Shares of Midwest Limited are set to make their stock market debut today, Friday, after receiving strong demand during its initial public offering (IPO), which was subscribed more than 90 times. Investors will be closely watching whether the stock will deliver listing gains after a robust response in all investor categories.
Midwest IPO was subscribed 92.36 times overall. The retail portion was booked 25.52 times, the Qualified Institutional Buyers (QIB) category saw 146.99 times subscription, while the Non-Institutional Investors (NII) category was subscribed 176.57 times by the close of bidding on October 17.
The company had offered 29,67,136 shares, but it received bids for 27,40,31,674 shares, amounting to Rs 29,184.37 crore.
The Midwest IPO was a book-built issue worth Rs 451.10 crore, consisting of a fresh issue of Rs 250.10 crore (0.23 crore shares) and an offer for sale (OFS) of Rs 201 crore (0.19 crore shares).
The bidding process opened on October 15, 2025, and closed on October 17, 2025. The basis of allotment was finalised on October 20, 2025, and the stock is scheduled to list on both BSE and NSE today, October 24, 2025.
Ahead of its debut, the grey market premium (GMP) for Midwest shares has shown signs of recovery. According to the latest update at 8:30 AM on October 24, the GMP stood at Rs 115.
With the IPO price band fixed at Rs 1,065 per share, the estimated listing price could be around Rs 1,180 per share, suggesting a possible listing gain of about 10.8% for investors.
Although the GMP had earlier declined slightly, it picked up again just before the listing, signalling moderate optimism in the unofficial market.
The price band for the IPO was Rs 1,065 per share, and the lot size was 14 shares per application.
For retail investors, the minimum investment amount stood at Rs 14,910 (based on the upper price band). The minimum bid for small non-institutional investors (sNII) was 14 lots (196 shares), amounting to Rs 2,08,740, while big non-institutional investors (bNII) needed to apply for 68 lots (952 shares), costing Rs 10,13,880.
The issue also included a reservation of 10,373 shares for employees, offered at a discount of Rs 101 per share from the issue price.
DAM Capital Advisors Ltd served as the book-running lead manager, and Kfin Technologies Ltd acted as the registrar for the issue.
Incorporated in 1981, Midwest Limited is involved in exploration, mining, processing, marketing, and export of natural stones. The company is a leading producer and exporter of Black Galaxy Granite, known for its unique golden sparkle.
Midwest operates 16 granite mines spread across six locations in Telangana and Andhra Pradesh, producing several varieties of granite such as Black Galaxy, Absolute Black, and Tan Brown.
With a strong export base and rising global demand for premium granite, the company has built a solid reputation in the international natural stone market.
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