Midwest IPO subscribed 85.55 times so far on day 3: Check allotment date and steps

Midwest IPO: The initial public offering of quartz processor Midwest has been subscribed 85.55 times so far on the third and the final day of bidding on Friday, October 17.

It received bids for 26,67,02,576 shares against 31,17,460 shares on offer, according to the NSE data until 3:44 pm.

The quota for non-institutional investors (NIIs) attracted 166.19 times subscription, while the portion reserved for retail individual investors (RIIs) got subscribed 22.17 times. The part for qualified institutional buyers (QIBs) secured 136.76 times subscription.

The company seeks to raise ₹451 crore by fresh issuance of shares valued at ₹250 crore and an offer for sale of ₹201 crore by promoters Kollareddy Rama Raghava Reddy and Guntaka Ravindra Reddy.

The fresh issue proceeds will be used for Phase II expansion of its quartz facility under unit Midwest Neostone, purchase of electric dump trucks, solar energy integration at select mines, repayment of debt and general corporate purposes.

The price band has been fixed at ₹1,014 to ₹1,065 per share, and a lot consists of 14 shares.

Midwest operates in the natural stone industry and expanded beyond granite into quartz processing through its Phase I facility, catering to the engineered stone and solar glass segments.

Midwest IPO allotment and listing date

The basis of allotment of Midwest Ltd is likely to be finalised on Monday, October 20. Shares will be listed on the stock exchanges on Friday, October 24.

How to check Midwest IPO allotment on NSE

• Open NSE's IPO allotment page in your browser: https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
• Pick the 'Equity & SME IPO bid details' option
• From the 'Select Symbol' menu, choose 'MIDWESTLTD'
• Identify yourself using PAN and application number
• Hit the 'Submit' button

Steps to check Midwest IPO allotment on BSE

• Visit this link: https://bseindia.com/investors/appli_check.aspx
• Select ‘Equity’ as the issue type
• Pick ‘Midwest Limited’ from the IPO names
• Enter application number or PAN card details
• Click on the 'Search' button

Midwest IPO allotment on KFin Technologies; step-by-step guide

• Open registrar's allotment tab: https://ipostatus.kfintech.com/
• Select 'Midwest Ltd' from the list of IPOs
• Identify yourself using Application No, Demat or PAN
• Submit the details to view allotment status