Khaitan, CAM act on TruAlt Bioenergy ₹839 crore IPO

TruAlt Bioenergy Limited has made an initial public offering of equity shares aggregating to ₹839.28 crore, comprising a fresh issue of equity shares aggregating to ₹750 crore, and an offer for sale of up to 36,00,000 equity shares aggregating to ₹89.28 crore by the Promoter group selling shareholders.

Khaitan & Co advised TruAlt Bioenergy on this IPO.

The transaction team consists of Thomas George (Partner), Nagashayana Srinivasaiah (Counsel), Jash Botadra (Associate) and Pooja Agarwal (Associate).

Tharun Vadlapatla (Associate) provided further assistance.

Cyril Amarchand Mangaldas advised the Book Running Lead Managers DAM Capital Advisors Limited and SBI Capital Markets Limited on this IPO.

The transaction team was led by Manshoor Nazki, Partner (Regional Co-Head - Capital Markets - South); with assistance from Anjali Menon, Principal Associate; Sachin Santuka, Senior Associate; Associates Bhaskar Kumar, Sakshi Sharma, Megha Rajesh, Nimisha Sharma, Prakhar Jain, Parameswaran Chidamparam; and Mohnish Khandale, Trainee Legal.

TruAlt Bioenergy is one of India's largest biofuels producers, strategically positioned as a prominent and diversified player in the Indian biofuels industry, primarily in the production of Ethanol. Their primary focus lies in producing biofuels such as 1G ethanol, Compressed Biogas (CBG), Fermented Organic Manure (FOM).

The public issue was subscribed 52.93 times in total, 11.67 times in the retail category and 164.68 times in the Qualified Institutional Buyers (QIB) category. The Non-Institutional Investors (NII) segments with bids of between ₹2 to ₹10 lakhs and above ₹10 lakhs were subscribed 119.37 and 72.94 times respectively.

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