Midwest IPO Allotment Nears Finalization After Massive 88x Oversubscription
Midwest Ltd.'s ₹451-crore IPO received overwhelming response, oversubscribed 88 times. Non-Institutional Investors led with 168x subscription, followed by QIBs at 140x and Retail at 25.52x. The issue comprised a fresh issue of ₹250 crore and an offer for sale of ₹201 crore. Share allotment to be finalized on October 20, with expected listing on October 24. Midwest Ltd. is India's largest producer and exporter of Black Galaxy Granite, operating 20 mines across four southern states.
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The initial public offering (IPO) of Midwest Ltd. has garnered significant attention in the Indian capital markets, with the share allotment process set to conclude on October 20. The ₹451-crore mainboard issue witnessed an overwhelming response from investors, resulting in an impressive 88 times oversubscription.
IPO Details
| Particulars | Details |
|---|---|
| Issue Size | ₹451.00 crore |
| Fresh Issue | 23 lakh shares (₹250.00 crore) |
| Offer for Sale | 19 lakh shares (₹201.00 crore) |
| Price Band | ₹1,014.00 - ₹1,065.00 per share |
| Subscription Period | October 15-17 |
| Total Shares Offered | 31.17 lakh |
| Total Bids Received | 27.40 crore |
Subscription Breakdown
| Investor Category | Subscription Rate |
|---|---|
| Non-Institutional Investors | 168.00x |
| Qualified Institutional Buyers | 140.00x |
| Retail Investors | 25.52x |
The robust demand across all investor categories underscores the strong interest in Midwest Ltd., with Non-Institutional Investors leading the charge at 168 times subscription.
Post-IPO Timeline
| Event | Date |
|---|---|
| Share Allotment Finalization | October 20 |
| Refund Process Initiation | By October 23 |
| Share Credit to Demat Accounts | By October 23 |
| Expected Listing Date | October 24 |
Investors eager to check their allotment status can do so through the websites of BSE, NSE, or KFin Technologies, the registrar to the issue.
Company Profile
Midwest Ltd. has established itself as India's largest producer and exporter of Black Galaxy Granite. The company's operations span across 20 mines in four southern states, highlighting its significant presence in the granite industry.
As the IPO process moves towards its final stages, market participants will be closely watching the listing performance of Midwest Ltd., given the exceptional investor interest demonstrated during the subscription period.
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