TruAlt Bioenergy Shares Soar Nearly 11% on Market Debut
TruAlt Bioenergy Ltd shares debuted with an 11% premium over the issue price. The company aims to use funds from its IPO for diversification into multi-feed stock operations and reduce dependency on seasonal raw materials by focusing on grain-based ethanol production. Its IPO was 71.92 times subscribed.
- Country:
- India
Shares of TruAlt Bioenergy Ltd, a leading biofuels producer, made a strong market debut Friday, listing at a premium of nearly 11% over the issue price of Rs 496 on the BSE.
The bioenergy company's stock opened at Rs 550, representing a 10.88% increase on the BSE, while it commenced trading on the NSE at Rs 545.40, a 9.95% premium.
TruAlt, specializing in ethanol production and diversifying into second-generation ethanol from surplus bagasse, is using IPO funds for expanding operations and debt payment. The Rs 839.28 crore IPO saw a strong demand, being 71.92 times oversubscribed.
(With inputs from agencies.)
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