Midwest IPO Day 2: Bidding for the initial public offering (IPO) of Midwest Ltd. opened on October 15, 2025, and will remain open until October 17, 2025. The company, which produces and exports Black Granite, has declared a Midwest IPO price band at ₹1014 to ₹1065 per equity share. The public issue, proposed for listing on the BSE and the NSE, received a strong response from investors. According to the Midwest IPO subscription status, the public issue was fully subscribed by the end of the bidding period on the first day. Fresh Capital-cum-Offer for Sale aims to raise ₹451 crore, out of which ₹250 crore is aimed through the issuance of fresh shares. The remaining ₹201 crore is reserved for the OFS route.
Midwest IPO GMP today
According to market observers, the Midwest IPO GMP (Grey Market Premium) today is ₹145, which is ₹15 higher than yesterday’s Midwest IPO GMP of ₹130. Market observers said that the strong Midwest IPO subscription status and a strong bounce back in the Indian stock market on Wednesday could be the possible reasons that have fueled grey market sentiments regarding the Midwest IPO.
Midwest IPO subscription status
By 1:54 PM on the second day of bidding, the public issue had been booked 7.01 times, the retail portion of the public issue had been filled 5.67 times, the NII segment had been subscribed 18.72 times, whereas the QIB portion had been booked 0.58 times.
Midwest IPO review
Whether investing in a Midwest IPO would be a good or bad bet, BP Equities says, “The company’s established market positions and growing global demand for natural and engineered stone products suggest resilient profits. On the financial front, the company has delivered healthy CAGR growth over FY23–25, with revenue, EBITDA/PAT CAGRs of 11.6%/ 56.5%, respectively. The future outlook appears strong, with the Midwest poised to leverage industry growth, premium product positioning, and planned expansion projects. At the upper price band, the company is valued at a P/E multiple of 27.0x FY25 earnings. Thus, we recommend a “SUBSCRIBE” rating for this issue.”
Ventura Securities has also assigned a ‘subscribe’ tag to the public issue, saying, “Midwest’s strategic focus on expanding its production capacity is evident from its recent initiatives to boost mining and processing of quartz, alongside diversifying into heavy mineral mining in Sri Lanka. The company has secured licenses to mine rare earth minerals, adding further potential to its growth prospects. Additionally, Midwest is working on scaling its operations with plans for quartz processing plants that will position the company as a major player in the solar and semiconductor industries. In FY25, the company achieved impressive growth in granite sales volume, reaching 108,892 cubic meters compared to 91,875 cubic meters in FY24. Midwest continues to innovate and capture growing demand, maintaining its leadership in the granite and processed stone sectors.”
Aditya Birla Money and Canara Bank Securities have also assigned a ‘subscribe’ tag to the book build issue, while SBI Capital Securities has not rated this mainboard IPO.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
