Midwest Ltd Unveils IPO with Visionary Expansion Plans
Telangana-based Midwest Ltd has announced an IPO with a price band of Rs 1,014 to 1,065 per share, aiming to raise Rs 451 crore. Proceeds will fund expansions and repay debts. The company expands into quartz processing and heavy mineral sands exploration. The IPO opens October 15.
- Country:
- India
Midwest Ltd, based in Telangana, has set a price band of Rs 1,014 to 1,065 per share for its upcoming IPO, aiming to raise Rs 451 crore. The subscription period is from October 15 to 17, with the anchor book launching a day earlier.
The IPO involves a fresh issue of Rs 250 crore and an offer-for-sale (OFS) of Rs 201 crore. Funds will support its quartz facility expansion, electric dump truck acquisition, and solar energy projects, while also repaying some existing borrowings.
With substantial experience in the natural stone industry, Midwest is diversifying into quartz and mineral sands exploration. Their stock market debut is slated for October 24, post the IPO managed by DAM Capital Advisors, Motilal Oswal Investment Advisors, and Intensive Fiscal Services.
(With inputs from agencies.)
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