Midwest Ltd's IPO: A Strategic Expansion into Quartz and Beyond

Midwest Ltd has raised Rs 135 crore from anchor investors ahead of its IPO, slated to open from October 15 to October 17. The IPO, worth Rs 451 crore, combines a fresh issue and an offer-for-sale. Funds will support facility expansion, electric trucks, solar energy, and debt repayment.

Quartz processor Midwest Ltd has generated Rs 135 crore from anchor investors, as disclosed on Tuesday, just ahead of its public IPO subscription kickoff.

The anchor round included participation from institutions like Goldman Sachs Funds, Edelweiss Life Insurance Company, and several mutual funds, as detailed in a circular on the BSE website.

Midwest plans to utilize IPO proceeds primarily for expansion of its quartz facility and other strategic investments, aiming to diversify its portfolio in natural stone and expand into heavy mineral sands exploration.

(With inputs from agencies.)