Midwest IPO Fully Subscribed On Day One: Check Status, Latest GMP

Midwest Ltd.'s initial public offering was fully subscribed on the day of its launch on Wednesday. Bids were led by non-institutional investors.

The IPO consists of a mix of fresh issues of shares worth Rs 250 crore and an offer-for-sale worth Rs 201 crore. The bidding will conclude on Oct 17.

Promoters Kollareddy Rama Raghava Reddy and Guntaka Ravindra Reddy will offload shares worth Rs 181 crore and Rs 20 crore, respectively.

The minimum investment required for a retail investor is Rs 14,910.

Midwest has earmarked Rs 130 crore from the proceeds of the fresh issue to fund its subsidiary's capital expenditure, as well as about Rs 26 crore for capital expenditure on the purchase of electric dump trucks.

The sum of Rs 56 crore will be used to repay outstanding borrowings, while Rs 3.2 crore will go towards capital expenditure for solar energy integration.

Upon successful completion of raising funds via IPO, the shares will be listed on the BSE Ltd. and the National Stock Exchange.

Midwest is involved in the exploration, mining, processing, marketing, distribution, and export of natural stones. It is India’s largest producer and exporter of Black Galaxy Granite and held a share of approximately 23% of the Indian export market for Black Galaxy Granite in fiscal 2024, it said in its draft papers.

Its customers, comprising processors and distributors, are located across 17 countries, with China, Italy, and Thailand being their primary export markets.