Trualt Bioenergy, one of India’s largest ethanol producers, has filed its red herring prospectus with the Registrar of Companies and will launch its initial public offering (IPO) on September 25, 2025. The issue will close on September 29, with the anchor book opening for a day on September 24.
The IPO comprises a fresh issue of shares worth ₹750 crore, along with an offer-for-sale (OFS) of 18 lakh shares by promoters Dhraksayani Sangamesh Nirani and Sangamesh Rudrappa Nirani. Allotment of shares will be finalized by September 30, and trading in Trualt Bioenergy stock is expected to commence on October 3.
The Bengaluru-based company, which has an installed ethanol production capacity of 2,000 KLPD, plans to use ₹150.68 crore from the fresh issue for setting up multi-feed stock operations to allow grain-based ethanol production at its Unit 4 (300 KLPD capacity). Another ₹425 crore will go towards working capital requirements, with the balance earmarked for general corporate purposes.
Trualt Bioenergy operates five distillery units in Karnataka, including four molasses and syrup-based ethanol plants. Competing with industry peers such as Balrampur Chini Mills, Triveni Engineering, and Dalmia Bharat Sugar, the company intends to convert 1,300 KLPD of its current capacity into dual-feed units by March 2026, enabling ethanol production from both sugarcane-based feedstocks and non-edible grains.
Its subsidiary, Leafiniti, also produces compressed biogas (CBG) under the government’s SATAT scheme. The subsidiary runs a 10.20 TPD CBG plant and in August signed a share subscription-cum-shareholders’ agreement with GAIL to set up multiple CBG units across India in phases.
On the financial front, Trualt Bioenergy reported a profit of ₹146.6 crore in FY25, a 361% jump from ₹31.8 crore in FY24. Revenue surged 56% year-on-year to ₹1,907.7 crore, compared to ₹1,223.4 crore in the previous year.
DAM Capital Advisors and SBI Capital Markets are the book-running lead managers for the IPO.
