The initial public offering of Regaal Resources Ltd has concluded with an extraordinary response from investors, recording a total subscription of 159.88 times by the final day of bidding on August 14. The issue received 335 crore bids for the 2.09 crore equity shares on offer, far exceeding expectations and making it one of the most talked-about IPOs of the season.
Non-institutional investors led the rally with an impressive subscription level of 356.73 times, submitting bids for 160 crore shares against an available 44.9 lakh shares. Qualified institutional buyers also showed strong interest, subscribing 57.75 times with over 11.45 crore bids for just under 60 lakh shares. While retail participation was lower compared to other segments, even the retail portion managed a notable 57.75 times subscription, reflecting a broad-based appetite for the company’s stock.
The IPO momentum built steadily, with the second day already showing a 26.38 times subscription rate before accelerating dramatically on the final day. A day before the issue opened, Regaal Resources successfully raised Rs 91.80 crore from anchor investors, attracting well-known institutions such as Taurus Mutual Fund, Meru Investment Fund, Authum Investment and Infrastructure Limited, and Universal Sompo.
The offering comprised a fresh issue of shares worth Rs 210 crore and an offer-for-sale of 94.12 lakh shares valued at Rs 96 crore by promoters, at the upper end of the price band, taking the total issue size to Rs 306 crore. Post-issue, the promoters’ stake will reduce from 100 percent to about 71 percent. Of the fresh capital raised, Rs 159 crore will be directed towards repayment or prepayment of borrowings, which is expected to strengthen the company’s financial position.
Pantomath Capital Advisors Private Limited and Sumedha Fiscal Services served as the book-running lead managers for the issue, while MUFG Intime India Private Limited acted as the registrar.
Regaal Resources operates in the manufacturing of maize-based specialty products, offering a diversified portfolio that includes native maize starch, modified starch, value-added products like maize flour, custard powder, and baking powder, along with co-products such as gluten, germ, and enriched fiber. The company’s diverse product base and growing demand in the food and industrial sectors have likely contributed to the overwhelming investor interest.
The record-breaking subscription not only underscores market confidence in Regaal Resources’ growth story but also positions the company for a strong listing debut. Investors and analysts will now be closely watching the listing performance to gauge whether the secondary market will match the primary market enthusiasm.
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