Midwest Limited’s Rs 451 crore initial public offering (IPO) was subscribed 87 times on the final day of public bidding.
The IPO bidding process, which commenced on October 15, saw tremendous demand by the investors to try their luck in securing the shares.
As per information available on NSE, IPO aims to raise Rs 250 crore through a fresh issue and Rs 201 crore through OFS. The shares allotment will be completed on October 20, with the listing of shares expected to take place on October 24.
IPO details:
To participate in the bidding process, investors need to apply for a minimum of 1 lot at Rs 14,196. A lot would consist of 14 shares, with the price range set at Rs 1014-1065.
According to the official website of NSE, Qualified Institutional Buyers applied for a total of 139.87 times their allotted share. Meanwhile, Non Institutional Investors applied 167.43 times and Retail Individual Investors applied 22.98 times.
Multiple news reports and analysts have stated the grey market premium (GMP) is now set at Rs 175, which corresponds to around 14 per cent of potential listing gains.
About Midwest
Midwest Limited is involved in the exploration, mining, processing, marketing, distribution and export of natural stones. Apart from this, they also manufacture diamond wire, a precision cutting tool used in mining and construction.
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