India’s IPO market continues to attract strong investor interest in 2025, particularly from high-growth sectors like renewable energy and biofuels. Trualt Bioenergy Limited, a leading producer in the ethanol and bioenergy sector, is set to open its IPO on September 25, 2025, offering investors an opportunity to invest in one of India’s largest ethanol producers with an installed capacity of 2,000 kilo litres per day (KLPD).
About Trualt Bioenergy Ltd.
Incorporated in 2021, Trualt Bioenergy Limited is engaged in the production of ethanol and compressed biogas (CBG). Its operations span across multiple distillery units in Karnataka, with four units operating on molasses and syrup-based feedstocks. The company’s subsidiary, Leafinity, operates one CBG production plant with a capacity of 10.20 TPD, and the company plans further expansions through partnerships with Sumitomo Corporation Asia & Oceania and a Japanese gas company.
The company is also exploring second-generation ethanol, sustainable aviation fuel, and biochemicals like Mevalonolactone (MVL).
Competitive Strengths:
- Largest installed capacity for ethanol production in India
- Integrated resource management enabling scalable operations
- Strategically located production infrastructure with a focus on innovation and sustainability
- Strong demand pipeline and established customer relationships
- Skilled and experienced promoters and management team
Trualt Bioenergy IPO Details
The Trualt Bioenergy IPO is a book-building issue of ₹839.28 crore, comprising a fresh issue of 1.51 crore shares and an offer for sale of 0.18 crore shares. The IPO will be listed on BSE and NSE.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 25, 2025 |
| IPO Close Date | Sep 29, 2025 |
| Tentative Allotment | Sep 30, 2025 |
| Initiation of Refunds | Oct 1, 2025 |
| Credit of Shares to Demat | Oct 1, 2025 |
| Tentative Listing Date | Oct 3, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 29, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹472 – ₹496 per share |
| Lot Size | 30 shares |
| Total Issue Size | 1,69,20,967 shares (₹839.28 Cr) |
| Fresh Issue | 1,51,20,967 shares (₹750.00 Cr) |
| Offer for Sale | 18,00,000 shares (₹89.28 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Shareholding Pre-Issue | 7,06,31,624 shares |
| Shareholding Post-Issue | 8,57,52,591 shares |
Investor Category Reservation:
- QIB: Not more than 50% of the offer
- Retail: Not less than 35% of the offer
- NII: Not less than 15% of the offer
Lot Size & Investment:
| 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 |
Promoter Holding:
The company’s promoters are Vijaykumar Murugesh Nirani, Vishal Nirani, and Sushmitha Vijaykumar Nirani.
- Pre-IPO: 88.20%
- Post-IPO: 70.55%
Book Running Lead Manager: Dam Capital Advisors Ltd.
Registrar: Bigshare Services Pvt. Ltd.
Trualt Bioenergy Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 |
| Assets | 3,029.73 | 2,419.08 |
| Total Income | 1,968.53 | 1,280.19 |
| Profit After Tax | 146.64 | 31.81 |
| EBITDA | 309.14 | 188.09 |
| Net Worth | 769.00 | 264.61 |
| Total Borrowing | 1,549.68 | 1,684.68 |
Key Performance Indicators (FY2025):
| KPI | Value |
| Market Capitalisation | ₹4,253.33 Cr |
| Return on Equity (ROE) | 28.27% |
| Return on Capital Employed (ROCE) | 10.88% |
| Debt/Equity | 2.02 |
| Return on Net Worth (RoNW) | 19.07% |
| PAT Margin | 7.69% |
| EBITDA Margin | 16.20% |
| Price to Book Value | 4.56 |
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P/E & EPS
| KPI | Pre-IPO | Post-IPO |
| EPS (₹) | 20.76 | 17.10 |
| P/E (x) | 23.89 | 29.01 |
Objects of the Issue
| Object | Expected Amount (₹ Cr) |
| Funding capital expenditure for multi-feed stock operations at TBL Unit 4 (300 KLPD) | 150.68 |
| Funding working capital requirements | 425.00 |
| General corporate purposes | Balance |
Industry Outlook
The Indian ethanol and bioenergy sector is witnessing strong growth, supported by:
- Rising government support for renewable fuels
- Expanding ethanol blending mandates for fuel
- Growing demand for compressed biogas and second-generation ethanol
- Increasing adoption of sustainable aviation fuels
Trualt Bioenergy’s scale, integrated operations, and strategic partnerships position it favorably to capture market opportunities and sector tailwinds.
Conclusion
Trualt Bioenergy Ltd. offers investors exposure to one of India’s largest ethanol producers with a diversified business spanning ethanol and bioenergy segments. The company’s robust financial growth, integrated operations, and strategic positioning make it a compelling opportunity. However, investors should consider risks such as raw material availability, regulatory changes, and dependency on government blending mandates.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
