Midwest Ltd., a major player in India's granite export industry, opened its Rs 451 crore initial public offering (IPO) on Wednesday, attracting keen interest from investors across the country. The subscription window, running from October 15 to October 17, 2025, will see shares listed on both the BSE and NSE, with a tentative listing date of October 24.

What's on Offer?

The IPO is a mix of fresh equity and an offer for sale. It includes a fresh issue of 23.47 lakh shares worth Rs 250 crore, and an offer for sale of 18.87 lakh shares worth Rs 201 crore. Shares are priced between Rs 1,014 and Rs 1,065 each, with a face value of Rs 5 per share. Retail investors can invest in a minimum of 14 shares, costing Rs 14,910 at the upper price band.

Employees have been offered 10,373 shares at a discounted price of Rs 101 per share, giving them an early chance to participate in the IPO.

Grey Market Buzz and Expected Listing Gains

The latest grey market premium (GMP) for Midwest shares stands at Rs 175.50 as of October 16, according to Investorgain. Based on the upper price band, this suggests a potential listing price of around Rs 1,240 per share-an estimated gain of 16.5% for investors.

Subscription Update

By the second day, the IPO had already seen healthy demand, with an overall subscription of 6.45 times. Retail investors contributed 5.32 times subscription, non-institutional investors (NII) surged to 16.87 times, while qualified institutional buyers (QIBs), excluding anchor investors, were at 0.59 times.

Key Dates and Investment Details

The IPO closes on October 17, with allotment expected on October 20. Refunds are scheduled for October 23, followed by demat credits and listing on October 24. Retail investors can apply for up to 13 lots (182 shares), totaling Rs 1.93 lakh. Larger investors in the NII category have higher minimum lot sizes, going up to Rs 10.13 lakh.

About Midwest Ltd.

Founded in 1981, Midwest Ltd. focuses on mining and exporting natural stones, including the famous Black Galaxy Granite. The company operates 16 mines and two processing units in Telangana and Andhra Pradesh, and holds rights to 25 future mining sites, setting the stage for long-term growth.

Promoters Kollareddy Rama Raghava Reddy, Kollareddy Ramachandra, Kukreti Soumya, and Uma Priyadarshini Kollareddy will reduce their collective stake from 95.83% pre-IPO to 84.39% post-IPO, opening up opportunities for new investors to be part of the company's growth story.

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