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Maize is the largest crop within India’s feed grain segment, with 80-83% of the cultivation occurring during the Kharif season and the remaining 17-20% in the Rabi season. In FY24, the maize starch co-products market in India was estimated at 1.31 million tons, valued at approximately USD 570 million, driven by rising demand from food, feed, and industrial sectors. Globally, the native maize starch market was valued at USD 30,818 million in FY24 and is projected to grow at a CAGR of 3.65% to reach USD 36,874 million by FY29, indicating sustained demand growth and increasing industrial applications across end-use markets.
| Particulars | Details |
|---|---|
| IPO Open Date | August 12, 2025 |
| IPO Close Date | August 14, 2025 |
| Price Band | ₹96 to ₹102 per share |
| Lot Size | 144 Shares |
| Issue Size | ₹3,060 mln |
| Listing At | BSE, NSE |
| Tentative Listing Date | [To be announced] |
In line with this global trend, the Indian native maize starch market grew at a CAGR of 3.6% from FY19 to FY24 to reach approximately USD 1,991 million and is projected to expand at a CAGR of 4.48% to USD 2,478.7 million by FY29.
Regaal Resources Limited is a Kolkata-headquartered company engaged in the manufacturing and supply of maize-based products through its state-of-the-art zero liquid discharge (ZLD) maize milling facility spread across 54.03 acres in Kishanganj, Bihar. The company serves a diverse customer base across domestic and international markets, catering to key industries such as food products, paper, animal feed, and adhesives. Its business model is structured around three core customer segments: manufacturers of end products, manufacturers of intermediate products, and distributors or wholesale traders. Over the years, Regaal Resources has consistently scaled its operations through strategic capacity expansions, strengthening its position in the maize processing value chain.
Regaal Resources reported a robust financial performance, with revenue from operations growing at a CAGR of 36.95% over FY23-FY25 to reach ₹9,151.61 million in FY25, up from ₹4,879.55 million in FY23. EBITDA more than doubled over the period to ₹1,127.90 million in FY25, with EBITDA margins improving steadily from 8.34% in FY23 to 12.32% in FY25, reflecting enhanced operating efficiency. PAT rose from ₹167.58 million in FY23 to ₹476.68 million in FY25, translating to an increase in PAT margin from 3.43% to 5.19%. Return ratios also strengthened, with ROE expanding from 16.05% in FY23 to 20.25% in FY25, while ROCE improved from 10.99% to 14.17% over the same period, highlighting effective capital deployment and growing profitability.
Objects of the issue:
- Repayment and prepayment of borrowings – INR 1590 million
- General Corporate purposes
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