Midwest Ltd. was founded in 1981, initiating its work with the exploration and mining of natural stones, particularly Granite, and with time, it became India’s largest producer and exporter of Black Granite (holding a share of approximately 64 per cent of the Indian export market).
In recent years, they have expanded their portfolio, which includes precision cutting tools through diamond wire manufacturing and started operations at their Quartz processing plant.
IPO subscription status (Day 3 – closing day)
The Midwest IPO was significantly oversubscribed, reflecting high investor demand across all categories.
Non-Institutional Investors (NII) subscribed 158.15 times (“times” in IPO subscription means subscription ratio, which indicates how many times the number of shares offered exceeded the number of shares subscribed)
Qualified Institutional Buyers (QIB) subscribed 104.78 times.
Retail Individual Investors (RII) subscribed 21.06 times.
Grey Market Premium (GMP) and other details
The GMP is an indicator that shows at which price the company’s shares are traded before the company gets listed in the stock market. It also helps us to know about the investor sentiment.
IPO price band: Between rupees 1,014 and rupees 1065 per share
Issue size: rupees 451 crore
Lot size for retail investors: Minimum investment is capped at rupees 14,910; this price is based on the upper limit.
Latest reported GMP range: rupees 80 to rupees 175
Potential listing gain: approximately 13.62 per cent above the issue price.
While the subscription window is now closed, the focus shifts to the allotment process, which is tentatively scheduled on October 20, 2025, and the listing date is expected to be on October 24, 2025.
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