The price band has been fixed at Rs 96–102 per share, with a lot size of 144 shares. At the upper price band, the company’s implied market capitalisation stands at about Rs 9,985 crore. In the grey market, the IPO is commanding a premium of about 22% over the upper price band, suggesting healthy investor interest ahead of listing.
Regaal Resources is among India’s fastest-growing maize-based specialty product manufacturers and ranks as the second-largest player in eastern India with a maize milling capacity of 750 tonnes per day (TPD).
The company’s 54-acre manufacturing plant in Kishanganj, Bihar, is a zero liquid discharge (ZLD) facility with storage capacity of 70,000 MT.
Strategically located near Gulabbagh — one of India’s largest maize markets — the unit enjoys logistical and procurement advantages, including direct sourcing from farmers, which reduces raw material costs by 6–7%.
The company’s portfolio spans native and modified maize starches, co-products such as gluten and enriched fibre, and value-added products like maize flour, icing sugar, custard powder and baking powder.Its customer base covers industries such as paper, animal feed, food processing and distribution, with the paper segment contributing the largest revenue share.In FY25, domestic sales accounted for 92.8% of revenues, with exports to Bangladesh, Malaysia and Nepal. Between FY23 and FY25, Regaal achieved a 37% revenue CAGR, with profits rising from Rs 16.8 crore to Rs 47.7 crore and EBITDA margins improving from 8.3% to 12.3%.The IPO proceeds will primarily be used to prepay or repay Rs 159 crore of outstanding borrowings, with the balance allocated to general corporate purposes. Post-issue, promoter shareholding will fall from 99.56% to 70.44%.
Should you subscribe?
Brokerages have taken a positive stance on the issue. Arihant Capital has recommended a Subscribe for long term rating, citing the company’s strategic location in one of India’s largest maize-growing belts, its efficient multi-source procurement strategy, and a diversified product portfolio catering to multiple industries.
Reliance Securities has also advised investors to Subscribe, highlighting Regaal’s strong competitive position, cost efficiency through government incentives, planned capacity expansion to 1,650 TPD, diversification into higher-margin starch derivatives, and entry into white-labelling segments.
The tentative listing date on both NSE and BSE is August 20, 2025.
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