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: Subscription status
The IPO was subscribed to a total of 92.4 times. The retailers booked the issue 25.52 times, and the employee section was booked 26 times. The issue saw a massive interest from QIBs and NIIs. The QIBs booked the issue 147 times, while the NIIs booked it 176.57 times.
Midwest IPO Allotment Status, GMP Live: Overview of the company
Midwest, established in 1981, is an Indian company that mines, processes, and exports natural stone, including granites and quartz. It is the main producer of Black Galaxy granite, a variety found in Andhra Pradesh, and exports its products to over 17 countries such as China, Italy, and Sweden.
Midwest IPO Allotment Status, GMP Live: Check Midwest IPO allotment via KFin Technologies (Registrar Website)
KFin Technologies, the official registrar for the Midwest IPO, also provides allotment status online. Visit the KFin Technologies IPO status page, choose ‘Midwest IPO’ from the dropdown, and enter your PAN, application number, or DP/Client ID. Once you click ‘Submit’, your allotment details will be displayed on the screen.
Midwest IPO Allotment Status, GMP Live: Steps to track Midwest IPO allotment on NSE platform
To check the allotment via NSE, head to the NSE IPO application status page. After clicking on ‘Equity and SME IPO Bid Details’, select ‘Midwest IPO’ from the available options. Enter your PAN or application number, submit the details, and you’ll be able to view your allotment result instantly.
Midwest IPO Allotment Status, GMP Live: How to check Midwest IPO allotment on BSE Website
Investors can easily check their Midwest IPO allotment status through the BSE portal. Visit the BSE IPO allotment page, select ‘Equity’ as the issue type, and choose ‘Midwest IPO’ from the dropdown list.
Then, enter your application number or PAN, complete the captcha verification, and click on ‘Search’ to know if you’ve received any shares.
Midwest IPO Allotment Status, GMP Live: Subscription details
The IPO received strong demand, being subscribed 87.89 times overall. Qualified Institutional Buyers (QIBs) applied 49.5 times, Non-Institutional Investors (NIIs) 133.7 times, and retail investors 19.4 times.
Midwest IPO Allotment Status, GMP Live: Issue size and structure
The total IPO size was Rs 451 crore, which included a fresh issue of Rs 250 crore and an offer for sale of Rs 201 crore by promoters Guntaka Ravindra Reddy and Kollareddy Rama Raghava Reddy.
Midwest IPO Allotment Status, GMP Live: Price band
The IPO was offered at a price range of Rs 1,014 to Rs 1,065 per share, with a minimum lot size of 14 shares. Retail investors needed to invest at least Rs 14,910 to apply.
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.