TruAlt Bioenergy Sets Sights on ₹1,000 Crore IPO by September 2025
TruAlt Bioenergy, India's largest ethanol producer, aims to launch its IPO by September 2025, following expected SEBI approval for a ₹1,000 crore offering in November 2024. The company has partnered with GAIL, which will acquire a 49% stake in TruAlt's CBG subsidiary. TruAlt's financials show significant growth, with revenue increasing from ₹762.38 crore in FY23 to ₹1,969.00 crore in FY25, and profit after tax rising 362% from ₹31.73 crore in FY24 to ₹146.64 crore in FY25. Post-IPO, outsider equity is expected to increase from 11.8% to 27-28%.
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Bengaluru-based biofuels startup TruAlt Bioenergy is gearing up for a significant milestone in its corporate journey. The company has announced plans to launch its Initial Public Offering (IPO) by September 2025, following an anticipated SEBI approval for a ₹1,000 crore offering in November 2024.
IPO Timeline and Market Conditions
TruAlt Bioenergy's path to going public has not been without its challenges. The company initially delayed its public debut due to weak market conditions and uncertainty surrounding Trump tariffs. This led to a temporary halt in roadshows for several months. However, the company has since regained momentum, restarting investor roadshows in July 2025.
Company Profile and Partnerships
TruAlt Bioenergy has established itself as India's largest ethanol producer by installed capacity. In a strategic move to expand its presence in the bioenergy sector, the company has recently partnered with GAIL. As part of this collaboration, GAIL will acquire a 49% stake in TruAlt's Compressed Biogas (CBG) subsidiary, Leafiniti Bioenergy. This joint venture is set to develop six greenfield CBG plants, further solidifying TruAlt's position in the renewable energy market.
Financial Performance
TruAlt Bioenergy has demonstrated impressive financial growth in recent years:
| Fiscal Year | Revenue (₹ in crore) | Profit After Tax (₹ in crore) |
|---|---|---|
| FY23 | 762.38 | N/A |
| FY24 | N/A | 31.73 |
| FY25 | 1,969.00 | 146.64 |
The company's revenue has shown substantial growth, increasing from ₹762.38 crore in FY23 to ₹1,969.00 crore in FY25. More notably, TruAlt's profit after tax has seen a remarkable surge, rising from ₹31.73 crore in FY24 to ₹146.64 crore in FY25, representing an impressive 362% growth.
Equity Structure and IPO Impact
Currently, outsiders hold 11.8% equity in TruAlt Bioenergy. Post-IPO, this is expected to be diluted to the 27-28% range, depending on the final IPO valuation. This change in equity structure indicates a significant opening up of the company to public investment.
As TruAlt Bioenergy prepares for its public offering, investors and industry watchers will be keenly observing how this leading player in India's biofuels sector performs in the public markets. The company's strong financial growth and strategic partnerships position it as an interesting prospect in the evolving renewable energy landscape.
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