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Regaal Resources IPO opens: Analysts suggest long-term buy; here's why
On Monday, August 11, the company raised ₹92 crore from the anchor investors. Taurus Mutual Fund, VPK Global Ventures Fund, Meru Investment Fund PCC-Cell 1, Benami Capital, Sunrise Investment Opportunities Fund, Authum Investment and Infrastructure Fund and Holani Venture Capital Fund were the institutions that participated in the anchor, according to an exchange filing. Regaal Resources has allotted 8.9 million equity shares to various funds at ₹102 per share.
Regaal Resources IPO grey market premium (GMP)
The unlisted shares of Regaal Resources were trading at ₹125 in the grey market, up ₹23 or 22.5 per cent from the upper end price, according to sources tracking unofficial market activities.
Anand Rathi Research - Subscribe for long-term
According to analysts at Anand Rathi, Regaal Resources is well-positioned to capitalise on its strategic location in Kishanganj, a key maize belt accounting for 11.58 per cent of national output and its proximity to major mandis and cross-border markets.
"With capacity utilisation at 99.74 per cent and an ongoing scale-up from 750 to 1,650 tonnes per day (TPD), the company demonstrates strong demand visibility and robust execution capabilities," the brokerage said in a note.
The company's 54-acre integrated facility, in-house power plant, and ESG-compliant systems strengthen its ability to operate smoothly and sustainably. Its wide range of products – including both native and modified starches - serves fast-growing industries such as food, pharmaceuticals, and personal care. With a growing presence across India, strong customer relationships, and an effective sourcing strategy, the company continues to build a solid competitive advantage.
However, analysts believe that the company has a capital-intensive nature of operations, exposure to Agri cycles, and limited pricing power in a commoditised market.
"On the valuation front, based on annualised FY25 earnings, the company is seeking a P/E of 21.9 times, and a post-issue market capitalisation of approximately ₹1,047.7 crore, making the issue appear fully priced," the brokerage said.
Arihant Capital - Subscribe for long term
According to Arihant Capital, Regaal Resources benefits from a strategic location, with its manufacturing facility situated close to both raw material sources and key consumption markets. This advantage is further supported by an efficient procurement strategy and access to diverse raw material sourcing channels. With a broad product portfolio catering to various industries, Regaal is well-positioned to capitalise on favourable industry trends.
"At the upper band of ₹102, the issue is valued at a P/E of 22x based on the FY25 EPS of ₹4.64. We recommend a 'Subscribe for long term' rating for this issue," the brokerage said.
Here are the key details of Regaal Resources IPO:
Regaal Resources IPO is available at a price band of ₹96 to ₹102 per share, with a lot size of 144 shares. Accordingly, investors can bid for a minimum of one lot or 144 shares of Regaal Resources and in multiples thereof.
The minimum amount required by a retail investor to bid for the IPO is ₹14,688 at the upper end price. A retail investor can bid for a maximum of 13 lots or 1,872 shares, amounting to ₹1,90,944.
The three-day subscription window to bid for the issue will conclude on Thursday, August 14, 2025. Following the closure of the subscription window, the basis of allotment of shares is likely to take place on Monday, August 18, 2025. Shares of Regaal Resources are scheduled to make their D-street debut on Wednesday, August 20, by listing on the BSE and NSE.
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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