It’s the final day of bidding for the Midwest IPO. The public issue, which opened on October 15, will be closing its subscription today, October 17.
Let’s take a look at the key factors to watch out for ahead of allotment next week –
Midwest IPO Day 3 – Subscription figures so far
As of the morning today (Day 3 of bidding), the Midwest IPO has been subscribed 21.55 times so far. The retail portion received 12.76 times subscription, while non-institutional investors (NIIs) have subscribed their quota 68.24 times so far. The Qualified Institutional Buyers (QIBs) segment has been subscribed 2.01 times so far.
The issue structure follows the standard allocation pattern – 50% reserved for QIBs, 15% for NIIs, and 35% for retail investors, with an additional portion reserved for employees.
Midwest IPO Day 3 – Structure and fundraising plan
Midwest public offer is a book-built issue worth Rs 451 crore, consisting of both a fresh issue and an offer for sale (OFS) component. The fresh issue comprises 0.23 crore new shares, aggregating to Rs 250 crore, while the OFS includes 0.19 crore shares, valued at Rs 201 crore.
The company has outlined a clear use of proceeds from the fresh issue. Around Rs 130.3 crore will be directed toward the second phase expansion of its quartz facility through its subsidiary, Midwest Neostone.
Another Rs 25.7 crore has been allocated for the procurement of electric dump trucks, while Rs 3.2 crore will fund solar energy integration at select mining sites.
Midwest IPO Day 3 – Grey market trend
In the unlisted market, Midwest shares are currently trading at Rs 1,210, according to market reports.
This translates to a GMP of around Rs 145, or 13.6% above the upper price band of Rs 1,065 per share.
However, it is important to note that GMP is not the official indicator and fluctuates based on market sentiment.
Midwest IPO Day 3 – Key dates to remember
The Midwest IPO opened for public subscription on October 15 and is set to close today, October 17. The basis of allotment is expected to be finalised on October 20. Furthermore, the listing is scheduled for October 24, on both the BSE and NSE.
The issue is being handled by a consortium of top investment banks – DAM Capital Advisors, Intensive Fiscal Services, and Motilal Oswal Investment Advisors while Kfin Technologies acts as the registrar.