India's Regaal Resources IPO oversubscribed on Day 1 of bids

Agro-processing firm Regaal Resources' REGL.NS IPO oversubscribed on first day of bids

IPO subscribed 2.48x as of 1:02 p.m. IST; portion set aside for non-institutional investors subscribed 4x

Shares reserved for retail investors subscribed 2.8x, while those for qualified institutional buyers subscribed 75%

Bidding closes on August 14

IPO consists of shares worth 2.1 bln rupees (~$24 mln) for fresh issue; shareholders offloading 9.4 mln shares

Proceeds will be used to repay borrowings and for other corporate purposes

Co's profit more-than-doubled in FY25, revenue grew ~53% y/y

($1 = 87.6262 Indian rupees)