Midwest Ltd, India's largest producer and exporter of Black Galaxy Granite, is poised for a market debut following its successful Initial Public Offering (IPO). The company's shares are scheduled to list on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on October 24, 2023.

IPO Performance

The Midwest Ltd IPO witnessed significant investor interest, closing with an 87.89 times oversubscription. Investors bid for a total of 27,39,83,920 shares against the 31,17,460 shares on offer, reflecting strong demand across investor categories.

IPO Details

Grey Market Premium and Potential Listing

The Grey Market Premium (GMP) for Midwest Ltd stands at ₹103, indicating positive sentiment among investors. Based on this GMP:

The GMP reached a peak of ₹175.50 on October 15 before declining to its current level.

Key Dates

Company Profile

Midwest Ltd specializes in mining, processing, and exporting premium granites and quartz materials. As India's largest producer and exporter of Black Galaxy Granite, the company has established a strong presence in the stone industry.

Utilization of IPO Proceeds

The company plans to use the funds raised from the IPO for:

1. Capital expenditure, including:
   • Expansion of quartz processing plant
   • Purchase of electric dump trucks
2. Debt repayment
3. General corporate purposes

Investors and market watchers will be closely monitoring Midwest Ltd's stock market debut on October 24, given the strong oversubscription and positive grey market premium.

Note: Grey market premiums and potential listing prices are speculative and not guaranteed. Investors should make decisions based on their own research and risk assessment.

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

Subscription Breakdown

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

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.