Midwest IPO Day 3 LIVE Updates: Issue booked 28.20x so far. Check GMP, review, subscription. Should you apply or not?
Midwest IPO Day 3 LIVE Updates: Midwest IPO subscription status was 11.73 times by the end of the second day. Investors showed strong participation, maintaining the excitement surrounding the IPO. The subscription for the retail segment was 8.19 times, while the non-institutional investors (NIIs) portion saw a remarkable booking of 33.20 times, and the Qualified Institutional Buyers (QIBs) portion attracted bids that were 1.84 times oversubscribed. The employee allocation was subscribed 9.12 times.
On its first day of bidding, the Midwest IPO subscription status was 1.84 times. The initial public offering, launched by the Telangana-based company on October 15, gained significant traction by the day’s end, primarily driven by non-institutional investors (NIIs) followed closely by retail investors. Midwest IPO GMP today stands at ₹175.5. This suggests that the Midwest shares are trading at a premium of ₹175.5 in the grey market, according to investorgain.com.
In the public offering, Midwest IPO has allocated 50% of the shares for Qualified Institutional Buyers (QIB), 15% for non-institutional investors (NII), and at least 35% for retail investors. Additionally, a portion of shares is reserved for employees, totaling up to 1 crore.
The Midwest IPO comprises a new share issuance valued at ₹250 crore and an offer-for-sale (OFS) worth ₹201 crore.
Of the fresh issuance, ₹130.3 crore is designated for the second phase of expanding its quartz facility through its subsidiary Midwest Neostone, ₹25.7 crore is earmarked for electric dump trucks, and ₹3.2 crore will be set aside for solar energy integration at specific mining sites.
The Midwest IPO is being managed by DAM Capital Advisors, Intensive Fiscal Services, and Motilal Oswal Investment Advisors, with Kfin Technologies Ltd serving as the registrar for the offering.
(Stay tuned for more updates)
