By Admin 
Midwest IPO News: Midwest Limited, a quartz manufacturing company for solar glass and engineered stone industry, can launch its initial public offer (IPO) in the Indian stock market on Friday, October 24. The company has already alloted shares to lucky bidders on Tuesday.
The company is planning to raise Rs 451 crore through IPO. Investors have placed their bets in the company shares between October 15 and October 17. Acre investors had tried their luck on 14 October. Midwest Company mainly deals in mining, processing and export. The company has more than 20 mines. Which is spread in Telangana, Andhra Pradesh, Karnataka and Tamil Nadu.
Midwest IPO
The company has fixed the price band of the share between Rs 1014 and Rs 1065. The allotment of shares has been done on 20th October. Shares will be deposited in the demat accounts of investors on October 23. As far as distribution of shares is concerned, the company had reserved 50 percent of the issue for Qualified Institutional Buyers (QIBs). At the same time, 15 percent shares have been allotted for non-institutional investors (NIIs) and 35 percent for retail investors.
Company’s condition in gray market
There is enthusiasm in the gray market regarding the IPO of Midwest Company. On Wednesday, the company’s shares were trading at Rs 1165 in the gray market. Which is Rs 100 or about 10 percent more than the upper price band of shares fixed by the company. Investors are showing their interest in the shares of the company. If the situation continues like this, investors can get huge benefits on the day of IPO listing.
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