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  5. Midwest IPO subscribed 1.39 times so far on day 1: Check price band, lot size and key details

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Midwest IPO subscribed 1.39 times so far on day 1: Check price band, lot size and key details

Kamal Joshi
By Kamal Joshi

3 min read | Updated on October 15, 2025, 15:29 IST

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SUMMARY

Midwest IPO day 1: The ₹451 crore IPO is a mix of fresh issuance of shares valued at ₹250 crore and an offer for sale of ₹201 crore by promoters Guntaka Ravindra Reddy and Kollareddy Rama Raghava Reddy.

Before the IPO, Midwest collected ₹135 crore from anchor investors. | Image: midwest.in

Before the IPO, Midwest collected ₹135 crore from anchor investors. | Image: midwest.in

Midwest IPO day 1: The initial public offering of quartz processor Midwest has been subscribed 1.39 times so far on the first day of bidding on Wednesday, October 15.

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The issue received bids for 43,23,480 shares as against 31,17,460 shares on offer, according to the NSE data until 3:28 pm.

CategorySubscription Status
Qualified Institutional Buyers (QIBs)48%
Non-Institutional Investors2.80 times
Retail Investors1.29 times
Total1.39 times

The initial share sale, with a price band of ₹1,014 to ₹1,065 per share, will close on October 17. A lot consists of 14 shares.

The ₹451 crore IPO is a mix of fresh issuance of shares valued at ₹250 crore and an offer for sale of ₹201 crore by promoters Guntaka Ravindra Reddy and Kollareddy Rama Raghava Reddy.

The funds raised will be used for phase II expansion of its quartz plant under subsidiary Midwest Neostone, purchase of electric dump trucks, solar energy integration at select mines, debt repayment and corporate general purposes.

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Before the IPO, the company collected ₹135 crore from anchor investors, including Goldman Sachs Funds, Edelweiss Life Insurance Company, Svadha India Emerging Opportunities Scheme, Axis Mutual Fund (MF), Kotak MF and ITI MF.

It allotted more than 12.67 lakh equity shares to 10 funds at ₹1,065 apiece, a circular on BSE showed.

Midwest shares are expected to get listed on October 24.

Telangana-based Midwest is engaged in exploration, development and operation of mines, stone processing, sales, distribution and marketing of various types of natural stone. It operates 16 granite mines across Andhra Pradesh and Telangana, producing premium Black Galaxy found exclusively in a single village in Andhra Pradesh and Absolute Black granite, both majorly used in global real estate projects.

Midwest IPO GMP

According to media reports and investorgain.com, the unlisted shares of Midwest Ltd are trading at ₹1,210, reflecting a grey market premium of 13.62%, or ₹145, over the upper price band of ₹1,065.
Disclaimer: Grey Market Premium (GMP) is an unofficial indicator of market sentiment toward an IPO. It is not regulated by the stock exchanges or SEBI. Upstox does not endorse or facilitate trading in the grey market. Investors are advised to conduct their own research or consult an expert before making any investment decisions.
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About The Author

Kamal Joshi
Kamal Joshi is a business journalist who covers industries, markets, and IPOs. He is passionate about breaking news and enjoys playing tennis, especially flexing his backhand. He was previously associated with Republic TV and LatestLY.

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