Regaal Resources IPO Subscribed 159x

New Delhi, Aug 14 (PTI) The initial public offer of Regaal Resources Ltd, a maize-based speciality product manufacturer, got subscribed a huge 159.88 times on the closing day of bidding on Thursday, driven by heavy investors demand.

The Rs 306-crore initial public offer (IPO) received bids for 3,35,73,63,312 shares against 2,09,99,664 shares on offer, as per NSE data.

The quota for non institutional investors received 356.73 times subscription, while the category for Qualified Institutional Buyers (QIBs) got subscribed 190.97 times. Retail Individual Investors (RIIs) garnered 57.75 times subscription.

Regaal Resources Ltd on Monday mobilised around Rs 92 crore from anchor investors.

The price band was fixed at Rs 96-102 per share.

The IPO had a fresh issue of shares worth Rs 210 crore and an offer-for-sale of 94.12 lakh shares valued at Rs 96 crore by promoters, at the upper end of the price band. This aggregated the issue size to Rs 306 crore.

Of the fresh issue proceeds, Rs 159 crore will go towards repayment or pre-payment of certain borrowings.

Regaal Resources operates a zero liquid discharge maize milling facility catering to customers in food products, paper, animal feed and adhesives across India, and in export markets such as Nepal and Bangladesh.