Abhishek Sinha
Mumbai, 16 October 2025:
The ₹451 crore initial public offering (IPO) of Midwest Ltd., a leading producer and exporter of black granite, continued to attract strong investor interest on the second day of bidding.
The issue, which opened for subscription on October 15 and will close on October 17, 2025, has a price band of ₹1,014–₹1,065 per share and is proposed for listing on both BSE and NSE.
By 12:30 PM on Thursday, the Midwest IPO was subscribed 5.42 times, showing robust participation across categories.
Midwest IPO Subscription Status (Day 2)
| Category | Subscription (as of 12:30 PM) |
|---|---|
| Retail Investors | 4.53x |
| Non-Institutional Investors (NII) | 13.99x |
| Qualified Institutional Buyers (QIB) | 0.55x |
| Total | 5.42x |
The IPO comprises a fresh issue worth ₹250 crore and an offer for sale (OFS) of ₹201 crore by existing shareholders.
Midwest IPO GMP Today
According to market observers, the Midwest IPO grey market premium (GMP) on October 16 stands at ₹145 per share, up ₹15 from Wednesday’s ₹130.
Analysts attribute this uptick to strong retail participation and improved sentiment in the broader market after Wednesday’s recovery. The higher GMP indicates that Midwest shares are commanding a strong premium in the unofficial market, signaling positive investor sentiment ahead of listing.
Analyst View: Should You Subscribe?
Brokerages have maintained a “Subscribe” rating on the issue, citing solid financial performance and growth prospects.
BP Equities noted:
“Midwest has a well-established market position with growing global demand for natural and engineered stone. Between FY23–FY25, the company recorded strong CAGR growth — revenue up 11.6% and PAT up 56.5%. At the upper price band, the issue is valued at a reasonable P/E of 27x FY25 earnings, offering a fair entry point. We recommend subscribing for long-term gains.”
Ventura Securities also gave a ‘Subscribe’ rating, highlighting the company’s expansion plans and diversification:
“Midwest’s strategic investments in quartz processing and heavy mineral mining in Sri Lanka will position it as a major player in solar and semiconductor materials. With licenses for rare earth mining and rising granite sales, the company is set for long-term growth.”
In FY25, Midwest’s granite sales volume increased to 108,892 cubic meters, compared with 91,875 cubic meters in FY24 — a 19% rise year-on-year.
Valuation and Outlook
At the upper price band, Midwest is valued at ₹451 crore market cap, with a strong export order book and expansion pipeline. Analysts expect the company to maintain robust margins and profitability backed by premium product positioning and steady global demand.
Aditya Birla Money and Canara Bank Securities have also rated the IPO as “Subscribe,” while SBI Capital Securities has not issued any rating yet.
Should Investors Apply?
Given the:
✅ Strong demand from retail and NII investors
✅ Rising GMP of ₹145, implying healthy listing gains
✅ Consistent financial growth and expansion into high-value mining segments
— the Midwest IPO appears attractive for both short-term listing gains and long-term investment potential.
However, investors are advised to monitor subscription trends on the final day before taking a position.
Key IPO Details
| Particular | Details |
|---|---|
| IPO Open | October 15, 2025 |
| IPO Close | October 17, 2025 |
| Price Band | ₹1,014 – ₹1,065 |
| Issue Size | ₹451 crore |
| Fresh Issue | ₹250 crore |
| OFS | ₹201 crore |
| Listing | BSE & NSE |
| GMP (Today) | ₹145 |
| Expected Listing Gain | ~13–14% (as per current GMP) |
Bottom Line
The Midwest IPO has drawn a solid response from investors, and with the grey market premium trending upward, sentiment remains optimistic. Analysts expect decent listing gains and long-term value creation supported by expansion and export growth.
