Midwest Limited IPO Opens Today; Raises ₹134.99 Crore from Anchor Investors

Hyderabad, October 15: The initial public offering (IPO) of Midwest Limited will open for subscription from today, on October 15. Investors who are interested in applying to the IPO can apply through the ASBA facility by visiting their net banking portal, or through a UPI mandate from their stock broking application. The share allotment is expected on October 20, while the company will credit the shares or initiate refunds on October 23. The shares of the company are expected to list on NSE and BSE on October 24.

Midwest Limited is an Indian company that is engaged in the business of granite quarrying and processing. Midwest operates 20 mines across Andhra Pradesh and Telangana and exports to 17 countries, including China, the United States and Europe. The company was established in 1981, and is headquartered in Hyderabad, Telangana.

Midwest Limited Raised ₹134.99 Crore from Anchor Investors

Ahead of the IPO, the company raised ₹134.99 crore from 10 anchor investors by allocating them 12,67,605 equity shares at ₹1,065 per share. Key investors included Goldman Sachs India Equity Portfolio, Axis Mutual Fund (through two schemes), Invesco India Frontline Equity Fund, Sun Life Aditya Birla India Fund, Kotak Consumption Fund, Edelweiss Recently Listed IPO Fund, ITI Multi Cap Fund, ITI Mid Cap Fund, Edelweiss Life Insurance Company Ltd, and Svadha India Emerging Opportunities Scheme 1.

Out of the total anchor allotment, domestic mutual funds received 6,10,330 shares, accounting for 48.15% of the anchor allocation.

Midwest Limited Book Build Issue of ₹451 Crore

The issue size for the IPO is ₹451 crore, including a fresh issue of 0.23 crore shares aggregating to ₹250.00 crores and offer for sale of 0.19 crore shares aggregating to ₹201.00 crores. The company has set a price band of ₹1014.00 to ₹1065.00 per share. The lot size is 14 shares, amounting to a minimum investment of ₹14,910 by a retail investor (14 shares) at the upper price band. he lot size investment for sNII is 14 lots (196 shares), amounting to ₹2,08,740, and for bNII, it is 68 lots (952 shares), amounting to ₹10,13,880. Dam Capital Advisors Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.

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