Regaal Resources Limited (RRL) is a leading Indian agro-processing company specializing in the manufacturing of high-quality maize starch, specialty starches, food-grade starches, and starch derivative products. Established with a strong operational base, the company caters to both domestic and international markets, focusing on premium quality products and advanced processing techniques.

The IPO of Regaal Resources is a Book Built Issue raising ₹306.00 Crores, comprising a Fresh Issue of 2.05 Crore shares worth ₹210.00 Crores and an Offer for Sale of 0.94 Crore shares totaling ₹96.00 Crores. The subscription period ran from August 12 to August 14, 2025, with allotment expected on August 18, 2025, and tentative listing on BSE & NSE on August 20, 2025.

IPO Pricing and Investment Details:

• Price Band: ₹96 to ₹102 per share

• Market Capitalization at Upper Band: ₹1,047.79 Crores

• Lot Size: 144 shares (minimum ₹14,699 for retail investors)

• HNIs Minimum Investment: 14 lots (2,016 shares) totaling ₹2,05,632

• Book Running Lead Managers: Pantomath Capital Advisors Private Limited, Sumedha Fiscal Services Limited

• Registrar: MUFG Intime India Private Limited

Anchor Investors and Grey Market Performance:
The company raised ₹693.29 Crores from Anchor Investors at ₹102 per share, allocating 89,99,856 shares. The Grey Market Premium (GMP) indicates listing gains of ₹14 (13.73%), reflecting strong market interest and expected positive listing performance.

IPO Subscription:
The Regaal Resources IPO was subscribed 16.42 times on the final day of the subscription period, demonstrating significant investor confidence and robust demand across retail, institutional, and high-net-worth investors.

Company Overview:
Founded and led by promoters Mr. Anil Kishorepuria and Mr. Karan Kishorepuria, the company benefits from nearly three decades of combined experience across manufacturing, retail, real estate, and trading industries. Managing Director Mr. Anil Kishorepuria has been instrumental in establishing the first and only maize milling unit in Bihar, leveraging strong relationships with suppliers and customers to drive operational efficiency.

Regaal Resources operates advanced processing facilities for maize starch and derivative products, emphasizing high quality and consistency. The company has steadily grown its revenues from operations over the last three fiscals: ₹9,175.76 Million (FY25), ₹6,010.77 Million (FY24), and ₹4,886.74 Million (FY23). EBITDA and Profit After Tax also show continuous improvement, with EBITDA of ₹9,051.83 Million and PAT of ₹476.68 Million in FY25.

Financial Metrics:

• Pre-issue EPS (FY24): ₹6.05

• Post-issue EPS (FY24): ₹4.64

• Pre-issue P/E: 16.85x

• Post-issue P/E: 21.98x (Industry P/E: 29x)

• ROCE FY24: 14.17%

• ROE FY24: 20.25%

• RoNW FY24: 2.25%

These figures indicate that the IPO is fairly priced, providing investors with potential for listing gains while remaining aligned with industry standards.

Objectives of IPO Proceeds:

1. ₹1,590 Million for repayment and/or pre-payment of certain outstanding borrowings.

2. Remaining funds for general corporate purposes, enhancing operational flexibility and growth capacity.

Investment Outlook:
With a strong promoter track record, advanced manufacturing capabilities, steady financial growth, and favorable market positioning in the agro-processing sector, Regaal Resources Limited IPO presents an attractive opportunity for investors seeking listing gains and long-term value. The combination of robust subscription, positive GMP, and fair valuation suggests that risk-tolerant investors may consider applying for potential gains at listing.

Conclusion:
The Regaal Resources IPO has garnered strong market attention, with substantial anchor investor participation and robust subscription levels. Its proven financial performance, experienced management, and strategic positioning in the maize starch and agro-processing industry make it a noteworthy investment in the Indian market, particularly for investors targeting listing gains and exposure to a high-growth sector.

The Upcoming IPOs in this week and coming weeks are Mangal Electrical Industries, LGT Business Connextions, Vikram Solar, Gem Aromatics, Studio LSD, Shreeji Shipping Global, Patel Retail.

The Current active IPO are Regaal Resources, Mahendra Realtors and Infrastructure.

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