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🚀 Regaal Resources IPO is here, and the market is buzzing! With strong subscription numbers, a robust order book, and a healthy GMP trend, this SME IPO has caught the attention of both retail and institutional investors. In this detailed breakdown, we’ll cover everything you need to know — from price band and dates to subscription status, GMP movement, company fundamentals, peer comparison, and Vibhor Varshney’s expert verdict on whether it’s worth applying for listing gains or long-term investment.

📅 IPO Subscription Dates
Opening Date: August 12, 2025
Closing Date: August 14, 2025

💰 Price Band
₹96 – ₹102 per equity share

🏢 Issue Size
Total: ₹306 crore
Fresh issue: ₹210 crore (~2.06 crore shares)
Offer-for-sale (OFS): ₹96 crore (~0.94 crore shares)

📈 Lot Size & Investment
Lot: 144 shares
Minimum (Retail): ₹14,688 (1 lot @ ₹102)
Maximum (Retail): ₹1,90,944 (13 lots)

🏦 Anchor Allocation
₹92 crore raised from anchor investors at ₹102 per share (₹97 premium)

📊 Subscription Status & GMP
Day 1 (Aug 12)
Overall: ~2× in first 2 hours, closed Day 1 at ~5× overall
GMP: ₹21–22 (~20% over issue price)
Day 2 Mid-day (Aug 13)
Overall: ~16.5–19.3×
NII: ~38–40×
Retail: ~15–16.7×
QIB: ~3.1×
GMP range: ₹24–32 (24–31% premium)

📝 Company Overview
Regaal Resources manufactures maize-based specialty products.
Capacity: 750 TPD, expanding to 1,650 TPD
Product range: native & modified starch, gluten, germ, enriched fibers, maize flour, icing sugar, custard powder, baking powder, etc.
Industries served: food, animal feed, paper, adhesives
Location: Kishanganj, Bihar — strategic proximity to raw material and export hubs (Bangladesh, Nepal)
Facility: Zero-liquid discharge

Financials (FY23–FY25)
Revenue CAGR: ~37%
Net profit: ₹16.8 cr → ₹48 cr
EBITDA margin: 8% → 12%
P/E at upper band: ~21.9×
Peers: Sanstar (36×), Gujarat Ambuja Exports (20×), Gulshan Polyols (44×), Sukhjit Starch (13×)

Use of Funds
₹159 crore: debt repayment/prepayment (current debt ~₹561 crore)
Rest: general corporate purposes
Promoter holding post-issue: ~70–71% (from 100%)

✅ Strengths
Strong early subscription & rising GMP
Location advantage with direct raw material access & govt incentives (SGST exemption, interest subsidy)
Expansion into high-margin products (maltodextrin, liquid glucose, cationic starch)
Diversified customer base across industries
Healthy RoE (~20%) and EPS growth

⚠️ Risks
High leverage: Debt-equity ~2.1×
Raw material price fluctuations
Agro-cyclic dependence & seasonal volatility
Negative operating cash flow in FY24–FY25

📅 Key Dates
Basis of Allotment: August 18, 2025
Refunds & Demat Credit: August 19, 2025
Listing: August 20, 2025 (BSE & NSE)

🎯 Investment View
Suitable for:
Investors aiming for listing gains (~25–31% GMP signal)
Long-term exposure to agro-processing sector growth
Those comfortable with leverage risk and cyclicality

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