By Enersider Desk | Mumbai
The ₹839.28 crore Initial Public Offering (IPO) of TruAlt Bioenergy Limited, a biofuels producer, which concluded on September 29, has reached the allotment stage on 30th September. The initial share sale of biofuels producer company garnered 71.92 times subscription on the last day of offering.
According to data available with the National Stock Exchange (NSE), the issue received bids for 88,85,66,820 shares against 1,23,55,424 shares on offer. The portion reserved for Qualified Institutional Buyers (QIBs) was the most sought after, subscribed 159.22 times. The category of Non-Institutional Investors (NIIs) recorded 98.56 times subscription, while the Retail Individual Investors (RIIs) portion was subscribed 11 times.
The IPO, which opened for public subscription on September 25, comprised a fresh issue of shares aggregating to ₹750 crore and an offer-for-sale (OFS) of 18 lakh shares valued at ₹89.28 crore at the upper end of the price band. This brought the total issue size to ₹839.28 crore. On these lines earlier this month, the company had fixed a price band of ₹472 to ₹496 per share.
Ahead of the issue opening, TruAlt raised ₹252 crore from anchor investors on September 24, just a day before its initial share-sale opening for public subscription. The company had allotted 50.76 lakh equity shares to 19 institutional investors at ₹496 per share. Prominent anchor investors included Tata Mutual Fund, HDFC Mutual Fund, Bandhan Mutual Fund, SBI General Insurance Company, Societe Generale, and Citigroup Global Markets Mauritius, according to a circular uploaded on the BSE website.
This was the maiden share sale of TruAlt Bioenergy, which is engaged in the production of biofuels and renewable energy solutions. The company stated that proceeds from the fresh issue would be used for funding capital expenditure, working capital requirements, and general corporate purposes.
It operates five distilleries in Karnataka with an installed ethanol production capacity of 2,000 kilolitres per day. The company is also active in compressed biogas (CBG) production through its subsidiary.
Also Read: TruAlt Bioenergy, GAIL (India) JV to develop network of Compressed Bio-Gas Plants
