Description

Lock-in details for 3.62 crore equity shares of Midwest Limited post-IPO, including varied lock-in periods for promoters, anchor investors, and AIF Category II.

Summary

Midwest Limited has filed lock-in details for 3,61,60,816 equity shares following its IPO listing dated October 20, 2025. The circular details lock-in periods ranging from 30 days to 3 years for different categories of shareholders including promoters, anchor investors, and Alternative Investment Funds. All shares are held in dematerialized form.

Key Points

  • Total equity shares: 3,61,60,816 (all in demat form)
  • Promoter shares under lock-in: 2,26,21,467 shares with varying lock-in periods
  • AIF Category II (Svadha India Emerging Opportunities Scheme 1): 14,08,851 shares not under lock-in; 9,38,967 shares locked till April 23, 2026
  • Anchor Investors: 12,67,605 shares total - 6,33,802 shares locked for 30 days; 6,33,803 shares locked for 90 days
  • IPO public shares: 29,68,119 shares not under lock-in
  • Lock-in framework follows SEBI (ICDR) Regulations, 2018, Regulation 17(c)

Regulatory Changes

No regulatory changes. This circular is a standard disclosure requirement under SEBI (ICDR) Regulations, 2018 for listing equity shares post-IPO.

Compliance Requirements

  • Company Secretary and Compliance Officer must file lock-in details with BSE
  • Locked-in shares cannot be transferred or pledged during the lock-in period
  • Details must align with disclosures made in the IPO prospectus (pages 110-111)
  • Compliance with Regulation 17(c) of SEBI (ICDR) Regulations, 2018

Important Dates

  • October 20, 2025: Listing date and lock-in commencement
  • November 18, 2025: 30-day anchor investor lock-in expires (6,33,802 shares)
  • January 17, 2026: 90-day anchor investor lock-in expires (6,33,803 shares)
  • April 23, 2026: Lock-in expires for 63,93,742 shares (promoter/AIF holdings)
  • October 23, 2026: Lock-in expires for 1,69,82,500 shares
  • October 23, 2028: 3-year lock-in expires for 72,40,000 shares

Impact Assessment

Liquidity Impact: Approximately 81.9% of total equity shares (2,96,84,362 shares) are under various lock-in periods, limiting immediate tradable float. Gradual unlock will occur with first significant release in November 2025 (anchor investors) and April 2026 (AIF and some promoter holdings).

Market Impact: Medium - The staggered lock-in expiry prevents sudden supply shock. The exemption for AIF Category II holdings (14.09 lakh shares) provides some immediate liquidity. Investors should monitor lock-in expiry dates as they may impact share price volatility.

Investor Considerations: Public IPO investors have full liquidity (29.68 lakh shares). Anchor investors face near-term restrictions. Long-term promoter lock-in (until 2026-2028) demonstrates commitment but may concern investors seeking exit flexibility.

Impact Justification

Standard IPO lock-in disclosure affecting share liquidity for Midwest Limited, relevant for investors tracking promoter holdings and anchor investor lock-in expiry dates.