Delhi, 15 October (H.S.): The Rs 451-crore initial public offering (IPO) of Midwest Limited, a company specializing in the mining, processing, and global sale of natural stones, opened for public subscription on Wednesday. The issue will close on October 17, and the company's shares are expected to be listed on the BSE and NSE on October 24.

The price band for the IPO has been fixed at Rs 1,014 to Rs 1,065 per equity share. Retail investors can place bids for a minimum of one lot of 14 shares, requiring an investment of Rs 14,910 at the upper end of the price band. The public issue consists of a fresh issuance of shares worth Rs 250 crore and an Offer for Sale (OFS) of 1,887,323 shares, valued at Rs 201 crore, by the company's promoters.

A day before the IPO launch, Midwest Limited successfully raised Rs 135 crore from 10 anchor investors, including prominent names like Goldman Sachs Fund, Axis Mutual Fund Trustee Limited, Aditya Birla Sun Life India Fund, and Edelweiss Trusteeship Company Limited. The anchor investors were allotted 1,267,605 shares at the upper price of Rs 1,065 per share.

The offer has a reservation of 49.88% for Qualified Institutional Buyers (QIBs), 34.91% for retail investors, 14.96% for Non-Institutional Investors (NIIs), and 0.24% for employees. DAM Capital Advisors Limited is the book-running lead manager for the issue, with KFin Technologies Limited serving as the registrar.

The allotment of shares is scheduled to be finalized on October 20.According to its prospectus, Midwest Limited has demonstrated strong financial growth. The company's net profit surged from Rs 54.44 crore in FY23 to Rs 100.32 crore in FY24 and further to Rs 133.30 crore in FY25.

Total revenue also showed consistent growth, rising from Rs 522.23 crore in FY23 to Rs 643.14 crore in FY25. For the first quarter of the current fiscal year (Q1 FY26), the company reported a net profit of Rs 24.38 crore on a revenue of Rs 146.47 crore. Meanwhile, its debt levels fluctuated, ending FY25 at Rs 236.61 crore and rising to Rs 270.11 crore after Q1 FY26.

Hindusthan Samachar / Jun Sarkar