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News Details

( As on 11/10/2025 07:03)

Midwest announces launch of initial public offering

Midwest Ltd. has announced public offering of 4234740 shares at a price of Rs 5.00 each for Cash at a Premium of Rs 1,060.00 per share. The gross proceeds of the issue are expected to be Rs 45,099.98 lakhs.

The company's initial public offer (IPO) will open on 15 October 2025 and is expected to close on 17 October 2025, subject to customary closing conditions. The price band of the issue has been fixed at Rs 1,014.00-1,065.00 per share.

The IPO includes a fresh Issue of 4234740 Equity Shares of the Company at an price of Rs 1,065.00 per Equity Share. The company has fixed the minimum bid lot for the issue at 14 shares with bids in multiples of 14.

Midwest Ltd. anticipates using the proceeds of the issue for Investment in Midwest Neostone Private Limited (“Midwest Neostone), The wholly owned subsidiary, by way of a loan, towards funding capital expenditure for Phase II of the quartz grit and powder processing plant (the “Phase II Quartz Processing Plant) Capital expenditure for purchase of electric dump trucks (“Electric Dump Trucks) to be used by The Company and investment in Andhra Pradesh Granite (Midwest) Private Limited (“APGM), The Material Subsidiary, by way of a loan, for purchase of Electric Dump Trucks Capital expenditure for integration of solar energy at certain Mines of The Company Prepayment/repayment of, in part or full, certain outstanding borrowings of the Company and investment in APGM, by way of a loan, for prepayment/ repayment of, in part or full, certain outstanding borrowings of APGM General corporate purposes.

Motilal Oswal Investment Advisors Private Limited,Intensive Fiscal Services Private Limited.,DAM Capital Advisors Ltd. as lead manager(s) & KFin Technologies Ltd. is the registrar, to the issue.