Regaal Resources IPO was subscribed 159.88 times on the final day of bidding on August 14. The issue received 335 crore bids for the offered 2.09 crore equity shares.
Regaal Resources IPO’s Non-Institutional Investors portion was subscribed 356.73 times, receiving 160 crore bids for 44.9 lakh shares. The issue’s Qualified Institutional Buyer portion was subscribed 57.75 times, receiving 1,14,57,89,712 bids for 59,99,904 shares.
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Regaal Resources’ issue did not get the same enthusiasm from the retail investors. The retail investor portion of the IPO was subscribed 57.75 times, receiving 60.63 crore bids for 1.04 crore offered shares.
Yesterday, on the second day of the issue, Regaal Resources IPO received 26.38 times subscription.
Pre-IPO anchor investment
A day before the opening of the issue, Regaal Resources Ltd raised Rs 91.80 crores from anchor investors. Some of the Institutions that participated in the anchor include Taurus Mutual Fund, Meru Investment Fund, Authum Investment and Infrastructure Limited, and Universal Sompo.
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Regaal Resources IPO has a fresh issue of shares worth Rs 210 crore and an offer-for-sale of 94.12 lakh shares valued at Rs 96 crore by promoters, at the upper end of the price band. This aggregates the issue size to Rs 306 crore.
Following the issue, the promoters’ stake will reduce to approximately 71 per cent from 100 per cent. Of the fresh issue proceeds, Rs 159 crore will go towards repayment or pre-payment of certain borrowings.
Pantomath Capital Advisors Private Limited and Sumedha Fiscal Services are the book-running lead managers, and MUFG Intime India Private Limited is the registrar of the issue.
Regaal Resources’ business
Regaal Resources is engaged in manufacturing maize-based speciality products such as native maize starch, modified starch, value-added products like maize flour, custard powder, and baking powder and co-products such as gluten, germ, and enriched fibre.
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