TruAlt Bioenergy's IPO: Pioneering Ethanol Revolution

TruAlt Bioenergy's IPO, focusing on ethanol production, was 81% subscribed by the second day. The Bengaluru-based company aims to raise Rs 839.28 crore for expansion, including shifting focus to grain-based ethanol. The subscription includes a fresh issue and an offer-for-sale, concluding on September 29.

TruAlt Bioenergy Ltd's initial public offering (IPO), centered on its ethanol production capabilities, reached 81% subscription by its second day. The company, based in Bengaluru, received bids amounting to 1,00,55,460 shares against an offering of 1,23,55,424 shares, according to data from the NSE.

Among the investors, the qualified institutional buyers' category achieved 87% subscription, while non-institutional investors secured 80% and retail individual investors were at 79%. TruAlt Bioenergy gathered Rs 252 crore from anchor investors prior to the IPO's conclusion scheduled for September 29.

The IPO is a mix of a fresh issue of Rs 750 crore and an offer-for-sale of 18 lakh shares at an upper value of Rs 89.28 crore, totalling Rs 839.28 crore. Funds raised are intended for multi-feed stock operations, debt repayment, and general corporate purposes. This strategy aligns with TruAlt's shift towards grain-based ethanol to ensure stable material costs and consistent production.

(With inputs from agencies.)