India’s green energy space is seeing strong action as Trualt Bioenergy Limited entered its third day of IPO subscription with a bang. It launched its Rs
839.28 crore Initial Public Offering (IPO) on September 25, 2025, which will close on Monday, September 29, 2025, with a tentative listing on October 3, 2025, on both BSE and NSE. The IPO is a book build issue, combining a fresh issue of 1.51 crore shares worth Rs 750 crore and an offer for sale (OFS) of 18 lakh shares totalling Rs 89.28 crore. Trualt Bioenergy Limited IPO GMP As of September 29, 2025, 1:55 pm, the latest Grey Market Premium (GMP) for TruAlt Bioenergy IPO stands at Rs 115, according to the grey market tracking website, Investorgain. Based on the upper end of the price band at Rs 496 per share, the IPO's estimated listing price is Rs 611. This suggests a potential listing gain of approximately 23.19 per cent per share. Trualt Bioenergy Limited IPO Subscription As of 4:09 pm on September 29, 2025 (Day 3), the Trualt Bioenergy IPO has been oversubscribed 74.57 times overall, according to Investorgain. The retail segment saw a subscription of 10.73 times, while Qualified Institutional Buyers (excluding anchors) subscribed 165.16 times, and the Non-Institutional Investors (NII) category recorded a strong subscription of 102.75 times. Issue Structure and Investment Details The price band has been set at Rs 472 to Rs 496 per equity share, with investors required to apply in lots of 30 shares, meaning a minimum investment of Rs 14,880 at the upper end of the price band. High Net Worth Individuals (HNIs) have two bidding categories: sNII (small) – 14 lots or 420 shares (Rs 2,08,320) bNII (big) – 68 lots or 2,040 shares (Rs 10,11,840) The anchor investors already pumped in Rs 251.78 crore on September 24, 2025, ahead of the public issue. These anchor shares are under a lock-in, with half unlocking on October 30, 2025, and the rest on December 29, 2025. Promoters And Shareholding Vijaykumar Murugesh Nirani, Vishal Nirani, and Sushmitha Vijaykumar Nirani are the promoters of the company. Their combined pre-issue stake stood at 88.20 per cent, which will reduce to 70.55 per cent post-issue, reflecting equity dilution due to the fresh capital being raised. Trualt’s Green Energy Footprint Founded in 2021, Trualt Bioenergy is one of India’s prominent ethanol producers, operating with a daily installed capacity of 2,000 KLPD, which gives it a 3.6 per cent market share in the country’s ethanol production as of Fiscal 2025.
