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Regaal Resources IPO
159.33xsubscribed

Regaal Resources IPO

Consumer Food
listed
₹13,824Min. investment

Regaal Resources Limited IPO Details

SectorConsumer Food
Price range₹96.00 – ₹102
IPO type
Regular
Lot size144 shares
Issue size₹306Cr
Red Herring Prospectus
Read
Market cap
₹1,047.79CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹915.16CrLower than sector avg
Growth rate3Y CAGR
23.30%

Regaal Resources IPO Subscription Status

Date
QIB
NII
Retail
Total
12-Aug-25
2.95 times (X)
4.71 times (X)
8.24 times (X)
5.98 times (X)
13-Aug-25
3.2X
67.41X
21.99X
26.47X
14-Aug-25
159.14X
353.84X
56.95X
159.33X

As on 12-Aug-25, 5:30 PM

Regaal Resources IPO Timeline

  1. Pre-apply
    11 Aug 2025
  2. Bid start
    12 Aug 2025
  3. Bid end
    14 Aug 2025
  4. Allotment
    18 Aug 2025
  5. Release of funds
    19 Aug 2025
  6. Demat transfer
    19 Aug 2025
  7. Listing
    20 Aug 2025

About Regaal Resources Limited

Regaal Resources is India’s leading manufacturer of maize-based products, operating one of the largest maize wet milling plants with an installed crushing capacity of 750 tonnes per day. Headquartered in Kolkata, the company’s state-of-the-art manufacturing facility is situated on 54.03 acres in Kishanganj, Bihar, a strategic location in a major maize cultivation region. This plant stands out as one of the few in India equipped with zero liquid discharge technology.
Regaal’s product portfolio is diversified across several categories. Native maize starch constitutes the core offering, accounting for 59.29% of the product mix, followed by modified starches such as white dextrin, yellow dextrin, and oxidised starch, which contribute 0.50%. Co-products like gluten, germ, enriched fibre, and maize steep liquor make up 21.78%, while value-added products such as maize flour, baking powder, custard powder, and icing sugar represent 1.59%. Native maize starch, the major revenue driver, serves a wide variety of industries, reflecting the product’s versatile industrial applications.
The company sources maize directly from farmers through aggregators, local traders mainly in Bihar and West Bengal, and agri-distribution companies. In FY25, it procured ~17,431 tonnes of maize directly from farmers via its aggregator network. Initiatives like Regaal Kissan Maitri have strengthened relationships with farmers, helping secure reliable raw material sources. The company has an extensive raw material storage infrastructure, including four humidity-controlled silos with a combined capacity of 40,000 tonnes and warehouses that can hold 25,000 tonnes.
Manufacturing at Regaal Resources is highly efficient, with the plant operating at nearly 100% capacity utilisation as of May 31, 2025. Its plant’s location allows easy access to key domestic markets in East and North India, as well as exports to neighbouring countries such as Bangladesh, Nepal, and Malaysia. In FY25, domestic sales generated ₹840.27 crore, constituting 92.77% of revenues, while exports accounted for ₹65.48 crore or 7.23%. Proximity to major transport infrastructure, including National Highway 327E, Bagdogra airport, and Thakurganj railway station, facilitates smooth logistics.
Regaal’s customer base includes major industrial players such as Emami Paper Mills, Manioca Food Products, and Century Pulp & Paper. Regaal serves 261 customers, sells directly to end customers and through an extensive network of distributors and 138 dealers. The company has exposure to resilient industries: the paper industry accounted for ₹248.23 crore (27.41%), the animal feed sector contributed 13.19%, and food manufacturing made up 7.49%.
India is the sixth-largest maize producer globally. India’s maize production grew at a CAGR of 7.3% between FY20-FY25, rising from 28.8 million tonnes to 42.3 million tonnes. India is the largest exporter of native maize starch in the world, with ~17.4% global share in CY23. Globally, the native maize starch market is expected to grow at a CAGR of 3.65% from 2024 to 2029, reaching $3,687.4 crore. Speciality maize products both globally and domestically are forecasted to increase substantially, with the Indian native starch market expected to grow to $247.87 crore by 2029.
Regaal Resources enjoys a strategic edge as Bihar’s only maize milling plant, securing a steady raw material supply from a major production hub. The company ranks among India’s largest maize speciality product manufacturers, with native maize starch accounting for 59% of its contract price. Also, it is amongst the top 10 largest maize milling companies in terms of capacity and the second largest in Eastern India. Now, Regaal Resources Ltd is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹210 crore and an offer for sale worth up to ₹96 crore. The total issue size of the IPO is ₹306 crore. Its shares will be listed on the NSE and BSE.

Regaal Resources Limited IPO Analysis

IPO REVIEW

Regaal Resources IPO | Analysis Video

Should you apply?

Watch our analysts break down the Regaal Resources Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

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Strength and Weakness

Strategic location advantage

The company is located in Kishanganj, Bihar, India’s third-largest maize-producing state (11.58% of national output), the facility is just 21 km from West Bengal and 209 km from Assam, ensuring direct access to over 80% of India’s maize belt. Also, its manufacturing facility is in close proximity to countries like Nepal and Bangladesh, which are the major importers of starch.

Robust procurement model

The company’s diversified procurement strategy draws maize from multiple sources—mainly local traders (80.8% in FY25), agri-distribution companies (14.1%), and directly from farmers (5.1%). This approach minimises supply chain risks, optimises cost, and assures quality. The sheer magnitude—over ₹718.1 crore worth of maize procured in FY25, reflects strong sourcing capability and relationships nurtured via initiatives like Regaal Kissan Maitri.

High capacity & utilisation with modern infrastructure

With a crushing capacity ramped up from 180 TPD in 2018 to 750 TPD, Regaal Resources commands one of India’s manufacturers of maize-based speciality products in India in terms of crushing capacity. The facility showcased an impressive capacity utilisation of 99.7% in FY25, supporting actual production of 245,824 TPA.

Wide customer & distribution reach

The company serves over 261 customers (FY25), supported by 138 dealers and seven distributors, driving domestic sales to 92.8% of revenue and exports to 7.2%. Notably, nearly half the sales in FY25 were via dealers, strengthening regional market coverage. Repeat customers provided ₹806.82 crore in revenue in FY25, demonstrating loyalty and a robust sales ecosystem.

Diverse product portfolio

Regaal Resources has evolved its offering to a 14-product suite comprising native and modified starches, co-products, and value-added items like maize flour and icing sugar. This portfolio enables penetration across multiple end-use industries like food, pharma, paper, textiles, and animal feed, with starch alone contributing 59.3% of the contract price in FY25.

Objectives of Regaal Resources Limited IPO

Funding working capital requirements
75.71%
The company will utilise ₹159 crore towards repayment of borrowings.
General corporate purposes
24.30%
Part of the IPO proceeds will be used for general corporate purposes.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹915.16Cr23.30%₹47.67Cr₹1,047.79Cr16.862.08
This sector (avg.)₹1,087.57Cr0%₹78.55Cr₹7,146.66Cr43.500.91
₹20,201.56Cr---₹3,207.59Cr₹2,56,928.6Cr78.770.29
₹20,481.33Cr---₹2,634.29Cr₹1,59,376.2Cr53.620.17
₹17,942.67Cr---₹2,177.86Cr₹1,41,160.9Cr60.930.29

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Regaal Resources IPO Contact Details

Company NameRegaal Resources Limited

How to apply for Regaal Resources IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Regaal Resources Limited IPO FAQs

Investors can apply for the Regaal Resources IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Regaal Resources IPO is 306 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Regaal Resources IPO will be open between 2025-08-12 and 2025-08-14.
Regaal Resources IPO allotment date is 2025-08-19. For Regaal Resources IPO allotment status check, you can visit the website of the registrar of the IPO.
For Regaal Resources IPO, the IPO registrar is MUFG Intime India Private Limited (Link Intime). You can check Regaal Resources IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Regaal Resources IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Regaal Resources IPO lot size is 144 and minimum order quantity is 144.
Regaal Resources IPO has set the price band for its IPO at 102 per equity share with a face value of 5.