New Delhi, Aug 20 (PTI) Shares of Regaal Resources Ltd, a maize-based speciality product manufacturer, on Wednesday ended with a premium of 29 per cent against the issue price of Rs 102.
The stock started trading at Rs 141.80, a jump of 39 per cent from the issue price on the BSE. During the day, it zoomed 42.84 per cent to Rs 145.70. Shares of the firm ended at Rs 131.65 apiece, up 29 per cent.
On the NSE, the stock listed at Rs 141, up 38.23 per cent. Shares of the firm ended 29 per cent higher at Rs 131.58 each.
The company's market valuation stood at Rs 1,352.35 crore.
The initial public offer of Regaal Resources Ltd got subscribed a huge 159.88 times on the closing day of bidding on Thursday last week, driven by heavy investor demand.
The Rs 306 crore Initial Public Offer (IPO) had a price band of 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, aggregating 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.