Regaal Resources files draft papers with Sebi to raise funds via IPO

Kolkata-based agro-based company Regaal Resources Ltd has filed its draft red herring prospectus (DRHP) with market regulator SEBI to raise funds through an initial public offering (IPO).

The IPO comprises a fresh issue of shares worth up to Rs 190 crore and an offer-for-sale of up to nine million equity shares by the promoter.

Proceeds from the fresh issue worth Rs 147 crore will be utilised for repayment and pre-payment of borrowings and general corporate purposes.

Regaal Resources, one of the manufacturers of maize-based starch, specialty starches, food-grade starches and starch derivative products in India, has an installed crushing capacity of 750 tonnes per day.

The company reported a revenue from operations increased by 22.97 per cent to Rs 600 crore in FY24, due to an increase in sales of manufactured and traded goods.

Pantomath Capital Advisors and Sumedha Fiscal Services are the book-running lead managers, while Link Intime India is the registrar of the issue. The equity shares are proposed to be listed on NSE and BSE.