Shares of Midwest are set to make Dalal Street debut on Friday, October 24 as the natural stones player is likely to deliver a decent listing pop, if one goes by the latest signals from the grey market.
However, the listing might be affected by the weak sentiments in the broader markets.
The grey market premium (GMP) of Midwest has seen some recovery, despite a strong bidding amid jittered broader market sentiments. Last heard, the company was commanding a grey market premium of Rs 110-115 per share in the unofficial market, suggesting a listing pop of 10-11 per cent for the investors.
The IPO of Midwest ran for bidding between October 15 and October 17. It had sold its shares in the price band of Rs 1,014-1,065 per share with a lot size of 14 shares. The company raised a total of Rs 451 crore via IPO, which included a fresh share sale of Rs 250 crore and offer-for-sale (OFS) of up to 18,87,323 equity shares Rs 201 crore.
The issue was overall subscribed a solid 87.89 times fetching more than 23.08 lakh applications, fetching bids for nearly Rs 29,200 crore. The allocation for the qualified institutional bidders (QIBs) was subscribed 139.87 times, while the portion for non-institutional investors’ (NIIs) was subscribed 168.07 times. The quotas for retail investors and employees were booked 24.26 times and 24.44 times, respectively.
Incorporated in 1981, Hyderabad-Midwest is engaged in the business of exploration, mining, processing, marketing, distribution, and export of natural stones. It is a producer and exporter of Black Galaxy Granite, a unique granite variety known for its sparkling golden flakes. Midwest operates 16 granite mines across 6 locations in Telangana and Andhra Pradesh
Brokerage firms had a mixed view on this IPO. DAM Capital Advisors, Intensive Fiscal Services and Motilal Oswal Investment Advisors are the book running lead managers and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE.