Regaal Resources IPO Soars with 26.38 Times Subscription
Regaal Resources Ltd saw its IPO receive a robust 26.38 times subscription on the second day. The offering, worth Rs 306 crore, saw high demand from non-institutional investors at 67.73 times. The funds raised will support debt repayment and expansion plans, reducing promoter stakes from 100% to 71%.
- Country:
- India
Regaal Resources Ltd's initial public offering (IPO) impressed on its second day as reports unveiled a remarkable 26.38 times subscription rate. The Rs 306 crore offering has drawn strong interest, with bids for 55,40,41,008 shares against the 2,09,99,664 shares available, according to the National Stock Exchange data.
The response from non-institutional investors was particularly notable, reaching a staggering 67.73 times subscription, while the retail individual investors' quota was filled 21.82 times. Qualified institutional buyers added to the momentum, subscribing at 3.36 times the available shares.
Prior to the public sale, Regaal Resources secured Rs 92 crore from anchor investors. The funds raised will primarily be used for debt reduction, with Rs 159 crore slated for repayment or pre-payment of certain borrowings. This initiative will see the promoters' stake reduce from full ownership to 71% post-IPO.
(With inputs from agencies.)
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