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Regaal Resources IPO Sees Over 32x Subscription on Final Day

High subscription multiples have more than tripled share demand for the Rs 306 crore issue, with grey-market premiums holding near Rs 34 as the August 18 allotment approaches.

IPO | Image: Shutterstock
Regaal Resources IPO: Issue booked nearly 22x on day 2 so far; GMP holds firm
Regaal Resources IPO Day 1: Issue subscribed 2.56 times within 3 hours; details here
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Overview

  • Regaal Resources' Rs 306 crore IPO had drawn 32.6 times subscription across categories by Thursday morning, with NIIs applying for nearly 89 times their quota, retail investors 25 times and QIBs 3.4 times.
  • Unofficial trading valued shares at Rs 136, reflecting a grey-market premium near Rs 34 per share and implying a roughly 33% gain on listing at the Rs 102 upper band.
  • Anchor investors took 8.999 million shares at Rs 102 apiece on August 11, mobilising about Rs 92 crore ahead of the public subscription window.
  • The book-built issue, open until August 14 with a lot size of 144 shares, comprises a Rs 210 crore fresh issue and an Rs 96 crore offer-for-sale, with allotment on August 18 and listing on August 20.
  • The company will use Rs 159 crore of fresh proceeds to pare debt and fund growth, valuing it at an implied post-issue market cap of Rs 1,048 crore at 21.9x FY25 P/E and earning broadly positive subscribe recommendations despite concentration and commodity risks.