Midwest IPO listing: GMP indicates 9 per cent gains for investors, latest details here

Following a tremendous 87 times subscription by investors for the Rs 451 crore initial public offering (IPO) of Midwest Limited, all eyes are eagerly waiting for the listing day. 

 

The IPO bidding for Midwest Limited, which started on October 15, concluded on October 17. The shares were allotted to investors on October 20, and the listing procedure is expected to take place on October 24. 

 

For investors who were not allotted shares, a refund of their invested amount will be initiated by the company. For those who have been allotted shares, it will be reflected in their demat accounts. 

 

GMP status:

The grey market premium (GMP) of the Midwest IPO is around Rs 100, as reported by various media reports and business analysts, suggesting a 9 per cent listing gain for the investors. However, GMP is unofficial and is based on the grey market sentiment. 

 

By the end of the third day of public bidding, Qualified Institutional Buyers had subscribed 139.87 times, Non Institutional Investors subscribed 168.07 times, Retail Individual Investors subscribed 24.26 times and Employees subscribed 24.44 times. 

 

As per information available on NSE, IPO aims to raise Rs 250 crore through a fresh issue and Rs 201 crore through OFS.

 

IPO details:

Investors needed 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. 

 

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. 

Business