Telangana-based Midwest, known for its mining and infrastructure services, has hit the primary market today with its Rs 451 crore IPO. The issue will open for subscription today, October 15. The subscription window is set to close on October 17.
Here’s everything investors need to know about the offer – from price band to GMP and key promoters before applying.
Midwest IPO: Price band and IPO size
Midwest has fixed a price band of Rs 1,014-1,065 per share for its public issue. The IPO includes a fresh issue of Rs 250 crore and an offer-for-sale (OFS) of Rs 201 crore, taking the total issue size to Rs 451 crore.
Midwest IPO: Minimum investment required
Retail investors can bid for a minimum of 14 shares, translating to an investment of Rs 14,910 at the upper end of the price band. The IPO will be available for subscription in multiples of 14 shares thereafter.
Midwest IPO: GMP trend
As of the latest, the share price of the company is trading at a premium of Rs 104. This is 10% above the issue price
However, GMP is not the actual listing price and fluctuate based on the market sentiment
Midwest IPO: Allotment and listing details
The share allotment for the Midwest IPO is expected to be finalised on October 20, while the company’s shares are likely to be listed on the BSE and NSE on October 24, subject to regulatory approvals.
Midwest IPO: Who’s managing the issue?
The issue is being managed by some of the top investment banks. DAM Capital Advisors, Motilal Oswal Investment Advisors, and Intensive Fiscal Services are the book-running lead managers, while KFin Technologies will act as the registrar to the issue.
Midwest IPO: Promoters and shareholding pattern
Midwest is backed by a promoter group that includes Kollareddy Rama Raghava Reddy, Kollareddy Ramachandra, Kukreti Soumya, and Uma Priyadarshini Kollareddy.
Together, the promoters hold 84.58% of the company’s pre-offer paid-up share capital, amounting to 2.85 crore shares.
Midwest IPO: Promoter selling shareholders
Two of the company’s promoters, Kollareddy Rama Raghava Reddy and Guntaka Ravindra Reddy will be offloading part of their stake through the OFS component of the IPO.
