Midwest IPO day 3: Subscription for the initial public offering (IPO) of Midwest Ltd. began on October 15, 2025, and will remain open until October 17, 2025. The Black Granite maker and exporter company has declared the Midwest IPO price band at ₹1014 to ₹1065 apiece. According to the Midwest IPO subscription status, proposed for listing on the BSE and the NSE, it received a strong response from investors. 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 Grey Market Premium (GMP) today is ₹175, which is ₹30 higher than yesterday’s Midwest IPO GMP of ₹145. This means Midwest IPO GMP has risen from ₹130 to ₹175 in the last two sessions. Market observers attributed the rise in Midwest IPO GMP to two significant reasons: strong Midwest IPO subscription status and a trend reversal on Dalal Street. They stated that Indian stock market sentiment has improved from cautious to positive, as the Nifty 50 index has broken two successive hurdles, set at 25,300 and 25,500, respectively. They expected more upside in the Midwest IPO GMP, as the secondary market is anticipating the 50-stock index to reach 25,800 and 26,300 in the near term.
Midwest IPO subscription status
By 4:15 PM on the third day of bidding, the public issue had been booked 87.33 times, the retail portion of the public issue had been filled 23.34 times, the NII segment had been subscribed 167.61 times, whereas the QIB portion had been booked 139.87 times.
Midwest IPO review
Giving a ‘subscribe’ tag to the book build issue, Aditya Birla Money says, “The IPO comprises a mix of Offer for Sale (OFS) of ₹201 crore and a fresh issue of ₹250 crore. The net proceeds from the fresh issue will be utilised for capacity expansion and green energy initiatives. At the upper end of the price band, the issue is valued at a P/E of 30x, which seems to be priced aggressively. However, the company’s diversification into quartz and HMS segments positions it to tap into high-growth industries such as solar glass, electric vehicles (EVs), aerospace, and semiconductors. This strategic shift aligns well with India’s push for self-reliance and comes at a pivotal time amid global supply chain disruptions. We believe these new verticals will make a meaningful contribution to the company’s revenue and enhance profitability over time. We recommend “SUBSCRIBE FOR LONG-TERM” to the issue.”
Canara Bank Securities has also assigned an ‘apply’ tag to the public issue, saying, “With 40+ years in natural stone, the company leads India’s Black Galaxy Granite export market (64%) with 44,992 cu.m. exported in FY25 and dominates Absolute Black Granite production (15.7% of black granite output). EBITDA and PAT have grown steadily. Despite a 2015 CBI notice involving promoter Mr Kollareddy and a higher P/E ratio of 27x compared to peers’ 12x, profit margins remain strong. With near-monopoly status, it is recommended to “SUBSCRIBE” for long-term, higher-risk investors.”
BP Equities and Ventura Securities have also assigned a ‘subscribe’ tag to the public issue, whereas SBI Capital Securities has given a ‘neutral’ tag to the Midwest IPO.
Midwest IPO details
The most likely Midwest IPO allotment date is 18 October 2025. However, due to Saturday falling on 18 October 2025, share allotment may get delayed, and in that case, applicants can expect finalisation of share allocation on Monday, 20 October 2025. Likewise, most likely Midwest IPO listing date is 25 October 2025 due to the two stock market holidays falling on 22 and 23 October 2025.
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.
