Final Day! Midwest IPO GMP Declines On Day 3 Of Subscription — Check Latest Grey Market Trends

The initial public offering (IPO) of Midwest which opened for subscription on October 15, will conclude its subscription process on October 17. The mainboard issue continued its impressive run as it was subscribed over 11 times on Thursday, led by demand from non-institutional investors.

The unlisted shares of Midwest Limited have been trading at a premium in the grey market, but have shown a declining trend after getting fully subscribed on Day 1. The highest GMP recorded for the IPO was Rs 175.5 on October 15, which has now dropped below Rs 100.

The price band for the IPO is set between Rs 1014 and Rs 1065 per share.

Amid the ongoing subscription, the GMP as well as the Day 3 subscription status of the Midwest IPO will be in focus today. Here’s a look at what the latest trends indicate for the IPO.

The Grey Market Premium (GMP) for the Midwest IPO was Rs 92 as of 2:00 p.m. on October 17. This indicates a potential listing price of Rs 1,157 (Rs 1,065 + Rs 192) per share, representing a premium of 8.64% over the upper limit of the price band.

The highest GMP recorded for the IPO was Rs 175.5 on October 15. Private market investors will continue to monitor the GMP trends as the mainboard issue enters its final day of subscription.

Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.

The IPO has been booked 52.41 times as of 2:36 p.m. on Friday

• QIBs: 49.52 times

• NIIs: 133.71 times

• RIIs: 19.45 times

*Subscription status will be updated at regular intervals.

The IPO was booked 11.73 times on Thursday

• QIBs: 1.84 times

• NIIs: 33.20 times

• RIIs: 8.19 times

The company, which launched its Initial Public Offering (IPO) on October 15, is a book-built issue valued at Rs 451 crore. This includes a fresh issue of 0.23 crore shares worth Rs 250 crore and an offer for sale (OFS) of 0.19 crore shares worth Rs 201 crore.

The IPO price band is set at Rs 1,014 to Rs 1,065 per share.

The lot size is 14 shares. For retail investors, the minimum investment is Rs 14,910 at the upper price band. For small non-institutional investors (sNII), the minimum application is 14 lots (196 shares), requiring Rs 2,08,740. For big non-institutional investors (bNII), it is 68 lots (952 shares), amounting to Rs 10,13,880.

Of the 31,17,460 shares on offer, 8,87,572 shares are reserved for QIBs, 6,65,681 are reserved for NIIs, and 15,53,255 are reserved for RIIs.

Dam Capital Advisors Ltd. is the book-running lead manager, while KFin Technologies Ltd. is the registrar for this issue.

The share allotment status for the Midwest IPO is expected to be finalised on October 20, with listing scheduled on BSE and NSE. Shares of Midwest Limited will debut on the stock market on October 24.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.