Midwest IPO subscribed 1.84 times on day 1

New Delhi, Oct 15 (PTI) The initial public offer of Midwest Ltd was fully subscribed within hours of bidding starting on Wednesday, attracting a total subscription of 1.84 times on the first day.

The Rs 451-crore IPO received bids for 57,29,640 shares against 31,17,460 shares on offer, translating into 1.84 times subscription, as per NSE data.

The quota for non-institutional investors attracted 4.17 times subscription, and the retail individual investors (RIIs) portion subscribed 1.60 times. The category for Qualified Institutional Buyers (QIBs) received 50 per cent subscription.

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

The public issue, with a price band of Rs 1,014-1,065 per share, will conclude on October 17.

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. PTI SUM SUM BAL BAL