Midwest IPO listing: Shares of Midwest Limited witnessed a positive listing on Friday, October 24, following a strong response to its initial public offering (IPO). Midwest share price was listed at ₹1,165 on both the BSE and the National Stock Exchange (NSE), a premium of 9.39% or ₹100, over the issue price of ₹1,065.
The listing was largely in line with expectations as signalled by the grey market premium (GMP). Midwest IPO GMP today was ₹115 ahead of the listing, signalling a listing pop of 10.8%.
Midwest IPO Details
The company’s IPO had witnessed a blockbuster response, having been subscribed 87.89 times on the final day of the bidding process.
Midwest IPO, open for bidding from October 15 to October 17, received bids for 27,39,83,178 shares as against 31,17,460 shares on offer. The portion reserved for non-institutional investors (NIIs) garnered 168.07 times the subscription, while the category for qualified institutional buyers (QIBs) received 139.87 times the subscription. The quota meant for retail investors was booked 24.26 times.
Midwest IPO was priced at ₹1,014-1,065 per share, looking to raise ₹451 crore at the upper end of the price band.
The IPO was a combination of a fresh issue of shares worth ₹250 crore and an offer-for-sale (OFS) of ₹201 crore.
The company plans to use the funds raised from the fresh proceeds for Phase II expansion of its quartz facility under subsidiary Midwest Neostone, electric dump trucks, and solar energy integration at select mines. Apart from capex, it plans to use the IPO proceeds to repay borrowings, with the remainder earmarked for general corporate purposes.
Investors could apply for Midwest IPO in lots of 14 shares, and multiples thereof. Retail investors needed to shell out at least ₹14,910 to subscribe to one lot of the IPO at the upper end of the issue.
With over four decades of experience in the natural stone industry, the company has expanded beyond granite to include quartz processing through its Phase I plant, serving the engineered stone and solar glass sectors. It is also diversifying into heavy mineral sands exploration and the processing of rare earth elements.
Based in Telangana, Midwest operates 16 granite mines across Telangana and Andhra Pradesh. The company produces premium varieties such as Black Galaxy, found exclusively in a single village in Andhra Pradesh, and Absolute Black granite, both of which are widely used in global real estate projects.
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