IPO
Quartz processor Midwest's Rs.451-Cr IPO gets subscribed 88 times
The initial public offering (IPO) of Hyderabad-based quartz processor Midwest Ltd got subscribed nearly 88 times. The IPO received bids for 27,39,66,364 shares against 31,17,460 shares on offer. The IPO is a combination of a fresh issue of shares worth INR 250 crore and an offer-for-sale (OFS) of INR 201 crore.The quota for Non-Institutional Investors (NIIs) garnered 168 times subscription, while the category for Retail Individual Investors (RIIs) got subscribed 24.25 times. The portion for Qualified Institutional Buyers (QIBs) received nearly 140 times subscription. Midwest had earlier mobilised INR 135 crore from anchor investors.Of the fresh issue, INR 130.3 crore will go towards Phase II expansion of its quartz facility under subsidiary Midwest Neostone, INR 25.7 crore for electric dump trucks, and INR 3.2 crore for solar energy integration at select mines. INR 56.2 crore will be used to repay debt.Midwest operates 16 granite mines across Telangana and Andhra Pradesh, producing premium Black Galaxy found exclusively in a single village in Andhra Pradesh, and Absolute Black granite, both widely used in global real estate projects.DAM Capital Advisors, Intensive Fiscal Services and Motilal Oswal Investment Advisors are the book-running lead managers to the offer.
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