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Day 2 rarely settles the debate, but it does set the tone. Subscription data for TruAlt Bioenergy shows a measured build-up, with retail and HNI flows visible while institutional bids are yet to meaningfully appear. The offer—up to ₹839.28 crore via fresh issue and OFS—remains open till September 29, 2025, leaving room for late institutional demand if it comes.
The business model sits squarely in India’s ethanol story—five Karnataka distilleries, multi-feedstock plans, and a fledgling CBG footprint through a subsidiary. Numbers guide the narrative; sentiment follows. Details on Day 2 subscriptions, issue terms, use of proceeds, and anchor participation are below.
Read more: TruAlt Bioenergy IPO
As of September 26, 2025 (3:45 PM IST), the issue was subscribed 0.17x overall (ex-anchor). Category prints were Retail: 0.24x, NII: 0.24x, and QIB (ex-anchor): 0.00x. Day 2 often under-represents QIB interest; institutional bids—if any—typically cluster near closure. For now, participation is led by non-institutional and retail categories, with total applications at 1,24,455.
Subscription Table (Day 2)
Category | Subscription (times) | Shares Offered | Shares Bid For |
QIB (Ex Anchor) | 0.00 | 33,84,195 | 4,560 |
NII | 0.24 | 25,38,145 | 6,19,320 |
• bNII (>₹10L) | 0.18 | 16,92,097 | 3,03,240 |
• sNII (<₹10L) | 0.37 | 8,46,048 | 3,16,080 |
Retail | 0.24 | 59,22,339 | 14,48,790 |
Total | 0.17 | 1,18,44,679 | 20,72,670 |
The book-built issue aggregates up to ₹839.28 crore: a fresh issue of ₹750.00 crore (1.51 crore shares) and an OFS of ₹89.28 crore (18,00,000 shares). The price band is ₹472–₹496 per share; lot size: 30 shares. At the upper band, the minimum retail outlay is ₹14,880. The window runs September 25–29, 2025; tentative allotment: September 30, and proposed listing: October 3, 2025 on BSE/NSE. Pre-issue share capital stands at 7.06 crore shares, moving to 8.58 crore post-issue, implying dilution consistent with the stated object mix and capex plans.
Capex for multi-feedstock operations (₹150.68 crore): Upgrading a 300 KLPD unit (TBL Unit 4) to enable grain as an additional raw material alongside molasses/syrup.
Working capital (₹425.00 crore): Supports inventory cycles, receivables, and ongoing plant operations across ethanol and allied lines.
General corporate purposes: Routine corporate needs in line with the RHP, including but not limited to administrative and strategic requirements.
Additional Read- How to Apply for the TruAlt Bioenergy IPO?
Ahead of the opening, ₹251.78 crore was raised from anchors on September 24, 2025. The anchor portion represents 30% of the QIB bucket, with standard lock-in timelines.
Particulars | Details |
Bid Date | September 24, 2025 |
Shares Offered | 50,76,289 |
Anchor Portion Size (₹ Cr.) | 251.78 |
Lock-in (50% shares) | October 30, 2025 |
Lock-in (remaining 50%) | December 29, 2025 |
Click here to check out recently closed IPO
Day 2 prints are preliminary, especially with QIB (ex-anchor) at 0.00x—a pattern not uncommon mid-window. Retail and HNI bids have started to build; the closing session typically decides the final shape of the book.
Key dates now: UPI mandate cut-off (5 PM, Sep 29) and allotment on Sep 30. Listing is tentatively set for Oct 3, 2025.
Interested in more opportunities? Check out our Upcoming IPO section for new listings and don’t forget to check your IPO allotment status for TruAlt Bioenergy IPO.
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