channels
- ⦁ The primary source of revenue for Trualt Bioenergy Ltd. is the production and sale of biofuels and their by-products.
- ⦁ In addition, the company produces ENA (Extra Neutral Alcohol), liquid CO₂ and dry ice, which are some revenue-generating activities.
- ⦁ Another big source of revenue generation is from the company’s core ethanol business.
Management And Shareholding
Promoters And Shareholding
The promoters of Trualt Bioenergy have a vision that combines commercial growth with environmental and social responsibilities. Their mission for the upcoming years is to spearhead the global transition to a sustainable, cyclical and self-relevant economy, significantly contributing to achieving net-zero emissions. The company's primary focus lies in producing biofuels such as 1G ethanol, Compressed Biogas (CBG) and Fermented Organic Manure (FOM). In the near future, we intend to venture into the production of second-generation (2G) ethanol, sustainable aviation fuel (SAF), biofuel dispensing stations and green hydrogen.
Board Members
The board of Trault Bioenergy Ltd. IPO comprises a mix of promoter family members and independent directors like Y.B.R. RamaKrishna, a biofuel expert who advises the Ministry of Petroleum. They strategically focused on aligning the company’s growth with India’s national energy transition goals while managing risks and pursuing diversification.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Trualt Bioenergy Ltd. IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Trualt Bioenergy Ltd. IPO Details
| Detail | Description |
|---|---|
| IPO Date | September 25, 2025 to September 29, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹472 to ₹496 per share |
| Lot Size | 30 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 1,69,20,967 shares (aggregating up to ₹839.28 Cr) |
| Fresh Issue | 1,51,20,967 shares (aggregating up to ₹750.00 Cr) |
| Offer for Sale | 18,00,000 shares of ₹10 (aggregating up to ₹89.28 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 7,06,31,624 shares |
| Share Holding Post Issue | 8,57,52,591 shares |
Trualt Bioenergy Ltd. IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Thu, Sep 25, 2025 |
| IPO Close Date | Mon, Sep 29, 2025 |
| Tentative Allotment | Tue, Sep 30, 2025 |
| Initiation of Refunds | Wed, Oct 1, 2025 |
| Credit of Shares to Demat | Wed, Oct 1, 2025 |
| Tentative Listing Date | Fri, Oct 3, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Mon, Sep 29, 2025 |
Trualt Bioenergy Ltd. IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 30 | ₹14,880 |
| Retail (Max) | 13 | 390 | ₹1,93,440 |
| S-HNI (Min) | 14 | 420 | ₹2,08,320 |
| S-HNI (Max) | 67 | 2,010 | ₹9,96,960 |
| B-HNI (Min) | 68 | 2,040 | ₹10,11,840 |
Trualt Bioenergy Ltd. IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 88.20% |
| Promoter Holding Post Issue | 70.55% |
Competitive Strength:
- ⦁ India’s largest ethanol production, based on an installed capacity of 2,000 kiloliters per day.
- ⦁ First producer of Compressed Biogas (CBG).
- ⦁ Operations are aligned with national energy policies and benefit from strong relationships with the government.
- ⦁ Direct entry into the consumer market by directly retaining biofuels and conventional fuels.
- ⦁ Demonstrated a strong track record of revenue and profit growth and its profit after tax shows triple-digit growth.
Trualt Bioenergy Ltd. IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 3,029.73 | 1,968.53 | 146.64 | 769.00 | 1,549.68 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 2,419.08 | 1,280.19 | 31.81 | 264.61 | 1,684.68 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 28.27% |
| ROCE | 10.88% |
| Debt/Equity | 2.02 |
| RoNW | 19.07% |
| PAT Margin | 7.69% |
| EBITDA Margin | 16.20% |
| Price to Book Value | 4.56 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 20.76 | 17.10 |
| P/E (x) | 23.89 | 29.01 |
Objective of Trualt Bioenergy Ltd. IPO
- ⦁ Fund expansion into multi-feedstock operations.
- ⦁ Installation in new cities like Pune, Maharashtra.
- ⦁ Expansion of existing operations and production in Karnataka.
- ⦁ Mission of achieving net-zero emissions.
- ⦁ Secure funding for working capital requirements.
Conclusion
TruAlt Bioenergy's IPO offers investors a stake in a leading Indian biofuel producer, primarily in the ethanol sector. The company is well-positioned to benefit from the Indian government's push towards non-fossil fuel vehicles, which is expected to drive its growth and increase the value of its IPO. TruAlt also diversifies into other biofuel products like CBG and plans further expansion into next-gen fuels and retail.
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Frequently asked Questions (FAQs )
-
What are the Turalt Bioenergy Ltd. IPO dates and price band?
It opens on 24th September and closes on 26th September, with the price band set at ₹472.00 to ₹496.00 per share.
-
What is the main business of Trualt Bioenergy Ltd.?
The production and sale of biofuels, with a primary focus on ethanol.
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How will the company use the IPO proceeds?
Proceeds will be used for funding capital expenditure, meeting working capital requirements and general corporate purposes.
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What is Trualt’s strategy to address raw material dependency?
By shifting to multi-feedstock operations, which will also use grains. This aims to stabilize raw material supply and protect margins from price volatility.
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What is the issue size and the minimum investment?
Issue size is INR 839.28 crore and the minimum investment is INR 14,880.
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Who are the promoters of Trualt Bioenergy Ltd.?
Mr. Vijay Murugesh Nirani and Mr. Yagati Badarinarayana Ramakrishna are experienced promoters who advise the Ministry of Petroleum.
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When will the BMW Ventures IPO shares be listed?
Will be listed on BSE,NSE with a tentative listing date as Oct. 3, 2025.
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