Regaal Resources IPO opens on August 12: Check price band, financials and other key details

Regaal Resources will launch its ₹306-crore initial public offering (IPO) on August 12. The IPO will remain open for subscription till August 14. The IPO is a combination of a fresh issue and an offer-for-sale of over 3 crore shares.

Regaal Resources is a leading Indian manufacturer specialising in 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 Resources IPO details

Regaal Resources IPO aims to raise ₹306 crore through its public issue. The issue is 100% book-built and made up of a fresh issuance of 2.05 crore shares worth ₹210 crore and an offer-for-sale (OFS) component worth ₹96 crore.

The company has fixed the price band of the issue at ₹96 to ₹102 per share. The lot size, or the minimum bid quantity to apply for the issue, is 144 shares. This equates to a minimum investment amount of ₹14,688 per lot at the upper end of the price band for retail investors.

Regaal Resources has appointed Pantomath Capital Advisors as the book-running lead managers of the IPO, while MUFG Intime India Private Limited (Link Intime) is the registrar for the issue.

Regaal Resources IPO: Important dates

Regaal Resources IPO will remain open for bidding from 12 to 14 August. After the bidding is closed, the allotment of shares is expected to be finalised on August 18.

Successful bidders can expect the shares to be credited to their demat accounts by August 19, with others receiving refunds on the same day. Regaal Resources shares are scheduled to list on the BSE and NSE on August 20.

Regaal Resources IPO objective

• Funding working capital requirements: The company will utilise ₹159.0 crore towards repayment or prepayment of borrowings.
• General corporate purposes: Part of the IPO proceeds will be used for general corporate purposes. The amount to be utilised for general corporate purposes shall not exceed 25% of the Gross Proceeds.

Financial snapshot

About the company

Regaal Resources is a leading manufacturer specialising in maize-based products. Its 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, 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 4 humidity-controlled silos with a combined capacity of 40,000 tonnes and warehouses that can hold 25,000 tonnes.

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%.