TruAlt Bioenergy IPO Off to a Flying Start

TruAlt Bioenergy Ltd's initial public offering saw 44% subscription on the first day. The IPO aims to raise Rs 839.28 crore, with funds allocated for multi-feed stock operations and debt repayment. The firm is expanding into second-generation ethanol production leveraging surplus bagasse.

TruAlt Bioenergy Ltd's initial public offering received a positive start with 44% subscription on its first day. The IPO, targeting a total issue size of Rs 839.28 crore, hopes to raise funds for multi-feed stock operations, debt repayment, and general corporate purposes.

Bengaluru-headquartered TruAlt, one of India's leading biofuels producers, is primarily focused on ethanol production but is now exploring new ventures in second-generation ethanol made from surplus bagasse. The company aims to reduce its dependence on sugar syrup and molasses, seasonal raw materials, by moving towards grain-based ethanol production.

Market managers for the IPO are DAM Capital Advisors and SBI Capital Markets. The subscription breakdown shows 86% interest from Qualified Institutional Buyers, 30% from Retail Individual Investors, and 24% from non-institutional investors, indicating a balanced interest across categories.

(With inputs from agencies.)