Midwest IPO Listing Date: Will The Stock Debut At A Premium? Here’s What GMP Says

Midwest IPO Listing Date: After the finalisation of the basis of allotment, Midwest Ltd shares are set to make their market debut on Friday, October 24. Ahead of the listing, the company’s shares are trading at a premium of around 9.67 per cent over the upper end of the price band in the grey market, suggesting a positive opening on the bourses, according to websites that track such unofficial trades.

Midwest had launched its Rs 451-crore initial public offering (IPO) with a price band of Rs 1,014–1,065 per share. The issue comprised a fresh equity issue worth Rs 250 crore, aggregating to 2.35 million shares, and an offer-for-sale (OFS) of 1.88 million shares amounting to Rs 201 crore.

Midwest IPO Subscription Details

The IPO, which was open for subscription between October 15 and October 17, received an overwhelming response from investors, garnering an overall subscription of 87.89 times. The qualified institutional buyer (QIB) portion was subscribed 139.87 times, the non-institutional investor (NII) quota 168.07 times, and the retail investor segment 24.26 times. The employee category, which received shares at a discount of Rs 101 per share, or 9.50 per cent from the issue price, was subscribed 24.44 times.

In total, the IPO offered 42,35,724 shares, of which 21,12,675 shares (49.88 per cent) were reserved for QIBs, 6,33,803 shares (14.96 per cent) for NIIs, 14,78,873 shares (34.91 per cent) for retail investors, and 12,67,605 shares (29.93 per cent) for anchor investors.

Midwest IPO Anchor Investors List

Before the issue opened for public subscription, Midwest raised Rs 135 crore from 10 institutional investors in the anchor book round by allotting 1.26 million shares at Rs 1,065 apiece. Key participants included Goldman Sachs India Equity Portfolio, ABSL Umbrella UCITS Fund Plc and domestic mutual funds such as Axis Mutual Fund, Kotak Mahindra Trustee Co Ltd, Edelweiss Mutual Fund, and ITI Mutual Fund, among others.

Midwest Ltd: Company Profile

Midwest Ltd, incorporated in 1981, is engaged in the exploration, mining, processing, and export of natural stones. The company is best known for its Black Galaxy Granite, a premium variety recognised for its distinctive golden specks, which has helped it establish a strong presence in overseas markets.

The company currently operates 16 granite mines across six locations in Telangana and Andhra Pradesh, producing other popular varieties such as Absolute Black and Tan Brown. It has also built a resource base across 25 locations in Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu to support future mining projects, according to its red herring prospectus (RHP).