Midwest IPO gets fully subscribed; GMP hints at over 16 per cent listing gains on day 2 of bidding

Hinting at a strong investor demand, Midwest IPO gets fully subscribed after day 2 of public bidding. With an issue size of Rs 451 crore, Midwest IPO bidding commenced from October 15 and will conclude on October 17. As per information available on NSE, IPO aims to raise Rs 250 crore through a fresh issue and Rs 201 crore through OFS. The allotment date is tentatively fixed for October 20, with the listing of shares expected to take place on October 24. Investors can apply for the IPO for a minimum investment of Rs 14,196 for a lot with 14 shares. The price range is set at Rs 1014-1065. Investors under the regular category can apply up to Rs 2 lakh. Meanwhile, for people applying under the Employee category, the price range is set at Rs 913-964 and they can apply up to Rs 5 lakh. For High Networth Individuals, the price range is set at Rs 1014-1065. They can apply for between Rs 2-5 lakh. Various media reports hinted at a grey market premium (GMP) of Rs 175, hinting at a 16 per cent surge over the issue price. As per the information available on the official website of NSE, a total of 8.27x subscription has been received for the IPO. Of this, Qualified Institutional Buyers subscribed 1.16 times, Non Institutional Investors subscribed 22.44 times and Retail Individual Investors subscribed 6.56 times, the total meant for each of the categories. 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.