The Midwest IPO had an impressive debut on the stock market. The company’s shares were listed at ₹1,165.10 on the BSE and ₹1,165 on the NSE, both showing a 9% premium over the issue price.
The company also performed strongly in the grey market, which had already hinted at a positive listing.
After listing, the stock price climbed further and reached an intraday high of ₹1,189.50.
Profit Booking and Market Impact
However, the stock later came under pressure due to profit booking and an overall market slowdown, causing its price to drop to an intraday low of ₹1,136.70.
The IPO price band for Midwest was ₹1,065 per share. Investors had to apply for a minimum of one lot (14 shares), which required an investment of ₹14,910.
Strong Subscription Numbers
The Midwest IPO received an overwhelming response from investors and was subscribed 92 times overall.
Retail investors: 25.52 times
Qualified Institutional Buyers (QIB): 146.99 times
Non-Institutional Investors (NII): 176.57 times
IPO Details and Fundraising
The total IPO size was ₹451.10 crore. The company issued 2.3 million new shares through the IPO and 1.9 million shares via an offer for sale (OFS).
The IPO was open to retail investors from October 15 to October 17, while anchor investors could participate a day earlier, on October 14.
From anchor investors alone, the company raised ₹135 crore. Additionally, Midwest offered its employees a discount of ₹101 per share.