The ₹451 crore IPO of mineral processing company Midwest Limited has received a tremendous response from investors.
By 1:30 pm on the second day of bidding (October 16), the issue was subscribed over 6 times.
The stock had already been fully subscribed within hours on the first day itself, showing strong investor demand.
According to NSE data, the Midwest IPO received bids for 1.97 crore shares against 31.17 lakh shares available for subscription — translating to a total subscription of 6.34 times so far.
Category-wise Subscription (till Day 2)
Non-Institutional Investors (NIIs): 16.68 times
Retail Investors (RIIs): 5.21 times
Qualified Institutional Buyers (QIBs): 57%
Before the IPO opened to the public, Midwest Limited raised ₹135 crore from anchor investors. The IPO price band is set between ₹1,014 and ₹1,065 per share, and bidding will close on October 17.
About the Company
Based in Telangana, Midwest Limited has more than 40 years of experience in the natural stone industry.
The company is now expanding its operations beyond granite into quartz processing and rare earth elements processing.
It currently operates 16 granite quarries in Telangana and Andhra Pradesh, producing premium-quality stones like Black Galaxy and Absolute Black granite, widely used in international real estate projects.
Out of the total funds raised, ₹56.2 crore will be used to repay debt, while the remaining amount will go towards general corporate purposes.
Grey Market Premium (GMP) Update
Midwest Limited’s shares are creating strong buzz in the grey market. According to platforms tracking grey market activity, the stock is trading at a premium of around ₹180, indicating a 16–17% potential listing gain.
As per Investorgain, the current GMP stands at ₹180, suggesting a likely 16.9% gain on listing.
The share allotment is expected on October 20, and the company’s shares will likely list on October 24.
