Regaal Resources IPO to list on Aug 20: Here's what latest GMP hints at

Regaal Resources IPO listing forecast: As investors await the D-Street debut of maize specialty products maker Regaal Resources, scheduled for August 20, 2025, grey market trends indicate solid listing gains. Notably, the ₹306 crore public offering by Regaal Resources received an overwhelming response from investors, ending up oversubscribed by a massive 160 times.

 

The favourable sentiment extended to the grey market as well. Ahead of the listing, unlisted shares of Regaal Resources were commanding a strong premium in unofficial market trades. According to sources tracking grey market activity, the company’s unlisted shares were exchanging hands at around ₹128 per share. This translates to a grey market premium (GMP) of ₹26 per share, or 25.49 per cent over the issue price of ₹102 per share.

 

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If current grey market trends hold, the company’s shares may list at around ₹128 per share on the bourses, delivering a return of over 25 per cent to investors who were allotted shares during the IPO. However, these estimates remain speculative, as the grey market is unregulated. Thus, the investors should not treat the GMP as a reliable indicator of listing performance.

 

Regaal Resources IPO details

The public offering of Regaal Resources consisted of a combination of a fresh issue of 20.6 million equity shares worth ₹210 crore and an offer for sale (OFS), with promoters divesting up to 9.4 million shares aggregating to ₹96 crore. Anil Kishorepuria, Shruti Kishorepuria, BFL Private Limited, and SRM Private Limited, all part of the promoter group, participated in the OFS.

 

The Regaal Resources IPO was offered at a price band of ₹96–₹102 per share, with a lot size of 144 shares. The subscription window was open from August 12 to August 14, 2025. The basis of allotment was finalised on August 18, 2025, and the company set the issue price at ₹102 per share.

 

Pantomath Capital Advisors and Sumedha Fiscal Services are the book-running lead managers of the public offering. MUFG Intime India (formerly Link Intime India) is acting as the registrar to the issue.

 

Regaal Resources will not receive any proceeds from the offer for sale, as the funds will go to the selling shareholders in proportion to the shares they offered, after deducting their share of offer-related expenses and applicable taxes, in accordance with the offer agreement.

 

The company will utilise the proceeds from the fresh issue for the repayment or prepayment, in full or in part, of certain outstanding borrowings, as well as for general corporate purposes.

 

About Regaal Resources

Regaal Resources is a manufacturer of maize-based specialty products in India, with a crushing capacity of 750 tonnes per day. The company produces native maize starch, modified starch, co-products, and value-added items such as food-grade starches.

 

Regaal’s manufacturing facility is located in Kishanganj, Bihar—a key maize cultivation hub—ensuring reliable access to raw materials and proximity to major markets in East and North India, according to the red herring prospectus (RHP).

 

The company caters to a wide range of industries including food, paper, animal feed, and adhesives, serving both domestic and international markets. Its customer base spans three key segments: end-product manufacturers, intermediate product manufacturers, and distributors/wholesale traders.