Midwest IPO Subscribed 87.89 Times on Final Day

New Delhi, Oct 17 (PTI) The Rs 451-crore initial public offer of Midwest Ltd received 87.89 times subscription on the final day of bidding on Friday.

The three-day IPO got bids for 27,39,83,178 shares against 31,17,460 shares on offer, according to NSE data.

The portion for non-institutional investors garnered 168.07 times subscription while the category for Qualified Institutional Buyers (QIBs) got subscribed 139.87 times. The quota meant for Retail Individual Investors (RIIs) received 24.26 times subscription.

Quartz processor Midwest Ltd on Tuesday said it has mobilised Rs 135 crore from anchor investors.

The public issue has a price band of Rs 1,014-1,065 per share.

The IPO is a combination of a fresh issue of shares worth Rs 250 crore and an offer-for-sale (OFS) of Rs 201 crore.

Of the fresh issue, Rs 130.3 crore will go towards Phase II expansion of its quartz facility under subsidiary Midwest Neostone, Rs 25.7 crore for electric dump trucks, and Rs 3.2 crore for solar energy integration at select mines.

Additionally, Rs 56.2 crore will be used to repay borrowings, with the remainder earmarked for general corporate purposes.

With over four decades in the natural stone industry, the company has expanded beyond granite into quartz processing through its Phase I plant, catering to the engineered stone and solar glass segments. It is further diversifying into heavy mineral sands exploration as well as the processing of rare earth elements.

Telangana-based Midwest operates 16 granite mines across Telangana and Andhra Pradesh, 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.

DAM Capital Advisors, Intensive Fiscal Services and Motilal Oswal Investment Advisors are the book running lead managers to the offer.