Regaal Resources IPO opens today: Check reviews, ratings, latest GMP & more

The initial public offering (IPO) of Regaal Resources kicks-off for bidding on Tuesday, August 12. The company is selling its shares in the range of Rs 96-102 apiece. Investors can apply for a minimum of 144 equity shares and multiples thereafter. The issue shall close for bidding on Thursday, August 14.

Regaal Resources is looking to raise a total of Rs 306 crore via IPO which includes a fresh share sale of Rs 210 crore and offer-for-sale (OFS) of up to 94,12,000 equity shares worth Rs 96 crore apiece. The net proceeds from the issue shall be utilized towards repayment of debt and general corporate purposes.

Incorporated in 2012, Regal Resources manufactures maize specialty products in India, with a crushing capacity of 750 tonnes per day. The manufacturing unit is located in Kishanganj, Bihar, spanning 54.03 acres with zero liquid discharge. It exports its products to Nepal and Bangladesh. It caters to diverse industries including food products, paper, animal feed, and adhesives.

Regaal Resources raised Rs 92 crore from anchor investors as it allotted 89,99,856 equity shares at Rs 102 apiece. Its anchor book includes names like Taurus Mutual Fund, Meru Investment Fund, Authum Investment and Infrastructure, Universal Sompo General Insurance, Zeta Global Funds (OEIC) PCC, and several domestic alternative investment funds (AIFs).

Regaal Resources has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will get 15 per cent of the allocations. Retail investors will have the remaining 35 per cent of the issue. Last heard, it was commanding a grey market premium (GMP) of Rs 20-23 apiece, suggesting 20-23 per cent listing gains for the investors.

Regal Resource reported a net profit of Rs 47.67 crore with a revenue of Rs 917.58 crore with a financial year ended on March 31, 2025. The company clocked a net profit of Rs 22.14 crore with a revenue of Rs 601.08 crore for the year 2023-24. The company shall command a total market capitalization of Rs 1,048 crore at the upper end of the price band.

Pantomath Capital Advisors and Sumedha Fiscal Services are the book running lead managers for Regaal Resources IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE with Wednesday, August 20 as the tentative date of listing. Here's what host of brokerage firms say about the IPO of Regaal Resources:
 

Reliance Securities
Rating: Subscribe
Regaal Resources holds a strong competitive position with its unique location advantage, cost-efficient operations, and government incentives, enabling sustainable margins and scalability, said Reliance Securities.

"Its planned capacity expansion, diversification into higher-margin modified starch and derivatives, entry into white labelling, and strategic market penetration in both domestic and export markets position it well for long-term growth, we recommend subscribing," it added.
 

Anand Rathi Shares & Stock Brokers
Rating: Subscribe for long-term
Its integrated 54-acre facility, captive power plant, and ESG-compliant systems enhance operational resilience, while a diversified product portfolio spanning native and modified starches addresses high-growth sectors including food, pharma, and personal care. A growing pan-India footprint, deepening customer relationships, and a strong sourcing strategy further reinforce its competitive edge, said Anand Rathi.

The issue is seeking a P/E of 21.9 times, making the issue appear fully priced. We believe it has a capital-intensive nature of operations, exposure to Agri cycles, and limited pricing power in a commoditized market. However, its strategic location, diversified customer base, and expanding footprint support long-term scalability, 'subscribe for long-term rating.
 

Canara Bank Securities
Rating: Subscribe with caution
Regaal Resources has demonstrated strong financial performance, registering an impressive financial. Strategically located in one of India’s key maize-producing regions, it benefits from significant procurement and logistical advantages. Its B2B business model is supported by a distinguished client base, and its operations are underpinned by sustainability initiatives, said Canara Bank Securities.

"While certain promoter-related litigations remain pending and warrant monitoring, Regaal's growth trajectory, operational efficiencies, and strategic positioning makes it attractive. Accordingly, we recommend a 'subscribe' rating for investors with a higher risk tolerance seeking exposure to the agro-processing and specialty ingredients segment," it said.
 

Arihant Capital Markets
Rating: Subscribe
Regaal Resources is engaged in the business of manufacturing of maize-based specialty products in India with a strategic locational advantage of their manufacturing facility close to raw material and end consumption markets also having an efficient procurement strategy aided by multifaceted raw material sourcing avenues, said Arihant Capital Market with a 'subscribe for long-term' tag.
 

Swastika Investmart
Rating: Subscribe
Regaal Resources operates in the production of ZLD maize and related byproducts. Given the strong fundamentals and growth prospects, Regaal Resources is a promising candidate for long-term investors with a higher risk tolerance, said Swastika. The valuation appears reasonable when compared to its peers. Investors shall prepare to navigate the risks," it said with a 'subscribe' tag.
 

SMIFS
Rating: Subscribe
"We recommend subscribing to the issue, as Regaal’s ongoing capacity expansion from 750 to 1,650 TPD combined with near full utilisation of existing capacity and a gradual ramp-up of the new capacity, offers strong potential for revenue to double over the next 2-3 years, positioning the company as a good long term investment opportunity," said SMIFS.
 

Ventura Securities
Rating: Subscribe
Regaal Resources aims to deleverage the balance sheet, reduce finance costs, and improve cash flows. It intends to expand its domestic reach, particularly in South Indian states, said Ventura Securities. "With the increased capacity, it plans to expand its international footprint. We recommend 'subscribe' as we expect margins to improve with debt reduction, capacity expansion and new geographies."
 

BP Equities
Rating: Subscribe
The company's ongoing capacity expansion from 750 to 1,650 TPD, combined with near full utilization of existing capacity and a gradual ramp-up of the new capacity, offers substantial potential for revenue growth over the next 2-3 years, said BP Equities. "On the upper price band, the issue is valued at a P/E of 16.9 time, which seems fairly valued. We recommend a 'subscribe' rating."
 

BNK Securities
Rating: Suscribe
"Regaal Resources is demanding an EV/Ebitda multiple of 13.4 times, which is at discount to its peer. After considering ROE, ROCE and EBITDA CAGR growth (FY22-25) compared to its peers, we believe that the issue is not fully priced. Thus, we assign a ‘subscribe’ rating for the issue," said BNK Securities.
 

Lakshmishree Investments & Securities
Rating: Subscribe
Regaal Resources offers a strong play on India’s agro-processing sector, backed by scale, diversification, and financial growth. With a 750 TPD maize crushing capacity, it’s among the largest starch producers in the country. Its B2B portfolio spans starches, co-products, and food-grade items used across food, pharma, paper, and animal nutrition, said Lakshmishree Investments.

"Key risks include the capital-intensive nature of operations, exposure to agri-cycles, and limited pricing power in a commoditized market. Still, its strategic location, diversified customer base, and expanding footprint support long-term scalability. We assign a ‘subscribe’ rating for long-term investors, especially those seeking exposure to India’s industrial agri-value chain," it said.