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

The initial public offering of Midwest Ltd. has been subscribed over six times as the issue continues to garner significant attention from non-institutional investors on day two.

The company is looking to raise Rs 451 crore through the book-building issue. 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.

Midwest is looking to use the proceeds from IPO to capital expenditure purposes. The company 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.

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

Incorporated in 19821, 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.

• Open date: Oct. 15

• Close date: Oct. 17

• Price Band: Rs 1,014-1,065 per share

• Allotment date: Oct. 20

• Listing date: Oct. 24

• Fresh issue: Rs 250 crore

• OFS: Rs 201 crore

• Minimum bid: Lot size of 14 shares

The Midwest IPO has been subscribed 6.6 times as of 1.30 p.m. on Thursday.

• Qualified Institutional Buyers (QIBs): 57%

• Non Institutional Investors(NIIS): 17.58 times

• Retail Individual Investors (RIIs): 5.34 times

The latest grey market premium for the Midwest IPO is Rs 180. The shares are expected to list at Rs 1,245 apiece, indicating a gain of 16% over the IPO price, according to Investorgain.

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