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TruAlt Bioenergy Ltd
MiscellaneousIPO
₹496 - 496
We are one of India's largest biofuels producers, having strategically positioned ourselves as a prominent and diversified player in the biofuels industry in India, primarily in the production of Ethanol. We also produce extra neutral alcohol and sell dry ice and liquid carbon-dioxide, being by-products of our production processes. Through our Subsidiary, Leafiniti Bioenergy Private Limited, we produce compressed biogas.
Lot30Min Invest₹14,880Face Value₹10Issue Size₹839 CrFresh Issue₹750 CrOffer for Sale₹89 CrListing Price₹550CMP₹407
Timeline
25 Sept
Bidding opens
29 Sept
Bidding closes
30 Sept
Allotment
1 Oct
Refund & demat credit
3 Oct
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹839 Cr1.69 Cr shares
Fresh Issue₹750 Cr
Offer for Sale₹89 Cr
Face Value₹10
Lot Size30 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,8801-13 lots
sNII₹2,08,320from 14 lots
bNII₹10,11,840from 68 lots
Managers & Registrar
Lead ManagerDAM Capital Advisors Ltd
Co-ManagerSBI Capital Markets Ltd
RegistrarBigshare Services Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrDhraksayani Sangamesh NiraniPRMTR9,00,00044.64Sangamesh Rudrappa NiraniPRMTR9,00,00044.64Total18,00,00089.28
Shareholding
CategoryPre IPOPost IPOPromoter Group88.21%70.55%Public11.79%29.45%
Objects of the Issue
- Funding capital expenditure towards setting up multi-feed stock operations to pave way for utilizing grains as an additional raw materrial in ethanol plant at TBL unit 4 of 300 KLPD capacity
- Funding its working capital requirements
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 762 | 1,223 | 1,908 | 1,728 | 2,747 |
| Operating ProfitCr | 105 | 188 | 309 | 290 | 497 |
| OPM% | 13.8 | 15.4 | 16.2 | 16.8 | 18.1 |
| PBTCr | 49 | 45 | 159 | 130 | 309 |
| PATCr | 35 | 32 | 147 | 97 | 232 |
| EPS | 7 | 4 | 21 | 13 | 27 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 61 | 61 | 71 | 86 | 86 |
| ReservesCr | 33 | 57 | 698 | 1,435 | 1,533 |
| BorrowingsCr | 1,150 | 1,685 | 1,557 | 1,652 | 1,653 |
| Fixed AssetsCr | - | - | 1,826 | 2,185 | 2,006 |
| Total AssetsCr | 1,856 | 2,419 | 3,030 | 3,778 | 3,620 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 233 | 35 | 329 | -296 | - |
| Investing Cash FlowCr | -1,149 | -384 | -243 | -413 | - |
| Financing Cash FlowCr | 920 | 367 | 40 | 648 | - |
| Net Cash FlowCr | 5 | 19 | 126 | -62 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Largest installed capacity for production of ethanol in India.
- Assured supply of key raw materials and utilities.
- Scalable and vertically integrated biofuels player.
- Rapid scale up with multiple CBG plants, positioning ourselves among India's leading producers of CBG/Bio-CNG.
- Ethanol to SAF: Towards one of the world's largest facilities.
- Recognition as a private OMC: Expanding into Direct-to-Consumer Biofuel Retail.
Strategies · as stated in the DRHP
- Diversify Sources of Ethanol Production.
- Focus on Increasing our CBG Capabilities.
- Commence Production of 2G Ethanol.
- Venture Into Sustainable Aviation Fuel Supply.
- Establish Biofuel Dispensing Stations to Cater to Retail Energy and Flex-fuel Requirements.
- Increase Supply of Products Allied with our Production Processes, such as FOM.
Risks · as stated in the DRHP
- Our business is currently primarily dependent on the sale of ethanol. Any reduction in the sale of ethanol, or our ability to produce and sell ethanol, or in the price at which we are able to sell ethanol, may have an adverse effect on our business, results of operations, cash flows and financial condition.
- Our business is substantially dependent on the policies of the Government of India ("GoI"). Any change in GoI policies in this regard could have an impact on our revenue, results of operations and financial condition.
- Our Company has a limited operating history, as our Company commenced ethanol production pursuant to business transfer agreements in September 2022. We may be subject to liabilities and other risks arising out of the business transfer agreements, and we may not be able to derive the anticipated benefits from these acquisitions.
- Our erstwhile group companies have made certain allotments of Equity Shares where the allotment was made to more than 49 persons, which have been compounded pursuant to compounding application filed by our Group Company before the National Company Law Tribunal, Bengaluru bench. Our Group Company had also filed a settlement application with the Securities and Exchange Board of India, and a settlement order has been passed with regard to any proceedings that may be initiated in respect of this matter.
- We derive a significant portion of our revenue from a few customers, in particular oil marketing companies ("OMCs"). The loss of one or more such customers, or a reduction in their demand for our products may adversely affect our business, results of operations, financial condition and cash flows.
- Under-utilization of our existing production capacities and an inability to effectively utilize our expanded production capacities could have an adverse effect on our business, future prospects and future financial performance.