Trualt Bioenergy IPO in focus: Trualt Bioenergy’s initial public offering (IPO) is set to open for subscription tomorrow, September 25, and will remain open until Monday, September 29.
The company plans to raise ₹839 crore through the offering, comprising a fresh issue of 1.51 crore shares aggregating to ₹750 crore and an offer for sale of 0.18 crore shares aggregating to ₹89.28 crore.
The IPO price band has been fixed at ₹472 to ₹496 per share. Retail investors can bid for a minimum of 30 shares in one lot and up to 13 lots. At the upper end of the price band, ₹496 per share, the minimum investment required for retail investors would be ₹14,880 per lot.
According to the company, the funds from the issue will be used to finance capital expenditure for setting up multi-feedstock operations at its TBL Unit 4 ethanol plant (300 KLPD), meet working capital requirements, and support general corporate purposes.
The book-running lead managers overseeing the Trualt Bioenergy IPO are DAM Capital Advisors and SBI Capital Markets, while Bigshare Services Pvt. Ltd. serves as the issue registrar.
Let us take a look at some of the key points from the Trualt Bioenergy IPO
Ethanol producer: The company said it is one of India’s largest biofuels producers, particularly in the ethanol sector, based on installed capacity, with an aggregate installed capacity of 2,000 kiloliters per day.
Operational capacity: The company currently operates five distillery units in Karnataka. As of March 31, 2025, it operates four ethanol production distilleries on molasses- and syrup-based feedstocks, with a production capacity of 1,800 KLPD.
By March 2026, out of the 2,000 KLPD installed capacity, the company intends to convert 1,300 KLPD of its current mono-feed capacity to dual-feed, capable of producing ethanol from grain-based feedstocks or grains unfit for human consumption and also intends to increase its operational capacity to 2,000 KLPD.
Diverse product portfolio: As part of its ethanol production, the company also produces extra neutral alcohol (‘ENA’), the primary raw material in the production of alcoholic beverages. Further, its product portfolio also includes dry ice and liquid carbon dioxide (‘CO₂’), which are by-products in the ethanol production process.
Compressed biogas (CBG) production: Through its subsidiary, Leafiniti, it also produces CBG under the SATAT scheme. Leafiniti currently operates a 10.20 TPD CBG plant and, in partnership with GAIL, is set to establish multiple new units across India.
Meanwhile, the government is exploring CBG as an addition to the country’s biofuel mix. The upgraded form of biogas, known as CBG or bio-CNG (biomethane in Europe and renewable natural gas in the United States), contains over 98% methane and is generated through anaerobic digestion from organic waste streams.
Plans to enter aviation fuel market: The company is set to move up the energy value chain by converting ethanol into high-quality, renewable jet fuel (SAF) through a process license agreement with UOP LLC.
With a facility planned to produce 10 crore liters annually, the company aims to become one of the world’s largest SAF producers from ethanol. This move aligns with global carbon offset requirements for international flights starting in 2027 and India’s 1% SAF blending target, positioning the company to capitalize on the growing sustainable aviation fuel market.
Scaling multi-fuel dispensing stations: The company currently operates five dispensing stations in Karnataka and plans to expand further, positioning it as a private OMC alongside players like Reliance-BP, Shell, and Nayara.
With approval from the Ministry of Petroleum and Natural Gas, the company said its outlets will dispense petrol, diesel, ethanol blends (E85/E93), and bio-CNG and also offer EV charging, battery swapping, and non-fuel retail. Supported by government policies and incentives, the company believes these stations will enable it to directly serve consumers while aligning with India’s clean energy transition.
Ethanol revenue growth: In fiscal years 2023, 2024, and 2025, revenue from ethanol amounted to approximately ₹700.80 crore, ₹956.36 crore, and ₹1,433.94 crore, respectively.
Growing biofuel market in India: The biofuel market in India is majorly divided into ethanol, CBG, and biodiesel, of which ethanol forms the major chunk. The Indian biogas market is expected to grow up to USD 2.25 billion in 2029, at a CAGR of 6.3% between 2022 and 2029.
Intense industry competition: The company faces competition from domestic players, including sugar mills, distilleries, and ethanol manufacturers.
Some of its domestic peers include Bajaj Hindustan Sugar Limited, Dhampur Sugar Mills Limited, Triveni Engineering & Industries Limited, Balrampur Chini Mills Limited, Shree Renuka Sugars Limited, Dalmia Bharat Sugar and Industries, Dwarikesh Sugar Indus Limited, and EID Parry India Limited.
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