Midwest Limited, a company that processes quartz for solar glass and engineered stone, is launching its IPO next week.
The company aims to raise ₹451 crore (around $1.5 billion).
The IPO has a price band of ₹1,014 to ₹1,065 per share for its ₹5 face value share.
Investors can bid from October 15th to 17th, while anchor investors allocations will take place on October 14th.
Reduced IPO Size and Shareholding
Originally, the IPO was planned at ₹650 crore, but it was reduced due to a smaller offer for sale (OFS) portion.
Proceeds from the OFS will go directly to the selling shareholders.
Promoters hold 95.83% of shares
SVADHA India Emerging Opportunities Scheme 1 holds 4.17%
The floor price of the shares is 202.8 times the face value, and the cap price is 213 times the face value.
Based on FY25 projections, the P/E ratio ranges from 25.72x to 27.02x, higher than the industry average of 12.73x.
Share Reservation and Allocation
Midwest Limited has set aside its shares for different investor categories:
50% for Qualified Institutional Buyers (QIBs)
15% for non-institutional investors
35% for retail investors
Up to ₹1 crore worth of shares reserved for employees
Share allotment is expected on October 20th, with shares credited to demat accounts on October 23rd.
The company’s shares will list on the stock market on October 24th.
Company Overview and Plans
Midwest Limited is India’s largest producer of Black Galaxy and Absolute Black Granite and has over four decades of experience in the natural stone industry.
The company processes quartz for solar glass and engineered stone, emphasizing sustainability.
It is also expanding into heavy mineral sand extraction (titanium feedstock like rutile and ilmenite) and processing rare earth elements.
The company plans to raise ₹250 crore through new shares, while promoters will sell ₹201 crore worth of shares through OFS.
Other Details
Currently, the Gray Market Premium (GMP) is showing zero
Lead managers: DAM Capital Advisors, Intensive Fiscal Services, Motilal Oswal Investment Advisors
Registrar: KFin Technologies Limited
