Fresh issue of ₹210 crore; proceeds to partly repay borrowings
Kolkata-based Regaal Resources Ltd, a leading maize-based specialty products maker with 750 TPD crushing capacity, will launch its ₹210 crore IPO on Aug 12–14, 2025
BILKULONLINE | Ahmedabad | 08 Aug 2025
Kolkata-based Regaal Resources Limited, one of India’s largest maize-based specialty product manufacturers, is set to hit the capital markets with its maiden Initial Public Offering (IPO) on Tuesday, August 12, 2025, at a price band of ₹96 to ₹102 per equity share (face value ₹5 each). The issue will close on Thursday, August 14, 2025. Investors can bid for a minimum of 144 equity shares and in multiples thereof.
The IPO comprises a fresh issue of up to ₹210 crore and an offer for sale (OFS) of up to 94,12,000 equity shares by promoters and promoter group selling shareholders. The company plans to utilise ₹159 crore from the fresh issue towards repayment and/or pre-payment of certain borrowings.
“This IPO marks a significant milestone for Regaal Resources as we strengthen our balance sheet, expand our market presence, and continue our commitment to sustainable manufacturing,” said Anil Kishorepuria, Chairman & Managing Director.
Industry leadership in maize-based products
With a total installed crushing capacity of 750 tonnes per day (TPD), Regaal Resources has carved a niche as a major player in the maize-based specialty products segment, as per the F&S report. The company manufactures:
- Native maize starch and modified starch – plant-based natural starch produced from maize
- Co-products – gluten, germ, enriched fiber, and fiber
- Value-added products – maize flour, icing sugar, custard powder, and baking powder
The company caters to both domestic and export markets (Nepal and Bangladesh), serving industries such as food products, paper, animal feed, and adhesives. Its customer portfolio includes Emami Paper Mills Limited, Century Pulp & Paper, Kush Proteins Private Limited, Mayank Cattle Food Limited, among others.
Its zero liquid discharge (ZLD) maize milling plant in Kishanganj, Bihar, is central to operations.
“Our business model is uniquely structured to serve manufacturers of end products, manufacturers of intermediate products, and distributors/wholesale traders, ensuring we stay relevant across the value chain,” said Karan Kishorepuria, Whole-Time Director.
Robust financial growth
Regaal Resources has witnessed strong growth, with revenue from operations surging 52.52% from ₹600.02 crore in FY24 to ₹915.16 crore in FY25, driven by higher sales of manufactured and traded goods. Profit after tax jumped 115.28% to ₹47.67 crore in FY25 from ₹22.14 crore in FY24.
IPO allocation structure
- The offer is being made through the book-building process, with:
- Not more than 50% reserved for Qualified Institutional Buyers (QIBs)
- Not less than 15% for Non-Institutional Investors (NIIs)
- Not less than 35% for Retail Individual Investors (RIIs)
Pantomath Capital Advisors Private Limited and Sumedha Fiscal Services Limited are the book-running lead managers, while MUFG Intime India Private Limited is the registrar to the issue.
“Regaal Resources has built strong fundamentals in a high-demand sector. With its financial growth trajectory and operational efficiencies, the company is well-positioned for value creation post-listing,” said Dishant Sagwaria, Pantomath Capital Advisors Pvt. Ltd.
The company’s leadership team — including Anil Kishorepuria (CMD), Karan Kishorepuria (WTD), Saikat Chatterjee (CFO) — along with representatives from the lead managers, interacted with the media in Ahmedabad to share details about the IPO and the company’s growth plans.
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