Regaal Resources Limited

Regaal Resources Limited is an Indian agro-processing company that turns maize into starch and starch-derived specialty products. Its core output is native maize starch and modified starches such as yellow and white dextrin, alongside a range of food-grade goods including corn flour, icing sugar, custard powder and baking powder. The wet-milling process also yields co-products that the company sells in their own right: maize gluten, germ, enriched fibre and corn steep liquor. Between them these lines reach customers in food, pharmaceuticals, paper, textiles, adhesives, packaging, edible oil, animal feed and poultry. The company was incorporated in 2012 and runs a single integrated manufacturing site at Kishanganj in Bihar, operated as a zero liquid discharge facility. Installed crushing capacity stands at roughly 750 tonnes per day, expanded several times over from the much smaller base the plant started with in 2018. The site sits close to the maize-growing belt of eastern India and within reach of the Nepal and Bangladesh borders, which shortens both the inbound haul on raw maize and the outbound route to export markets. The company employs more than 500 people and is administered from an office in Kolkata. Regaal sells through a distribution network spanning more than twenty Indian states and exports to neighbouring markets in South Asia and Southeast Asia, with paper and food manufacturers among its larger institutional buyers. Its position rests on locating capacity next to the raw material rather than next to the customer, on running that capacity at high utilisation, and on widening the product mix beyond commodity starch into higher-value modified and food-grade grades. Revenue and profit both grew across the three financial years leading into the offer, funded in large part by borrowing, and a substantial share of the fresh issue proceeds was earmarked to bring that debt down.

The company placed 89,99,856 shares with anchor investors at Rs 102 per share on 11 August 2025, one day before the issue opened, raising close to Rs 92 crore. Ten anchors took part, among them Taurus Mutual Fund, Authum Investment and Infrastructure, Sunrise Investment Opportunities Fund, Holani Venture Capital Fund and VPK Global Ventures Fund.