Regaal Resources IPO: Price, Analysis, And GMP

Regaal Resources IPO - Company Analysis

Regaal Resources IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 306 Cr (~3 crore Shares) by Regaal Resources Ltd., which was incorporated in 2012 and produces specialist products made from maize in India having a crushing capacity of 750 tonnes per day. 

The following items are produced by the company:

• Modified starch is a naturally occurring plant-based starch derived from maize.

• Gluten, germ, enhanced fiber, and fiber. 

• Food-grade starches include baking powder, custard powder, icing sugar, and maize flour.

 

The 54.03-acre manufacturing facility with zero liquid discharge is situated in Kishanganj, Bihar and exports its goods to Bangladesh and Nepal. The company serves both domestic and foreign clients in a variety of industries, such as adhesives, paper, food goods, and animal feed.

 

Three client segments are served by the business's model:

1. End product manufacturers,

2. Intermediate product manufacturers and

3. Distributors/wholesale traders.

Emami Paper Mills Limited is one of the company's clients.

 

If you want to apply for the IPO, click to open a Demat Account.

 

Regaal Resources IPO Details

The Regaal IPO open date is from Aug 12 to Aug 14, with IPO allotment on Aug 18, refund initiation on Aug 19, 2025.

The Rs. 306 crore mainline IPO comprises a combination of a fresh issue of 2.06 crore Shares (Rs. 210 Cr) and an offer for sale of 0.94 crore Shares (Rs. 96 Cr)

The Regaal Resources IPO listing date might be on Wednesday, 20 August 2025, and it will be listed at the BSE and NSE. The Regaal Resources IPO price band is Rs. 96 to Rs. 102 for each Share

Events	Date
IPO Opening Date	Aug 12, 2025
IPO Closing Date	Aug 14, 2025
IPO Allotment Date	Aug 18, 2025
Refund Initiation	Aug 19, 2025
IPO Listing Date (Tentative)	Aug 20, 2025

 

Regaal Resources IPO - Business Analysis (Future Gem)

Regaal Resources initially appears to be just another company that processes maize. However, there is more to it than meets the eye. In FY 2025, maize starch accounted for more than 59% of its total income. Ethanol is made from these same raw ingredients. Although it's not mentioned in the RHP, this revenue mix suggests a quiet future move. Regaal may enter a high-growth industry that is now unheard of if the Government encourages ethanol blending or releases subsidies for it even more.

It's one of the listed peers- Gulshan Polyols began as a business that specialized in maize processing and starch-based products such as sorbitol and liquid glucose. It gradually shifted out into the manufacture of ethanol and biofuel, and now it is one of the well-known providers of ethanol to Indian Oil Marketing Companies (OMCs).

 

 

Industry Outlook

India is the world's sixth-largest producer of maize. Between FY2020 and FY2025, India's maize production increased from 28.8 million tonnes to 42.3 million tonnes at a CAGR of 7.3%. Feed consumption in India is predicted to rise from the current 54% in 2023 - 24 to roughly 58% in 2032 - 33 (OECD 2023 - 32 research).

 

Company Financial 

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	860.27	585.97	371.52
Total Revenue	917.58	601.08	488.67
PAT	47.67	22.14	16.76
EBITDA	112.79	56.37	40.67
Net Worth	235.41	126.61	104.41
Reserves and Surplus	202.44	125.12	102.92
Total Borrowing	507.05	357.21	188.93

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	(112.01)	(225.14)	346.29
Net Cash Flow Investing Activities	(1,279.92)	(1,063.08)	(693.78)
Net Cash Flow Financing Activities	1,723.12	1,485.06	347.56

 

Revenue Bifurcation 

Income Source

Product-wise Revenue Breakdown

Sales-wise Revenue Breakdown

Industry-wise Revenue Breakdown

 

Geography-wise Revenue Breakdown

(Source RHP)

The Objective of The Issue

• Full or partial repayment and/or prepayment of some outstanding loans obtained by the business. ~ Rs. 159 Cr.

• General corporate purposes.

Click to check the IPO application status.

Listed Peers of Regaal Resources Ltd.

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Sanstar Limited	2	2.58	36.46
Gujarat Ambuja Exports Limited	1	5.44	20.22
Gulshan Polyols Limited	1	3.95	44.56
Sukhjit Starch and Chemicals Limited	5	12.79	13.51

 

Valuation

Metric	Value
ROE	20.25%
ROCE	14.17%
Debt/Equity	2.08
PAT Margin	5.19%
EBITDA	12.32%
Price to Book Value	6.18
RoNW	20.25%

 

Evaluation of P/E Ratio

Considering the period of FY 2025, with an EPS of Rs. 6.05 from the last year, the resulting P/E ratio is 16.85x. When compared with the industry’s average P/E of 28.69x, it indicates an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors. 

Explore the All Time Plastics IPO.

IPO's Strengths 

• The production facility's strategic location close to markets for raw supplies and consumption is advantageous.

• Multifaceted raw material sourcing routes support an effective procurement strategy.

• A varied range of products that cater to different industries and are ideally positioned to take advantage of market developments.

• A well-established and extensive distribution and sales network.

• Knowledgeable managers and promoters.

 

 

IPO’s Weaknesses

• Relatively new to the business of processing maize.

• Variations in the cost of purchasing maize.

• Government policies on maize pricing have changed.

 

Regaal Resources IPO GMP 

Regaal Resources IPO GMP today is Rs. 17 as of 08 Aug 2025, while writing this information. Hence, the Regaal Resources IPO listing price (estimated) might be Rs. 119 (upper price + current GMP or grey market premium).

Regaal Resources Limited IPO Summary

IPO Opening & Closing Date	Aug 12, 2025 to Aug 14, 2025
Face Value	Rs. 5 per Share
Issue Price	Rs. 96 to Rs. 102
Lot Size	144 Shares
Issue Size	3,00,00,235 Shares (Rs. 306 Cr)
Offer for Sale	94,12,000 Shares (Rs. 96 Cr)
Fresh Issue	2,05,88,235 Shares (Rs. 210 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	MUFG Intime India Private Limited (Link Intime)

 

 

Regaal Resources IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (144 Shares) amounting to Rs. 14688 and 13 Lots (1872 Shares) amounting to Rs. 190944, respectively, while for S-HNI investors, the minimum Lot is 14 (2016 Shares) amounting to Rs. 205632.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	68 Lots
BHNI (Minimum)	69 Lots

Regaal Resources IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

 

Regaal Resources IPO Allotment Status

To check the Regaal Resources IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using Registrar’s Website Link Intime IPO allotment status

Using BSE Website ​BSE IPO allotment status

 

Promoters And Management of Regaal Resources Ltd.

• Anil Kishorepuria

• Shruti Kishorepuria

• Karan Kishorepuria 

• BFL Private Limited.

Pre-Issue Promoter Shareholding	99.56%
Post-Issue Promoter Shareholding	-

 

Regaal Resources IPO Lead Managers

• Pantomath Capital Advisors Pvt Ltd.

 

 

Dividend Policy

The company has paid a final dividend of Rs. 3 for each share in the FY23.

Conclusion

With the potential for future growth tied to ethanol, the Regaal Resources IPO offers an opportunity in the maize-processing industry. The IPO has robust sales, increasing earnings, and a reasonably valued P/E ratio. Its high debt is among the key risks.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.