Delhi, 3 October (H.S.): Shares of TrueAlt Bioenergy, a biofuel manufacturer, and Telge Projects, an engineering design services firm, debuted strongly on the stock market today, rewarding their initial public offering (IPO) investors with early gains.
TrueAlt Bioenergy IPO Listing
TrueAlt Bioenergy’s shares, issued at ₹496, were listed at a premium of 10.88% on the BSE at ₹550 and at 10% on the NSE at ₹545.40. Despite some volatility and profit-booking after listing, the stock closed the day at ₹530.95 on the NSE and ₹530.85 on the BSE, giving investors a return of more than 7% on the first day.The company’s ₹839.28 crore IPO, open between September 25 and 29, received an overwhelming response, oversubscribed 75.02 times.
The Qualified Institutional Buyers’ (QIB) segment saw the heaviest demand at 165.16 times subscription, Non-Institutional Investors (NII) subscribed 103.04 times, and the Retail Investors’ portion garnered 11.50 times subscription.
The IPO comprised the issue of 1.51 crore fresh equity shares worth ₹750 crore and an offer-for-sale of 18 lakh shares amounting to ₹89.28 crore. Proceeds will be utilised to set up multi-feedstock operations at its ethanol plant, strengthen working capital, and meet general corporate needs.
Financially, TrueAlt Bioenergy reported a robust performance for FY25. Revenue rose 54% to ₹1,968.53 crore compared to ₹1,280.19 crore in FY24. Net profit rose sharply by 361% to ₹146.64 crore from ₹31.81 crore. EBITDA improved to ₹309.14 crore, up from ₹188.09 crore a year earlier, while total debt declined from ₹1,684.68 crore in FY24 to ₹1,549.68 crore in FY25.
Telge Projects IPO Listing
Telge Projects, listed on the BSE SME platform, also posted a positive debut. Issued at ₹105, shares opened at ₹108.10, reflecting a 3% premium. The stock climbed to an intraday high of ₹112 before settling at ₹110.45 at close, yielding investors a first-day gain of 5.19%.
The company’s ₹27.24 crore IPO, also open from September 25 to 29, received modest interest, oversubscribed 2.99 times overall. The QIB category drew 5.41 times subscription, NII 2.75 times, and Retail 1.72 times. The issue comprised 25.94 lakh new equity shares of ₹10 face value each.
The funds are earmarked to meet working capital requirements and general corporate purposes.
On the earnings front, Telge Projects has shown rapid growth. Net profit increased from ₹90 lakh in FY23 to ₹2.66 crore in FY24, surging further to ₹5.38 crore in FY25. Revenue also posted a compound annual growth rate (CAGR) of over 105%, reaching ₹25.65 crore in FY25.The firm’s debt burden, however, has been rising steadily—from ₹2.50 crore in FY23 to ₹2.76 crore in FY24, and sharply up to ₹9.38 crore in FY25. Meanwhile, reserves and surplus strengthened from ₹1.09 crore in FY23 to ₹3.66 crore in FY24, and further to ₹10.31 crore in FY25.
Hindusthan Samachar / Jun Sarkar
