Midwest IPO Day 2 LIVE Updates: Midwest IPO subscription status on the first bidding day was 1.84 times. The initial public offering of the firm based in Telangana, which kicked off on October 15, sailed through successfully towards the end of the day led by non-institutional investors (NIIs) followed by retail investors. Midwest IPO GMP today is ₹175.5. This indicates Midwest share price is trading at a premium of ₹175.5 in the grey market on Thursday, according to investorgain.com.
Midwest IPO has allocated 50% of the shares in the public offering for qualified institutional buyers (QIB), 15% for non-institutional investors (NII), and at least 35% for retail investors. Additionally, there are shares reserved for employees amounting to a total of up to 1 crore.
Midwest IPO consists of a new share issuance amounting to ₹250 crore and an offer-for-sale (OFS) valued at ₹201 crore.
From the fresh issuance, ₹130.3 crore will be allocated for the Phase II expansion of its quartz facility through its subsidiary Midwest Neostone, ₹25.7 crore will be invested in electric dump trucks, and ₹3.2 crore will be dedicated to solar energy integration at certain mines.
The Midwest IPO is managed by DAM Capital Advisors, Intensive Fiscal Services, and Motilal Oswal Investment Advisors, with Kfin Technologies Ltd acting as the registrar for the offering.
(Stay tuned of more updates)
