- Midwest plans Rs 451 crore IPO with Rs 250 crore fresh issue and Rs 201 crore offer-for-sale
- IPO opens on Oct 15 with price band of Rs 1,014-1,065 and listing on BSE and NSE will be on Oct 24
- Midwest is India’s largest Black Galaxy Granite producer with 23% export market share in fiscal 2024
Midwest Ltd. is set to sell shares worth Rs 451 crore via an initial public offering on Wednesday. The IPO consists of a mix of fresh issues of shares worth Rs 250 crore and an offer-for-sale worth Rs 201 crore.
Promoter Kollareddy Rama Raghava Reddy will offload shares worth Rs 181 crore, while the promoter group Guntaka Ravindra Reddy will sell shares worth Rs 20 crore.
DAM Capital Advisors Ltd., Intensive Fiscal Services Pvt., and Motilal Oswal Investment Advisors Ltd. will be the book-running lead managers for the issue, while Kfin Technologies Ltd. will be the registrar, as per the company's red herring prospectus.
Upon successful completion of raising funds via IPO, the shares will be listed on the BSE Ltd. and the National Stock Exchange.
IPO Details
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
Use Of Proceeds
The company has earmarked Rs 130 crore from the proceeds of the IPO 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.
Business
The 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.
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