Upcoming IPOs this week: No new mainboard or SME offers to open, Midwest listing scheduled; Meesho files updated DRHP

Upcoming IPOs this week: No new mainboard or small and medium enterprise (SME) initial public offerings (IPOs) are scheduled to open for subscription during the holiday-shortened Diwali week.

However, one listing – Midwest IPO – is set for Friday, October 24. The company’s shares will debut on both the NSE and the BSE.

Midwest IPO

The ₹451 crore book-building issue comprised new equity shares aggregating to ₹250 crore as well as an offer for sale of ₹201 crore.

The objects of the offer include capital expenditure by the wholly-owned unit, Midwest Neostone, for the Phase II quartz processing plant, integration of solar energy at certain mines, purchase of electric dump trucks, debt repayment and general corporate purposes.

The initial share sale received 87.89 times subscription, with bids for 27,39,83,920 shares compared to 31,17,460 shares on offer, according to the data available on the NSE website.

The quota for non-institutional investors (NIIs) attracted 168.07 times subscription, while the part for qualified institutional buyers (QIBs) got subscribed 139.87 times. The portion meant for retail investors received 24.26 times the subscription.

The IPO had a price band of ₹1,014 to ₹1,065 per share.

With more than four decades in the natural stone industry, Midwest has expanded beyond granite into quartz processing through its Phase I plant. It is further branching out into heavy mineral sands exploration and the processing of rare earth elements.

It operates 16 granite mines across Andhra Pradesh and Telangana, producing premium Black Galaxy found exclusively in a single village in Andhra Pradesh and Absolute Black granite, both widely used in global real estate projects.

Meesho files updated DRHP

The proposed IPO comprises a fresh issue valued at ₹4,250 crore and an OFS of up to 175,696,602 equity shares by certain existing shareholders.

The OFS includes the sale of shares by some of the company's early investors, including Elevation, Venture Highway, Peak XV and Y Combinator.

The firm's valuation and the IPO's total size will depend on the price band that will be declared later.