Regaal Resources IPO

About the company

Regaal Resources is India’s leading manufacturer of maize-based products, operating one of the largest maize wet milling plants with an installed crushing capacity of 750 tonnes per day. Headquartered in Kolkata, the company’s state-of-the-art manufacturing facility is situated on 54.03 acres in Kishanganj, Bihar, a strategic location in a major maize cultivation region. This plant stands out as one of the few in India equipped with zero liquid discharge technology. Regaal’s product portfolio is diversified across several categories. Native maize starch constitutes the core offering, accounting for 59.29% of the product mix, followed by modified starches such as white dextrin, yellow dextrin, and oxidised starch, which contribute 0.50%. Co-products like gluten, germ, enriched fibre, and maize steep liquor make up 21.78%, while value-added products such as maize flour, baking powder, custard powder, and icing sugar represent 1.59%. Native maize starch, the major revenue driver, serves a wide variety of industries, reflecting the product’s versatile industrial applications. The company sources maize directly from farmers through aggregators, local traders mainly in Bihar and West Bengal, and agri-distribution companies. In FY25, it procured ~17,431 tonnes of maize directly from farmers via its aggregator network. Initiatives like Regaal Kissan Maitri have strengthened relationships with farmers, helping secure reliable raw material sources. The company has an extensive raw material storage infrastructure, including four humidity-controlled silos with a combined capacity of 40,000 tonnes and warehouses that can hold 25,000 tonnes. Manufacturing at Regaal Resources is highly efficient, with the plant operating at nearly 100% capacity utilisation as of May 31, 2025. Its plant’s location allows easy access to key domestic markets in East and North India, as well as exports to neighbouring countries such as Bangladesh, Nepal, and Malaysia. In FY25, domestic sales generated ₹840.27 crore, constituting 92.77% of revenues, while exports accounted for ₹65.48 crore or 7.23%. Proximity to major transport infrastructure, including National Highway 327E, Bagdogra airport, and Thakurganj railway station, facilitates smooth logistics. Regaal’s customer base includes major industrial players such as Emami Paper Mills, Manioca Food Products, and Century Pulp & Paper. Regaal serves 261 customers, sells directly to end customers and through an extensive network of distributors and 138 dealers. The company has exposure to resilient industries: the paper industry accounted for ₹248.23 crore (27.41%), the animal feed sector contributed 13.19%, and food manufacturing made up 7.49%. India is the sixth-largest maize producer globally. India’s maize production grew at a CAGR of 7.3% between FY20-FY25, rising from 28.8 million tonnes to 42.3 million tonnes. India is the largest exporter of native maize starch in the world, with ~17.4% global share in CY23. Globally, the native maize starch market is expected to grow at a CAGR of 3.65% from 2024 to 2029, reaching $3,687.4 crore. Speciality maize products both globally and domestically are forecasted to increase substantially, with the Indian native starch market expected to grow to $247.87 crore by 2029. Regaal Resources enjoys a strategic edge as Bihar’s only maize milling plant, securing a steady raw material supply from a major production hub. The company ranks among India’s largest maize speciality product manufacturers, with native maize starch accounting for 59% of its contract price. Also, it is amongst the top 10 largest maize milling companies in terms of capacity and the second largest in Eastern India. Now, Regaal Resources Ltd is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹210 crore and an offer for sale worth up to ₹96 crore. The total issue size of the IPO is ₹306 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   12 Aug 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   14 Aug 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   18 Aug 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   19 Aug 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   19 Aug 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   20 Aug 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.