The initial public offering (IPO) of Midwest Ltd, a leading quartz and granite processor, has received an overwhelming response.
The IPO, which closed on October 17, saw a 92.36x subscription, with bids for 27.4 crore shares against the 29.67 lakh shares on offer.
Investors are now waiting for the allotment, expected to be finalised today, October 19.
Once confirmed, bank debit messages will be sent to successful applicants.
he allotment status can also be checked on the BSE, NSE, or the registrar Kfin Technologies portal.
Subscription Details and Listing
The IPO saw strong participation across categories:
Retail Investors: 25.52x subscription
Non-Institutional Investors (NII): 176.57x subscription
Qualified Institutional Buyers (QIB): 146.99x subscription
The Rs 451-crore IPO opened for public subscription on October 15. The IPO price band was set between Rs 1,014 and Rs 1,065 per share, with a lot size of 14 shares, meaning a minimum investment of Rs 14,910 at the upper price.
The stock is set to be listed on BSE and NSE on October 24, and grey market activity indicates a 9.39% premium, suggesting mild listing gains.
How to Check Midwest IPO Allotment
Investors can check their allotment status online:
On BSE:
Visit BSE allotment page
Select Equity under Issue Type
Choose Midwest Ltd under Issue Name
Enter your Application Number or PAN
Verify with captcha and click Search
On NSE:
Check NSE IPO status
On Kfin Technologies:
Visit Kfin IPO portal
Analysts’ Recommendations
Brokerage opinions on Midwest’s IPO are mixed:
Subscribe: Ventura Securities and BP Equities recommend subscribing, citing strong global presence, steady granite sales growth, and healthy financial performance.
Neutral: SBI Securities suggests waiting to see post-listing performance due to premium valuation.
Avoid: Arihant Capital Markets flags high valuation compared to peers despite strong fundamentals.
IPO Proceeds and Company Background
The Rs 451-crore IPO comprises:
Fresh issue: Rs 250 crore (Phase II quartz facility expansion, electric dump trucks, solar energy projects)
Offer-for-sale (OFS): Rs 201 crore
Anchor investors: Rs 135 crore mobilised before IPO
Midwest Ltd, with over 40 years in the natural stone industry, operates 16 granite mines in Telangana and Andhra Pradesh.
It produces premium Black Galaxy and Absolute Black granite and is expanding into quartz processing, solar glass, heavy mineral sands, and rare earth elements.
For FY2025, the company reported a net profit of Rs 133.3 crore and revenue of Rs 626.2 crore.
With the allotment done, investors can look forward to the market debut on October 24.
