Regaal Resources Files Draft Papers With SEBI For IPO

Regaal Resources Ltd. filed its preliminary papers for its initial public offering on Dec. 31. The IPO is a fresh issue of shares aggregating to Rs 190 crore, with an offer-for-sale segment of 90 lakh shares. The expected launch date of the offer is yet to be announced.

Promoters of the company include Anil Kishorepuria, Shruti Kishorepuria, Karan Kishorepuria and BFL Pvt. Ltd. Anil Kishorepuria is offloading 30.95 lakh shares, and Shruti Kishorepuria is offloading 18 lakh shares.

The maize-product manufacturer plans to utilise the proceeds from the fresh issue of shares for repayment of outstanding borrowings availed by the company and general corporate purposes.

Pantomath Capital Advisors Pvt. Ltd. and Sumedha Fiscal Services Ltd. are the lead book-runners of the issue, whereas Link Intime India Pvt. Ltd. is the registrar for the issue.

The company is one of India's largest manufacturers of maize-based specialty products. Headquartered in Kolkata, the company operates a manufacturing plant in Kishanganj, Bihar, one of India's major maize cultivation hubs.

The plant is ideally positioned to serve both domestic customers in East and North India as well as international customers, particularly in Nepal and Bangladesh. The company's customer base spans multiple industries, including food products, paper, animal feed, and adhesives. Notable clients include major companies such as Emami Paper Mills Limited, Century Pulp & Paper, Kush Proteins Private Limited, Shri Guru Oil Industries, and more.

For the quarter ended June, Regaal Resources clocked a net profit of Rs 9.2 crore against revenue of Rs 194.9 crore. The company's bottom-line print stood at Rs 22.1 crore for the fiscal ended March 2024, against a topline of Rs 600 crore. As of Oct. 31, 2024, the company's debt pile stood at Rs 439.5 crore.