Midwest shares list at 9% premium over IPO price

Midwest raised ₹451.10 crore via IPO, which was a combination of fresh issue of equity shares aggregating to ₹250.10 crore and offer for sale of stocks worth ₹201 crore. The IPO, which opened for bidding between October 15-17, was subscribed 87.89 times.

The IPO of Midwest, India’s largest producer of Black Galaxy and Absolute Black granite, received bids for 27.39 crore shares against the offered 31,17,460 equity shares, according to data available on the stock exchanges.

Retail portion and non-institutional portions were subscribed 24.26 times and 168.07 times, respectively. The qualified institutional investors (QIB) segment was subscribed 139.87 times and the employee portion received 24.44 times bidding.

Ahead of the IPO, Midwest raised ₹135 crore from anchor investors. Some of the marquee institutions that participated in the anchor include Goldman Sachs India Equity Portfolio, Edelweiss Life Insurance Company, Axis Mutual Fund Trustee–Axis Mutual Fund Small Cap Fund, Sun Life Aditya Birla India Fund, Kotak Mahindra Trustee–Kotak Consumption Fund, Edelweiss Trusteeship–Edelweiss Recently Listed IPO Fund, ITI Muti Cap Fund, Svadha India Emerging Opportunities Scheme 1.