Amid the ongoing excitement in the IPO market, an ethanol company is now preparing to enter the market. It is being told that Karnataka-based ethanol manufacturing company TruAlt Bioenergy may enter the market with an IPO of Rs 1,000 crore. The company may soon submit the draft of its proposed IPO to SEBI.
They have been made the bankers of the IPO
According to a report by ET, TruAlt Bioenergy has appointed DAM Capital and SBI Capital as the bankers of the proposed IPO as part of its preparations for the IPO. The company is looking to issue fresh shares in the IPO. Along with that, some of the existing shareholders of the company may try to reduce their stake by selling their share in the IPO. That is, this IPO may include an offer for sale along with a fresh issue of shares.
This much was the revenue in the last financial year
TruAlt Bioenergy is an ethanol manufacturing company based in Bengaluru, Karnataka. The company’s business has grown rapidly in recent years. According to Acuite Ratings & Research, the company’s revenue reached Rs 1,225 crore in the last financial year ended March 31, 2024, which was just Rs 768 crore a year ago. That is, the company’s revenue has increased by about 60 percent in a year.
The company made such progress in one and a half years
It has not been long since the company started its operations. TruAlt Bioenergy was established in March 2021 after the National Biofuels Policy was formulated and started its operations in October 2022. This means that the company has achieved the target of sales of more than thousand crores rupees in just about one and a half years. The company is running three plants in Karnataka, whose combined capacity is to produce 20 lakh liters of ethanol per day.
Draft will come by the end of this month
TruAlt Bioenergy’s IPO can be of Rs 1 thousand crores including fresh issue and OFS. It is being said in the news that the ethanol company can submit the draft of the proposed IPO to the market regulator SEBI in the next 2 to 3 weeks. That is, other details regarding the IPO of TruAlt Bioenergy can be officially revealed by the end of this month.
Also read: Now we know when FirstCry’s IPO will launch! The price band will be from 440 to 465 rupees.
