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19 Nov 2024
TruAlt Bioenergy, an ethanol producer based in Bengaluru, is planning a ₹1,000 crore IPO and is set to file a draft red herring prospectus with SEBI within the next two to three weeks, according to sources.
DAM Capital and SBI Cap have been appointed as the IPO's bankers, which will involve both new shares and an offer for sale from current shareholders.
TruAlt Bioenergy reported revenues of ₹1,225 crore for FY24, up from ₹768 crore in FY23, as per Acuité Ratings & Research. The company's tangible net worth stood at ₹483 crore as of March 31, compared to ₹374 crore the previous year.
Established in March 2021 in line with the National Biofuels Policy, TruAlt Bioenergy began operations in October 2022.
The company runs distilleries and compressed biogas units without integrated sugar manufacturing facilities. It currently operates three distillery units in Karnataka, producing two million liters of ethanol daily.
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