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News Topical, Digital Desk : Regal Resources' IPO has received a bumper response from investors. Today was the last day to subscribe to the issue. The issue has been subscribed 160 times amid a great response from all types of investors. The issue benefited from positive reviews from brokerage houses and growth estimates in the grey market. The issue was fully subscribed within the first hour of its opening. If the signals from the grey market are to be believed, there is hope for a better listing of the stock.
How much response did
Regal Resources' IPO get? It opened for subscription on August 12 and was fully booked in just one hour. At the end of the third day, Regal Resources' IPO was subscribed 159.88 times. The retail portion of the IPO received bids 57.75 times, the non-institutional investor portion 356.73 times, and the QIB portion 190.97 times. Overall, bids were received for 3,35,73,63,312 shares against the 2,09,99,664 shares offered in Regal Resources' IPO.
What are the grey market signals? On Thursday, the GMP for Regal Resources' IPO was Rs 24 per share. This means that Regal Resources shares are trading at 24 more than the IPO price in the grey market. Based on the current GMP and issue price, the Regal Resources IPO listing price could be 126 per cent, which is a premium of 23.53%. Keep in mind that the grey market premium fluctuates quite a lot and the listing may not necessarily be in line with it. The market only takes an indication of the sentiments on an issue at any given time.
What is the company's plan
The company plans to use the funds raised to repay some outstanding debt and for general corporate purposes. Established in 2012, Regal Resources is a leading manufacturer of corn-based specialty products in India, with a crushing capacity of 750 tonnes per day.
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