Midwest IPO received 1.84 times subscription on the first day of bidding on Wednesday. The Rs 451-crore IPO got bids for 31.66-lakh shares against 57.29-lakh shares on offer, according to data available with the NSE.
The portion for Retail Individual Investors (RIIs) got subscribed 1.6 times, and non-institutional investors received 4.17 times subscription.
Earlier, the Quartz processor Midwest Ltd mobilised Rs 135 crore from anchor investors.
The public issue, with a price band of Rs 1,014 to 1,065 per share, opened for subscription on October 15 and conclude on October 17.
Midwest IPO GMP Today Price
According to platforms tracking the grey market activities, the shares of Midwest are commanding a GMP of around 14 percent in the unregulated market. Investorgain quoted a GMP of Rs 145.5, indicating a listing gain of 13.66 percent.
As of June 2025, the company's consolidated borrowings stood at Rs 270.1 crore.
With over four decades in the natural stone industry, the company has expanded beyond granite into quartz processing through its Phase I plant, catering to the engineered stone and solar glass segments. It is further diversifying into heavy mineral sands exploration as well as the processing of rare earth elements.
Telangana-based Midwest operates 16 granite mines across Telangana and Andhra Pradesh, producing premium Black Galaxy found exclusively in a single village in Andhra Pradesh and Absolute Black granite, both widely used in global real estate projects.
For FY 2025, net profit stood at Rs 133.3 crore, while revenue was Rs 626.2 crore.
Midwest IPO shares are expected to be allotted by October 20, while the listing is scheduled to take place on October 24.
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