Midwest Limited’s IPO will open from October 15: Company will raise ₹ 451 crore from the issue, investment opportunity till October 17; Minimum ₹ 14,910 will have to be invested

Midwest Limited’s ₹451 crore initial public offer i.e. IPO is opening for public subscription from October 15. This IPO will close on 17th October and its listing will take place on 24th October.

If you are also planning to invest money in Midwest’s IPO, then we are also telling you all the details of the issue and how much you can invest in it…

Retail investors can invest in IPO till October 17

Midwest wants to raise ₹451 crore by selling more than 42.34 lakh shares through this public issue. Retail investors can invest in the company’s IPO till October 17. The company has fixed the IPO price band at ₹1014-₹1065 per equity share.

The company’s shares will be listed on BSE-NSE on October 24.

Allotment of Midwest shares will take place on October 20. The shares will be listed on both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on October 24.

Midwest’s IPO is a combination of fresh issue and offer for sale.

This IPO of Midwest is a combination of fresh issue and offer for sale (OFS). Through the fresh issue, the company will sell 23.47 lakh shares worth Rs 250 crore.

Whereas the existing shareholders and promoters of the company will sell 18.87 lakh shares worth Rs 201 crore through OFS i.e. Offer for Sale.

Before the issue, promoters held 95.83% stake in the company.

Kollareddy Rama Raghava Reddy, Kollareddy Ramachandra, Kukreti Soumya and Uma Priyadarshini Kollareddy are the promoters of the company. Before the issue, the promoters held 95.83% stake in the company.

What is the minimum and maximum amount that retail investors can invest?

For this IPO, retail investors can apply for minimum one lot i.e. 14 shares. If you apply for 1 lot at the upper price band of IPO at ₹1065, you will have to invest ₹14,910.

Whereas retail investors can bid for a maximum of 13 lots i.e. 182 shares of IPO. For which investors will have to invest a maximum of ₹ 1,93,830.

35% of the company’s issue reserved for retail investors

50% of the company’s issue has been reserved for Qualified Institutional Buyers (QIB). Apart from this, 35% share is reserved for retail investors and 15% share is reserved for non-institutional investors (NII).