Bengaluru-Based Ethanol Maker TruAlt Bio Plans ₹1,000 Crore IPO Amid National Biofuels Policy Push

TruAlt Bioenergy, an ethanol producer from Bengaluru, is planning to raise ₹1,000 crore through an initial public offering (IPO). The company is expected to submit its draft red herring prospectus to the Securities and Exchange Board of India (SEBI) in the next two to three weeks, according to sources.

DAM Capital and SBI Cap have been chosen as the bankers for the IPO, which will include new shares and an offer for sale from existing shareholders, according to an anonymous source. TruAlt Bioenergy did not respond to inquiries from the Economic Times by the time of publication.

The company reported a revenue of ₹1,225 crore in the financial year 2024, up from ₹768 crore in the previous year, as per Acuite Ratings & Research. Its tangible net worth was ₹483 crore as of March 31, compared to ₹374 crore the year before.

Founded in March 2021 in line with the National Biofuels Policy, TruAlt Bioenergy started operations in October 2022. The company runs distilleries and compressed biogas units without any sugar manufacturing facilities. It currently operates three molasses and sugar syrup-based distillery units in Karnataka, with a combined ethanol production capacity of two million litres per day.