Midwest IPO Listing Date: 5 key things retail investors should know ahead of BSE, NSE debut

With the Midwest share listing just around the corner, here are the key things you should know.

Midwest IPO: Subscription details

The initial public offering, with a price band of ₹1,014 to ₹1,065 per share, got subscribed 87.89 times, as investors applied for 27,39,83,920 shares compared to 31,17,460 shares on offer, as per the data on stock exchanges.

Non-institutional investors emerged as the most aggressive bidders, as their quota was subscribed 168.07 times. They applied for 11,18,84,290 shares as against 6,65,681 shares on offer.

The qualified institutional buyers (QIBs) category was booked 139.87 times, as they submitted applications for 12,41,48,388 shares against 8,87,572 shares on offer.

Retail individual investors placed bids for 3,76,83,548 shares compared to 15,53,255 shares reserved. This reflects a subscription of 24.26 times.

Midwest IPO GMP

Midwest IPO: Objectives

The initial share sale aimed to raise ₹451.10 crore by offering new shares worth ₹250.10 crore and an offer for sale (OFS) of ₹201 crore by Kollareddy Rama Raghava Reddy and Guntaka Ravindra Reddy.

The objects of the fresh issue include

• Invest in subsidiary, Midwest Neostone Pvt Ltd, for funding Phase II of the quartz grit and powder processing plant.
• Purchase of electric dump trucks.
• Debt repayment of certain outstanding borrowings of the company.
• General corporate purposes.

Midwest IPO: Share credit, refund and listing date

Midwest IPO: Financials