Midwest Raises ₹135 Crore from Anchor Investors Ahead of IPO Launch on October 15

Midwest, a leading producer and exporter of Black Galaxy granite, has successfully raised ₹135 crore from nine anchor investors on October 14, ahead of the launch of its Initial Public Offering (IPO) opens for public subscription.

As per filings with the stock exchanges, Midwest has allotted 12,67,605 equity shares to anchor investors at the upper end of the price band. Of this, approximately 6.1 lakh shares were allocated to four domestic mutual funds.

Anchor Book Highlights

• Goldman Sachs and Axis Mutual Fund emerged as the largest participants, each subscribing to 3.28 lakh shares for ₹35 crore.
• ABSL Umbrella UCITS Funds picked up 1.4 lakh shares for ₹15 crore.
• Other key investors in the anchor round included Sun Life Aditya Birla India Fund, Kotak Mahindra AMC, Edelweiss MF, ITI Mutual Fund, Edelweiss Life Insurance Company, and Swadha India.

Midwest IPO Details

Midwest IPO is a book-built issue of ₹451 crore. This includes a fresh issue of shares worth ₹250 crore and an offer-for-sale (OFS) of ₹201 crore by its promoters. The IPO, open for bidding from October 15 to 17, is priced in the range of ₹1,014 to ₹1,065 per share.

Midwest is currently valued at ₹3,851 crore. The company plans to use ₹130.2 crore from the fresh issue to invest in its subsidiary, Midwest Neostone, for Phase II expansion of its quartz grit and powder processing plant. Additionally:

• ₹25.7 crore will be used for the acquisition of electric dump trucks,
• ₹3.2 crore for integrating solar energy at selected mining sites,
• ₹56.2 crore will go towards debt repayment,
• The remaining funds will be allocated for general corporate purposes.

Also Read: How to Check Rubicon Research IPO Allotment Scheduled for October 14?

About Midwest Limited

Midwest operates in the extraction and processing of dimensional granite, focusing on premium varieties such as Black Galaxy and Absolute Black. The company also manufactures diamond wire, a high-precision cutting tool used in the natural stone and construction sectors.

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