Midwest Limited Submits Monitoring Agency Report for Q3 FY26 IPO Fund Utilization
Midwest Limited has filed its monitoring agency report for Q3 FY26 with no deviations in IPO fund utilization. The company raised ₹2,500.00 million in October 2025 and utilized ₹792.20 million during the quarter, primarily for debt repayment (₹543.28 million) and general corporate purposes (₹74.57 million). The remaining ₹1,707.80 million is deployed in fixed deposits earning returns between 3.50% to 7.00%. Major capital expenditure projects including the Phase II Quartz Processing Plant and electric dump trucks remain unutilized as planned.
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Midwest Limited has submitted its monitoring agency report for the quarter ended December 31, 2025, confirming no deviations in the utilization of Initial Public Offering (IPO) proceeds. The report, prepared by CRISIL Ratings Limited and dated February 13, 2026, was filed with stock exchanges pursuant to Regulation 32(6) of SEBI Listing Regulations.
IPO Proceeds and Monitoring Framework
The company successfully raised ₹2,500.00 million through its IPO conducted from October 15-17, 2025, with CRISIL Ratings Limited serving as the monitoring agency. The monitoring framework ensures transparency in fund deployment and regulatory compliance under SEBI guidelines.
| IPO Parameter: | Details |
|---|---|
| Total Amount Raised: | ₹2,500.00 Million |
| Issue Period: | October 15-17, 2025 |
| Net Proceeds: | ₹2,246.09 Million |
| Issue Expenses: | ₹253.91 Million |
| Monitoring Agency: | CRISIL Ratings Limited |
Fund Utilization Progress
During the quarter ended December 31, 2025, the company utilized ₹792.20 million from the total IPO proceeds, leaving ₹1,707.80 million unutilized. The major utilization was towards debt repayment and general corporate purposes.
| Object of Fund Utilization: | Original Allocation (₹ Million) | Amount Utilized (₹ Million) | Unutilized Amount (₹ Million) |
|---|---|---|---|
| Investment in Midwest Neostone (Phase II Quartz Processing Plant): | 1,302.98 | 0.00 | 1,302.98 |
| Electric Dump Trucks and APGM Investment: | 257.55 | 0.00 | 257.55 |
| Solar Energy Integration: | 32.56 | 0.00 | 32.56 |
| Debt Repayment: | 562.23 | 543.28 | 18.95 |
| General Corporate Purposes: | 90.77 | 74.57 | 16.20 |
| Issue Related Expenses: | 253.91 | 174.35 | 79.56 |
Unutilized Funds Deployment
The company has deployed the unutilized IPO proceeds of ₹1,707.80 million in fixed deposits and monitoring accounts to ensure capital preservation while earning returns. The funds are primarily invested in fixed deposits with RBL Bank and Kotak Mahindra Bank.
| Investment Type: | Amount Invested (₹ Million) | Return Rate (%) | Maturity Date |
|---|---|---|---|
| RBL Bank Fixed Deposits: | 1,600.00 | 7.00 | November 1, 2026 |
| Kotak Mahindra Bank Fixed Deposit: | 90.00 | 3.50 | January 1, 2026 |
| Monitoring Account Balance: | 6.86 | - | - |
| Public Issue Account Balance: | 10.94 | - | - |
Regulatory Compliance and Future Deployment
The monitoring agency report confirms that all fund utilization aligns with the objects disclosed in the offer document. The company has not yet commenced deployment of funds for major capital expenditure projects including the Phase II Quartz Processing Plant, electric dump trucks, and solar energy integration. The Board of Directors ratified the utilization of general corporate purpose funds for tax payments during the quarter.
The comprehensive monitoring framework ensures investor confidence through transparent reporting and adherence to regulatory requirements. The company maintains detailed documentation and independent chartered accountant certification for all fund movements and deployments.
Historical Stock Returns for Midwest
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.19% | +1.40% | -5.32% | +8.62% | +8.62% | +8.62% |
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