Regaal Resources Stock Drops 5% After Strong Market Debut
Regaal Resources opened at a 39% premium on its IPO price before retreating 5% as investors took profits. The maize product manufacturer's ₹306-crore offering had drawn overwhelming demand, with institutional bids exceeding the available shares by 190 times.
The stock listed at ₹141.80 on BSE and ₹141 on NSE, well above its ₹102 issue price. By mid-morning trading, shares settled NEAR ₹134 as early enthusiasm waned. Proceeds will primarily service debt, with ₹159 crore earmarked for loan repayments from the ₹210 crore fresh issue component.