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Regaal Resources IPO closes today; subscription rises 68x, GMP at 34%
According to data from the National Stock Exchange (NSE), Regaal Resources received bids for 1.43 billion equity shares against 20.99 million shares on offer as of 1 PM on Thursday. This reflects an oversubscription of over 68.33 times.
Among the individual categories, Non-institutional Investors (NIIs) placed the highest number of bids, oversubscribing their reserved category by 212.5 times. This was followed by retail investors, who bid 41.5 times the reserved quota. However, the Qualified Institutional Buyers (QIBs) portion was booked only 7.18 times.
Regaal Resources IPO GMP
On the final day of subscription, the unlisted shares of Regaal Resources were commanding a solid premium in the grey market. According to sources tracking unofficial markets, Regaal Resources shares were trading at ₹137 per share in the grey market, commanding a GMP of ₹35, or 34.31 per cent, over the upper end of the price band of ₹95 to ₹102.
Regaal Resources IPO review
Regaal Resources IPO details
The public offering of Regaal Resources comprises a fresh issue of 20.6 million equity shares and an offer-for-sale (OFS) of ₹9.4 million.
The IPO is priced in the range of ₹96-102 per share, with a lot size of 144 shares. Investors can bid for a minimum of 144 shares and in multiples thereof. A retail investor would need a minimum of ₹14,688 to bid for one lot at the upper-end price. The maximum limit for retail investors is 13 lots (1,872 shares), amounting to an investment of ₹1,90,944.
As the IPO closes for subscription today, the basis of allotment is expected to be finalised on Monday, August 18. Shares are expected to be credited to investors' demat accounts on Tuesday, August 19. Regaal Resources shares are tentatively set to list on the BSE and NSE on Wednesday, August 20.
MUFG Intime India is the registrar of the issue. Pantomath Capital Advisors and Sumedha Fiscal Services are the book-running lead managers.
According to the red herring prospectus (RHP), the company plans to utilise the net fresh issue proceeds for the repayment or prepayment of certain debt and general corporate purposes.
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