TruAlt Bioenergy Files IPO Draft Papers with SEBI

TruAlt Bioenergy Files IPO Draft Papers with SEBI

TruAlt Bioenergy Ltd, a leading player in the Indian biofuel industry, has initiated the process of going public by filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company is looking to raise Rs 750 crore through a combination of fresh issue of shares and an offer for sale (OFS) by existing shareholders.

IPO Details

The IPO comprises a fresh issue of shares worth Rs 750 crore, with the remaining amount to be raised through an OFS by promoters Dhraksayani Sangamesh Nirani and Sangamesh Rudrappa Nirani, who are looking to offload up to 18 lakh shares each.

DAM Capital Advisors Limited and SBI Capital Markets Limited are the lead managers for the issue, and Bigshare Services Private Limited is the registrar.

Company Overview

Incorporated in March 2021, TruAlt Bioenergy has rapidly emerged as India’s largest ethanol producer by installed capacity, boasting a daily production capacity of 1,400 kilolitres. The company has been at the forefront of the biofuel revolution in India, being among the first to utilize the Compressed Bio-Gas (CBG) program under the Sustainable Alternative Towards Affordable Transportation (SATAT) initiative.

Use of Proceeds

The proceeds from the fresh issue will be primarily used to fund the expansion of the company’s production capacity, research and development activities, and general corporate purposes.

Industry Outlook

The biofuel industry in India is witnessing significant growth driven by government policies promoting the use of clean and renewable energy sources. With its strong foothold in the sector, TruAlt Bioenergy is well-positioned to capitalize on the burgeoning opportunities.