TruAlt Bioenergy Ignites IPO with Anchor Investment Surge
Biofuels leader TruAlt Bioenergy Ltd has secured Rs 252 crore from anchor investors ahead of its IPO opening. The offering combines fresh shares worth Rs 750 crore and an offer-for-sale, totaling Rs 839.38 crore. The funds will support operational expansion and debt repayment, as the company shifts towards grain-based ethanol production.
- Country:
- India
Biofuels producer TruAlt Bioenergy Ltd has successfully garnered Rs 252 crore from anchor investors, setting a promising stage for its impending IPO. This development transpired just ahead of the public subscription scheduled for September 25 to 29.
Notable names among the anchor investors include Tata Mutual Fund, HDFC MF, Bandhan MF, and other prominent financial entities, as detailed on the BSE website. The IPO price is set between Rs 472-496 per share, with TruAlt allotting 50.76 lakh shares to 19 funds at Rs 496 each.
TruAlt plans to utilize the funds from the fresh issue to expand its operations, manage debt, and enhance corporate infrastructure. The company is also pivoting towards grain-based ethanol to stabilize costs and ensure consistent production, marking a strategic shift in its business model.
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