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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

Journalist Kamal Joshi, former Republic TV and latestly news editor, currently associated with Upstox as senior ipo writer.
By Kamal Joshi

2 min read | Updated on July 03, 2026, 22:25 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.

About The Author

Journalist Kamal Joshi, former Republic TV and latestly news editor, currently associated with Upstox as senior ipo writer.
Kamal Joshi is a business journalist who covers markets and IPOs. He places a special focus on in-depth analysis of DRHPs, RHPs and public-issue documents to produce data-driven stories. He covers trends across mainboard and SME IPOs, anchor allocations, subscription status and post-listing performance. He is passionate about breaking news and enjoys playing pickleball, especially flexing his net play. He was previously associated with Republic TV and LatestLY.

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