Cian Agro Industries & Infrastructure Ltd has made investors very wealthy over the past year, with its shares rising from around ₹40 to ₹2,023.20 today.
The company focuses on ethanol production and blending and has frequently hit the upper circuit limit.
If you are looking for similar investment opportunities, Trualt Bioenergy could be your next pick.
This Bengaluru-based company also produces ethanol and has an IPO open for subscription from September 25 to September 29, 2025.
Total IPO Size: ₹839.28 crore
Price Band: ₹472–₹496 per share
Subscription Status: By the second day, it was 0.85 times subscribed
Retail Investors: 0.83x
Non-Institutional Investors: 0.84x
Qualified Institutional Buyers: 0.90x
The grey market premium (GMP) is currently ₹109, suggesting the listing price could reach around ₹605, roughly 22% higher than the upper price band.
IPO Details: Lot Size and Listing
Lot Size for Retail Investors: 30 shares (₹14,880 minimum investment)
New Shares Issued: 1.51 crore (₹750 crore)
Offer for Sale (OFS): 0.18 crore shares (₹89.28 crore)
Anchor Investment: ₹251.78 crore raised on September 24
Allotment Date: September 30
Listing Date: October 3 on NSE and BSE
Managers: Dam Capital Advisors Limited (Book Running Lead Manager)
Registrar: Bigshare Services Private Limited
About Trualt Bioenergy
Trualt Bioenergy has a daily ethanol production capacity of 2,000 kiloliters. Funds from the IPO will be used for:
₹150.68 crore: New multi-feed stock operations
₹425 crore: Working capital
Remaining: General corporate purposes
Besides ethanol, the company also manufactures power, auto, and inverter-duty transformers.
By March 2025, it aims to offer six types of transformers for government and private projects.
So far, it has delivered 4,400 transformers with a total capacity of 94,000 MVA.
Manufacturing Units
Anand, Gujarat: 2 units (operational)
Bengaluru, Karnataka: 1 unit (operational)
Vadodara, Gujarat: New unit starting July 2025
Growth Potential
Experts say India’s bioenergy sector is growing rapidly, and Trualt Bioenergy can benefit from this trend with its diversified products and strong financials.
Reliance Securities: Recommends subscribing to the IPO
SBI Securities: Notes plans to expand Compressed Bio-Gas (CBG) projects and enter the sustainable aviation fuel market
