TruAlt Bioenergy's IPO Soars with Record Subscriptions
TruAlt Bioenergy Ltd's IPO attracted substantial interest, being oversubscribed 71.92 times. The company raised Rs 252 crore from anchor investors and plans to use the funds for multi-feed stock operations, debt repayment, and more. The firm is steering towards grain-based ethanol to stabilize costs and production.
- Country:
- India
The recent IPO of TruAlt Bioenergy Ltd, a prominent player in the biofuels sector, received an overwhelming response as it was oversubscribed 71.92 times on its final offering day. The Rs 839.28 crore IPO generated bids for 88,85,66,820 shares, surpassing the 1,23,55,424 shares available.
The quota for Qualified Institutional Buyers (QIBs) marked an exceptional interest with 159.22 times subscription. Non-institutional investors followed with 98.56 times, while Retail Individual Investors (RIIs) showed 11 times subscription. Additionally, the company successfully raised Rs 252 crore from anchor investors.
TruAlt Bioenergy's strategic financial planning includes channeling fresh issue proceeds toward setting up multi-feed stock operations, debt repayment, and other corporate purposes. The company plans to shift from sugar syrup and molasses to grain-based ethanol, aiming to stabilize raw material costs and maintain production consistency.
(With inputs from agencies.)
- READ MORE ON:
- TruAlt
- Bioenergy
- IPO
- subscription
- ethanol
- biofuels
- QIBs
- NSE
- investment
- grain-based
Google News