Midwest IPO lists at 9.4 per cent premium on NSE & BSE: Shares slip after strong grey market buzz

Midwest Limited has finally hit the stock market at a premium of 9.4 per cent over its issue price on October 24. 

 

The 451 crore IPO that went on to get subscribed more than 87 times during the three days of public bidding, was listed at Rs 1,165 on NSE and BSE. Business analysts had predicted a 10 per cent premium after observing the movements in the grey market. 

 

Following the listing, the shares slumped nearly 2 per cent from the issue price. 

 

IPO details:

The initial public offering of Midwest Limited opened the doors for public bidding on October 15 and accepted applications till October 17. Shares were allotted to selected investors on October 20, and those who were not allotted will receive a refund of the invested amount. 

 

By the end of the 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. 

 

IPO investment details:

Investors needed to apply for a minimum of 1 lot at Rs 14,196. A lot would consist of 14 shares. 

 

About Midwest Limited

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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