Midwest Ltd. makes a strong debut on the bourses with scrip got listed at Rs 1,165.10 on the Bombay Stock Exchange, a 9.39 per cent premium to its issue price of Rs 1,065.00. On the National Stock Exchange, the stock was listed at Rs 1,165.00.
The company, which raised 0.42 Cr from initial public offering, was subscribed 0 times, receiving bids for 0 lakhs shares against the total issue size of 42.35 lakhs shares.
The company, listed under B Group Securities post its IPO, opened for subscription from Oct 15 to Oct 17.
Following a strong opening, the scrip touched an intraday high of Rs [BSEHighPrice] and a low of Rs [NSEHighPrice], before closing the session [UpDown] by [ChangePer] per cent to its listing price at Rs [ClosingPriceBSE] on the BSE.
The company 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 managers & KFin Technologies Ltd. is the registrar, to the issue.
Meanwhile, the broader benchmark BSE Sensex closed trade at 84,556.40, up 130.06 points, or 0.15 per cent.