Regaal Resources shares climb over 1% on day 2 of listing, up 30.5% from IPO issue price

The stock is trading 1.17% higher at ₹133.12 apiece on the National Stock Exchange (NSE) at 9:45 am. The company's market valuation stood at ₹1,367.25 crore.

The scrip is up 30.5% from the issue price of ₹102.

The initial public offer of Regaal Resources was subscribed a whopping 159.88 times due to heavy demand from all investor categories. It received bids for 3,35,73,74,544 equity shares compared to 2,09,99,664 shares on offer.

The part reserved for non-institutional investors (NIIs) was booked 356.73 times, while the category for qualified institutional buyers (QIBs) got subscribed 190.97 times. The retail individual investors' portion attracted 57.75 times subscription.

The ₹306 crore Initial Public Offer (IPO), with a price band of ₹96-₹102 per share, was a fresh issue of shares totalling ₹210 crore and an offer for sale worth ₹96 crore by promoters.

Of the fresh issue proceeds, ₹159 crore will be used for repayment or prepayment of certain borrowings. A portion will also be used for general corporate purposes.

Before the IPO, the firm had mobilised ₹91.79 crore in the anchor round from investors like Meru Investment Fund PCC-Cell 1, Taurus Mutual Fund, Benami Capital, Authum Investment and Infrastructure Fund, VPK Global Ventures Fund, Sunrise Investment Opportunities Fund, and Holani Venture Capital Fund.

Regaal Resources is engaged in operating a zero liquid discharge maize milling facility, facilitating customers in food products, animal feed paper, and adhesives across India and in markets like Nepal and Bangladesh.

Pantomath Capital Advisors and Sumedha Fiscal Services were the IPO's merchant bankers, while MUFG Intime India (formerly Link Intime India) was the registrar.