Abhishek Sinha
Midwest shares to list on NSE and BSE on October 24; grey market signals nearly 10% premium
New Delhi, October 23, 2025:
The much-awaited Midwest Ltd IPO is set to make its Dalal Street debut on Friday, October 24, with strong expectations of a premium opening. The company’s equity shares will be listed on both BSE and NSE, following a highly subscribed initial public offering earlier this month.
According to market observers, the Midwest IPO grey market premium (GMP) has climbed to ₹103 per share today, suggesting that the stock could list at around ₹1,168 per share — nearly 10% higher than its upper issue price of ₹1,065 per share.
IPO Details and Subscription
The Midwest IPO was open for subscription between October 15 and 17, and received an overwhelming response from investors across categories.
- Overall Subscription: 87.89 times
- Retail Investors: 24.26 times
- Non-Institutional Investors (NII): 168.07 times
- Qualified Institutional Buyers (QIB): 139.87 times
The IPO comprised a fresh issue of 23.47 lakh shares worth ₹250 crore and an offer for sale (OFS) of 18.87 lakh shares valued at ₹201 crore, aggregating to ₹451 crore at the upper end of the price band.
The price band for the issue was fixed between ₹1,014 and ₹1,065 per share.
Allotment and Listing
The Midwest IPO allotment was finalised on October 20, and investors can check their allotment status online via the BSE, NSE, or Kfin Technologies websites — the latter being the IPO’s official registrar.
The company’s listing on Friday, October 24, will mark another major entry into the mainboard segment this quarter.
Dam Capital Advisors acted as the book-running lead manager for the issue.
Grey Market Outlook
The steady rise in the grey market premium reflects strong investor sentiment toward the company, which is a leading producer and exporter of Black Galaxy Granite.
If the current trend sustains, Midwest shares could debut with solid listing gains on Dalal Street, supported by healthy subscription figures and favourable post-Diwali liquidity conditions.
Company Overview
Midwest Ltd operates in the natural stone and mining sector, focusing on Black Galaxy Granite exports and premium stone processing. The firm caters to both domestic and international markets, particularly Europe and the Middle East.
Industry analysts believe that the company’s export-driven business model, coupled with robust demand for natural stone in infrastructure and luxury housing, could help sustain earnings growth over the medium term.
Midwest IPO Listing Date: October 24, 2025
Exchanges: BSE, NSE
Expected Listing Price (based on GMP): ₹1,168 per share
Issue Price: ₹1,065 per share
Expected Listing Gain: ~10%
