Biofuels start-up TruAlt to launch IPO by September-end
By Aprameya Rao
Bengaluru-based biofuels startup TruAlt Bioenergy is gearing up for its much-awaited public debut, with its Initial Public Offering (IPO) now expected by the end of September 2025.
The start-up added that the size of the IPO may change in the updated DRHP. TruAlt had secured approval from the Securities and Exchange Board of India (SEBI) for a ₹1,000 crore IPO in November 2024. However, weak market conditions, signified by the uncertainty around Trump tariffs, forced it to put roadshows on hold for several months.
“We have restarted investor roadshows in July 2025. We hope to complete the IPO process by September 2025,” said Vijay Nirani, Founder and Managing Director of TruAlt Bioenergy.
At present, outsiders hold 11.8% of the equity, with the remainder owned by the Promoter and Promoter Group. Based on the valuation, the outsider stake will be diluted to the range of 27-28%, the company said.
TruAlt is one of India’s largest biofuels producers, primarily in the production of Ethanol. The company is considered the largest Ethanol producer in India based on installed capacity.
At present, outsiders hold 11.8% of the equity, with the remainder owned by the Promoter and Promoter Group. Based on the valuation, the outsider stake will be diluted to the range of 27-28%, the company said.
TruAlt is one of India’s largest biofuels producers, primarily in the production of Ethanol. The company is considered the largest Ethanol producer in India based on installed capacity.
Recently, the company entered into a strategic partnership with GAIL, wherein the Maharatna PSU will buy 49% in TruAlt’s CBG subsidiary – Leafiniti Bioenergy. Moreover, the joint venture will develop six state-of-the-art greenfield CBG plants of 12 TPD each, primarily based on by-products from sugar mills.
The start-up’s annual report states that its revenue has increased from ₹762.38 crore in FY23 to ₹1,969 crore in FY25. On the other hand, EBITDA has grown to ₹309.14 crore in FY25 from ₹188.09 crore in FY24. Notably, the Profit After Tax has risen from ₹31.73 crore in FY24 to ₹146.64 crore in FY25 – a growth rate of 362%.
This article has been republished from The CNBC TV18.