TruAlt Bioenergy Files IPO Papers To Raise Rs 750 Crore Via Fresh Issue
The proposed public offering consists of a mix of fresh issuance of equity shares worth Rs 750 crore and an offer-for-sale of up to 36 lakh equity shares by promoters.
TruAlt Bioenergy Ltd. has filed its preliminary papers with the Securities and Exchange Board of India to raise funds through an initial public offering. The proposed public offering consists of a mix of fresh issuance of equity shares worth Rs 750 crore and an offer-for-sale of up to 36 lakh equity shares by promoters, according to the draft red herring prospectus.
The IPO consists of shares with a face value of Rs 10 each.
The proceeds from the IPO are earmarked for several key purposes: Rs 425 crore will be utilised for funding working capital requirements, Rs 172.68 crore for setting up multi-feed stock operations, and a portion will be used for general corporate purposes.
The OFS consists of up to 18 lakh equity shares, each owned by Dhraksayani Sangamesh Nirani and Sangamesh Rudrappa Nirani.
The company may consider raising Rs 150 crore under the pre-IPO placement round. If such placement is completed, the fresh issue size will be reduced.
DAM Capital Advisors and SBI Capital Markets are the book-running lead managers to the company's IPO, while Bigshare Services Pvt. is serving as the registrar for the offer.
Based in Bengaluru, TruAlt Bioenergy focusses on ethanol production, with a daily production capacity of 1,400 kilolitres.
