Regaal Resources IPO Draws Heavy Buying on Debut; Fully Subscribed Within an Hour
- 12th August 2025
- 12:30:00 PM
- 3 min read
Mumbai | August 12 – The initial public offering (IPO) of Regaal Resources Ltd, one of India’s largest maize-based speciality product manufacturers, opened to strong investor demand on Tuesday, August 12, and was fully subscribed within the first hour of bidding.
According to NSE data, by 11:27 am the issue had attracted bids for 2,85,81,984 shares against the 2,09,99,664 shares on offer — translating to a subscription of 1.36 times on Day 1.
IPO Size, Price Band and Structure
The ₹360 crore IPO is priced in the range of ₹96–₹102 per share and consists of:
- Fresh Issue: ₹210 crore worth of new equity shares
- Offer for Sale (OFS): 94.12 lakh shares worth ₹96 crore by promoters Anil Kishorepuria, Shruti Kishorepuria, SRM Private Limited and BFL Private Limited.
Of the net proceeds, ₹159 crore will be used to repay or prepay certain borrowings, strengthening the company’s balance sheet.
Lot Size and Investor Allocation
Investors can bid for a minimum lot of 144 shares and in multiples thereafter.
- QIBs: 50% allocation
- Non-Institutional Investors: 15% allocation
- Retail Investors: 35% allocation
Apply to this IPO via PL Capital for a secure and hassle-free investment process.
IPO Timeline
- Issue period: August 12 – August 14
- Basis of allotment: August 18
- Refund initiation: August 19
- Credit to Demat accounts: August 19
- Listing date: August 20
Ahead of the launch, the company raised ₹91.79 crore from anchor investors, including Taurus Mutual Fund, Meru Investment Fund PCC-Cell 1, Benami Capital, VPK Global Ventures Fund, Authum Investment and Infrastructure Fund, Holani Venture Capital Fund, and Sunrise Investment Opportunities Fund.
Business Overview
Regaal Resources operates a zero liquid discharge maize milling plant that serves customers across food products, animal feed, paper, and adhesives. Its export markets include Bangladesh and Nepal.
Strategically located in Bihar — which accounts for 11.6% of India’s maize production — and just 21 km from West Bengal (6.6% share), the company benefits from proximity to key raw material sources.
Financial Highlights (FY25)
| Metric | FY25 |
| Revenue from Operations | ₹915.16 crore |
| EBITDA Margin | 12.30% |
| PAT Margin | 5.20% |
| ROE | 20.30% |
| ROCE | 14.20% |
| Debt-to-Equity | 2.1x |
| Total Debt | ₹570 crore |
Current maize crushing capacity stands at 750 tonnes per day (TPD), with plans to increase to 1,650 TPD by Q4FY26. The expansion involves a ₹4,300 million CAPEX, of which ₹2,000 million has already been deployed.
The company has a raw material storage capacity of 65,000 MT and aims to strengthen its presence in South India, targeting sectors like paper, textile, pharma, and adhesives.
Regaal Resources offers 14 products including native maize starch, germ, gluten, fibre, icing sugar, and baking powder. Two new derivatives — Maltodextrin Powder and Liquid Glucose — are set to be added soon.
In FY25, dealer revenue reached ₹4,326 million, supported by a network of 138 dealers (63 added in FY25). Prominent customers include Emami Paper Mills, Century Pulp & Paper, Manioca Food Products Pvt Ltd, and Kush Proteins Pvt Ltd.
Valuation : At the upper price band of ₹102 per share, Regaal Resources commands a market capitalisation of ₹10.5 billion and trades at a P/E multiple of 22x and EV/EBITDA of 13.3x (FY25 basis).
With solid subscription momentum, healthy financial growth, and aggressive capacity expansion plans, the Regaal Resources IPO has made a strong market debut. The issue will remain open until August 14, with listing scheduled for August 20.
PL Capital
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
