Midwest IPO GMP, Allotment Status Live Updates: Investors who bid for Midwest IPO are in for an update today, as the allotment process is expected to be finalised. The company, a top producer and exporter of Black Galaxy Granite, opened its three-day subscription period from October 15 to 17.
Midwest IPO: Allotment and refunds
Once the share allocation is confirmed, successful investors will have the equity credited to their demat accounts on October 23, while refunds for unsuccessful bidders will be processed on the same day.
Allotment status can be checked online through the BSE and NSE portals, as well as the official registrar’s website. Kfin Technologies is handling the IPO registration, with Dam Capital Advisors acting as the book-running lead manager.
Midwest IPO: Listing
Midwest is set to make its stock market debut on October 24, with shares to be listed on both the BSE and NSE.
Midwest IPO Allotment Status Live: Follow Live Coverage on Midwest IPO GMP, Allotment Status, Grey Market Premium, Listing Date, Review and More
Midwest IPO Allotment Status, GMP Live: IPO timeline
The Midwest IPO was open for subscription from October 15 to October 17. The shares are expected to list on both NSE and BSE on October 24.
Midwest IPO Allotment Status, GMP Live: Business operations
The company manages the entire value chain, from quarrying to global distribution. It also produces diamond wire cutting tools and has recently expanded into quartz processing with a new plant, diversifying its business activities.
Midwest IPO Allotment Status, GMP Live: Lead managers and registrar
The IPO was managed by DAM Capital Advisors, Motilal Oswal Investment Advisors, and Intensive Fiscal Services. KFin Technologies served as the registrar for the issue.
Midwest IPO Allotment Status, GMP Live: Use of funds
The company plans to use the IPO proceeds for:
Expansion of the quartz processing plant (Phase II) under Midwest Neostone
Purchase of electric dump trucks for mining
Solar energy integration projects
Repayment of existing debt and other corporate purposes
Midwest IPO Allotment Status, GMP Live: About the company
Midwest operates in the natural stone and quartz sector, managing the full value chain from mining and processing to export and distribution. The company is India’s largest producer and exporter of Black Galaxy Granite and Absolute Black Granite, catering to both domestic and international markets.