The initial share sale of Midwest Ltd. opens for public subscription on Wednesday, October 15 and the IPO will close for bidding on October 17.

Ahead of the issue opening, Midwest has raised ₹ 135 crore from nine anchor investors, including Goldman Sachs, Axis Mutual Fund, Edelweiss MF, among others.

Among brokerages, SBI Securities has maintained a neutral view on the issue and would like to monitor the performance of the company post listing.

At the upper price band of ₹ 1,065, the IPO is valued at FY25 P/E and EV/EBITDA multiple of 35.8x and 22.4x, respectively on post issue capital.

Despite being a capital-intensive business, the company generates RoE/RoCE of 17.4%/19.1%, respectively. However, while comparing with peer, the issue is valued at a premium, the brokerage said.

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