Midwest IPO subscription surpasses 6x on Day 2 of bidding so far, Check GMP

Midwest IPO sees robust subscription in the primary market. 

Midwest IPO continues to see robust subscription on the second day of share sale on October 16, led by NII and retail investors. The initial share sale of Midwest Ltd was fully subscribed within hours of bidding starting on Wednesday, attracting a total subscription of 1.84 times on the first day.

The Rs 451-crore IPO received bids for 1.97-crore shares against 31.17-lakh shares on offer, translating into 6.34 times subscription, as per NSE data, till 1:30 p.m.

The quota for non-institutional investors attracted 16.68 times subscription, and the retail individual investors (RIIs) portion subscribed 5.21 times. The category for Qualified Institutional Buyers (QIBs) received 57 percent subscription.

Earlier, the Quartz processor Midwest Ltd mobilised Rs 135 crore from anchor investors.

Check All IPO News

Midwest IPO GMP Today Price

According to platforms tracking the grey market activities, the shares of Midwest are commanding a GMP of over 16 percent in the unregulated market. Investorgain quoted a GMP of Rs 180 for the shares of the company, indicating a listing gain of 16.9 percent. IPO Watch also quoted around 16 percent GMP.

The public issue, with a price band of Rs 1,014-1,065 per share, will conclude on October 17.

Additionally, Rs 56.2 crore will be used to repay borrowings, with the remainder earmarked for general corporate purposes.

With over four decades in the natural stone industry, the company has expanded beyond granite into quartz processing through its Phase I plant, catering to the engineered stone and solar glass segments. It is further diversifying into heavy mineral sands exploration as well as the processing of rare earth elements.

Telangana-based Midwest operates 16 granite mines across Telangana and Andhra Pradesh, producing premium Black Galaxy found exclusively in a single village in Andhra Pradesh and Absolute Black granite, both widely used in global real estate projects.

Midwest IPO shares are expected to be allotted by October 20, while share listing is scheduled to take place on October 24.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.