Trualt Bioenergy IPO Day 3: GMP, Subscription Status and Expert Views – Should You Apply?
Trualt Bioenergy IPO Day 3: Subscribed 2.25 times with GMP at ₹109, indicating a 22% listing gain. Check latest subscription status, issue details, expert views, and apply-or-not verdict.
Trualt Bioenergy IPO: Strong Day 3 demand with 2.25x subscription and GMP of ₹109 ahead of October 3 listing.
The Trualt Bioenergy IPO, which opened on September 25, closes today (September 29). The ₹839.28 crore issue has seen strong investor interest, with subscriptions reaching 2.25 times by the morning of Day 3. The stock is also witnessing healthy demand in the grey market, signaling a robust debut on Dalal Street.
🔹 Subscription Status on Day 3
- Total Bids: 2.66 crore shares vs 1.18 crore on offer
- Overall Subscription: 2.25 times
- Retail Investors: 1.64 times
- Non-Institutional Investors (NIIs): 5.48 times
- Qualified Institutional Buyers (QIBs): 0.90 times
The strong response from NIIs has driven overall demand, while QIB participation is expected to pick up on the final day.
🔹 Grey Market Premium (GMP)
The IPO is trading at a GMP of ₹109, indicating a likely listing around ₹605 – about 22% higher than the upper end of the issue price band (₹496).
🔹 IPO Details
- Price Band: ₹472 – ₹496 per share
- Fresh Issue: 1.51 crore shares worth ₹750 crore
- Offer for Sale (OFS): 0.18 crore shares worth ₹89.28 crore
- Minimum Investment (Retail): 30 shares (₹14,880 at upper band)
- Allotment Date: September 30, 2025
- Listing Date: October 3, 2025 (NSE & BSE)
Ahead of the IPO, Trualt Bioenergy raised ₹251.78 crore from anchor investors on September 24, highlighting strong institutional confidence.
🔹 Company Profile & Plans
Bengaluru-based Trualt Bioenergy is a leading ethanol producer with an installed capacity of 2,000 KLPD. The company also manufactures transformers and caters to renewable energy projects across India.
Utilisation of Fresh Issue Proceeds:
- ₹150.68 crore – setting up multi-feedstock operations
- ₹425 crore – working capital
- Balance – general corporate purposes
The company operates five manufacturing facilities, with its latest plant in Vadodara commencing production in July 2025.
🔹 Expert Recommendations – Apply or Avoid?
Reliance Securities: Recommends Subscribe, citing India’s strong bioenergy outlook and the company’s diversified product portfolio. It highlights the need for careful risk management and innovation to sustain growth.
SBI Securities: Positive on Trualt Bioenergy, noting its focus on expanding CBG (compressed biogas) and sustainable aviation fuel segments. The brokerage reported strong financial growth (FY22–25 CAGR: Revenue ~58%, EBITDA ~72%, PAT ~103%). At the upper price band, the IPO is valued at 29x FY25 PE, which analysts view as reasonable.
✅ Verdict
With a healthy GMP, strong NII demand, and bullish brokerage reports, Trualt Bioenergy IPO looks promising for investors seeking exposure to India’s bioenergy and green fuels sector. However, as with all IPOs, risks tied to execution and regulatory changes must be considered.
