All eyes are now on the listing of Midwest. The company wrapped up its IPO last week. Known for its presence in the mining and construction space, the company has completed its allotment process and is now waiting for its stock market debut.
Midwest IPO: When is the listing?
The Midwest IPO will be listed on Indian bourses, both BSE and NSE on Friday, October 24. The allotment process has already been completed, with refunds and share credits expected to reach investors’ accounts by October 23.
The Rs 451 crore issue saw participation across investor categories.
Midwest IPO: Demand across categories
By the end of the bidding phase on October 17, the IPO was subscribed 92.36 times.
The Qualified Institutional Buyers (QIB) portion led the way with 146.99 times subscription and Non-Institutional Investors (NIIs) followed at 176.57 times, and Retail Investors subscribed 25.52 times.
Midwest IPO: GMP slips before debut
According to market observers, Midwest shares are trading at a premium of just Rs 100, or around 9% above the issue’s upper price band of Rs 1,065.
However, it is important to note that GMP is not the official listing price and fluctuates based on the market sentiment.
Midwest IPO: Details at a glance
Midwest’s Rs 451 crore IPO comprised a fresh issue of Rs 250 crore and an offer for sale (OFS) of Rs 201 crore. The price band was fixed at Rs 1,014–1,065 per share.
The company plans to utilise the proceeds from the fresh issue to fund phase II expansion of its quartz grit and powder processing plant through its wholly-owned subsidiary, Midwest Neostone.
Midwest IPO: Promoters and selling shareholders
The key promoters of the company include Kollareddy Rama Raghava Reddy, Kollareddy Ramachandra, Kukreti Soumya, and Uma Priyadarshini Kollareddy. Collectively, they hold 84.58% of the pre-offer paid-up share capital.
Promoters Kollareddy Rama Raghava Reddy and Guntaka Ravindra Reddy are the selling shareholders under the OFS segment.