Midwest's Rs 451-cr IPO gets subscribed nearly 88 times on Day 3; check latest GMP

Midwest's Rs 451-cr IPO gets subscribed 32 times on Day 3; check latest GMP

The initial public offer of Midwest Ltd got subscribed nearly 88 times on the third day of bidding on October 17.

The three-day IPO received bids for 27,39,66,364 shares against 31,17,460 shares on offer, as per NSE data.

The quota for non-institutional investors garnered 168 times subscription while the category for Retail Individual Investors (RIIs) got subscribed 24.25 times. The portion for Qualified Institutional Buyers (QIBs) received nearly 140 times subscription.

Quartz processor Midwest Ltd on Tuesday said it has mobilised Rs 135 crore from anchor investors.

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

Midwest IPO Details

The IPO is a combination of a fresh issue of shares worth Rs 250 crore and an offer-for-sale (OFS) of Rs 201 crore.

Of the fresh issue, Rs 130.3 crore will go towards Phase II expansion of its quartz facility under subsidiary Midwest Neostone, Rs 25.7 crore for electric dump trucks, and Rs 3.2 crore for solar energy integration at select mines.

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.

DAM Capital Advisors, Intensive Fiscal Services and Motilal Oswal Investment Advisors are the book-running lead managers to the offer.

Midwest GMP

According to InvestorGain, the Grey Market Potential (GMP) of Midwest stood at Rs 80 as of October 17, 1:20 pm. The estimated listing price is expected to be Rs 1,145 based on the upper price band of Rs 1,065. The expected percentage gain per share is 7.5%.