Midwest IPO Listing Date And Latest GMP Ahead Of Market Debut This Week

Shares of Midwest Ltd. will be in focus as investors await the company's debut on the stock market this week.

The initial public offering (IPO) of Midwest Ltd. closed with a strong subscription on the last day of bidding on Friday. The mainboard IPO was oversubscribed 87.89 times on the third and final day, with investors bidding for 27,39,83,920 shares against the 31,17,460 shares on offer.

The share allotment status for the Midwest IPO was finalised on October 20. Successful bidders can expect the shares to be credited to their demat accounts on Thursday, October 23.

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 then later dropped below Rs 100.

Here’s a look at what the latest trends indicate for the IPO of Midwest Ltd.

Shares of Midwest Limited are expected to list on NSE and BSE on Friday, October 24.

The Grey Market Premium (GMP) for the Midwest IPO was Rs 103 as of 8:00 a.m. on October 23. This indicates a potential listing price of Rs 1,168 (Rs 1,065 + Rs 103) per share, representing a premium of 9.67% 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 company, which launched its Initial Public Offering (IPO) on October 15, was a book-built issue valued at Rs 451 crore. This included 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 was 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.

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

Founded in 1981 and based in Hyderabad, Midwest is a leading natural stone company. It specialises in mining, processing, and exporting premium granites and quartz materials. Midwest is India’s largest producer and exporter of Black Galaxy Granite.

Midwest Ltd. plans to use the IPO proceeds for capital expenditure, including the expansion of its quartz processing plant and the purchase of electric dump trucks, among others. A portion of the proceeds will be used to repay borrowings. The remaining funds are meant for general corporate purposes.

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.