Midwest IPO GMP: Mining Company’s Public Issue Booked 84% On Last Day Of Bidding

Midwest IPO GMP Today: Midwest Ltd public issue is scheduled to close today on October 17. Midwest IPO is witnessing strong demand on the third day of bidding. So far the public issue has been booked over 84 times.

Midwest IPO GMP

Midwest IPO grey market premium (GMP) is ranging between Rs 100 and Rs 145 per share on October 17 as per several websites which track the movement of unlisted shares. Midwest shares are expected to list with gains of over 13 per cent at Rs 1210 per share.

Midwest IPO: Subscription On Day 3

Midwest IPO has received bids for over 263.81 million shares so far against the 3.11 million shares offered for subscription, leading to the issue being subscribed 84.63 times.

Non-institutional investors (NIIs) are driving the demand for the Midwest’s shares as the issue has been booked 164.07 times in the NII category so far. NII’s have placed bids for 109.22 million shares of the company against the 6,65,681 shares reserved for subscription.

Midwest IPO has been booked 21.86 times by retail Individual Investors (RIIs) so far. RIIs placed bids for 33.94 million shares compared to the 1.55 million shares reserved for the retail category.

Qualified institutional buyers (QIBs) have applied for 120.4 million shares of the natural stone processing company’s public issue so far on the last day of bidding against the 8,87,572 shares reserved for the category, booking the issue 135.65 times.

Employees of the company applied for 2,48,304 shares compared to the 10,952 shares offered for subscription, leading to the issue being booked 22.67 times so far.

Midwest IPO: Issue Size

Midwest Ltd seeks to raise Rs 451.31 crore from its public issue via the issuance of 2.3 million shares aggregating to Rs 250 crore and an offer for sale of 1.9 million shares aggregating to Rs 201 crore.

Midwest IPO price band was set at Rs 1014 to Rs 1065 per share. The minimum lot size for retail individual investors was fixed at 14 shares, which aggregates to an investment of Rs 14,910.

Midwest IPO: Subscription Dates and Listing Date

Midwest IPO opened for subscription on October 15. Midwest IPO subscription window is scheduled to close on October 17. The share allotment status of Midwest IPO will be announced on October 20. Subsequently, Midwest Ltd will issue refunds for unsuccessful applicants on October 23. Midwest Ltd shares are scheduled to list on the bourses on October 24.

Midwest: Financials

Midwest Ltd’s total income for FY25 surged to Rs 643.14 crore, growing by over 6 per cent from Rs 603.33 crore in FY24. The natural stone processing company’s profit-after-tax stood at Rs 133.3 crore, growing by over 32 per cent in FY25 from a net profit of Rs 100.32 crore in the preceding fiscal.

Midwest IPO: Registrar

Midwest IPO’s book running lead manager is Dam Capital Advisors Ltd and the registrar for the issue is Kfin Technologies Ltd.

Midwest: Promoters

The promoters of Midwest include Kollareddy Rama Raghava Reddy, Kollareddy Ramachandra, Kukreti Soumya and Uma Priyadarshini Kollareddy. Promoters of the company held 95.83 per cent stake cumulatively prior to the issue. The promoters of the natural stone processing company will reduce their stake to 84.39 per cent post the issue.

Midwest IPO: Objective

Midwest Ltd plans to use Rs 127.04 crore out of the issue’s proceeds for funding the capital expenditure requirements of its subsidiary Midwest Neostone. The capital expenditure requirements include establishing Phase II of the company’s quartz processing plant.

As much as 25.75 crore out of the public issue proceeds will be used for buying electric dump trucks. The company also seeks to use Rs 3.25 crore for the integration of solar energy at its mines. The proceeds will also be used to repay borrowings and for general corporate purposes.