ReCaal Resources IPO Day 2: Rs 3 billion issuance is high; 10 bookings so far
ReCaal Resources IPO subscription: The initial public offering (IPO), a specialist manufacturer of corn-based products, witnessed strong investor interest on the second day of the bid, with subscriptions so far reaching 14.42 times.
According to BSE data, the IPO received a bid of 3.028 billion shares before 12:30 pm. Category-wise, the non-institutional investor (NII) category led the rush, subscribing to 32.44 times the quota they allocated. The retail section was subscribed 13.19 times, while the Qualified Institutional Buyer (QIB) section was subscribed 3.07 times.
Rechal Resources IPO: price band, issuance scale, anchor investors, key details
The company raised about Rs 9.2 crore from Anchor Investors on August 11 ahead of the IPO. The company has set the price of the band for the issue at Rs 96-102 per share. Bidding for the IPO will remain open until Thursday, August 14.
The IPO includes a stock worth Rs 2.1 billion, as well as the promoters on the top of the price band, selling for 94.12 billion shares.
The total problem size is Rs 306 crore. After the issuance, the promoter’s shares will be reduced from the current 100% to 71%.
Rechaal Resources IPO: Fund Utilization Rate
Reaga Resources plans to use Rs 159 crore in the new question to repay or advance certain borrowings, the rest is dedicated to corporate purposes.
What does Regaal Resources do?
The company operates a zero-liquid emission corn milling facility that serves the food, paper, animal feed and adhesive industries throughout India. It is also exported to markets such as Nepal and Bangladesh.
