Midwest IPO Day 3: Issue Subscribed 21.56x So Far
The subscription window for the Midwest IPO is closing today, on October 17, 2025. The allotment process is expected to be finalised on October 20, 2025, and the company’s shares will be listed on both BSE and NSE. The tentative listing date is fixed as October 24, 2025.
Midwest IPO: Issue Details
The Midwest IPO is a book-building issue of ₹451 crore, consisting of a fresh issue of ₹250 crores and an offer for sale (OFS) of ₹201 crore. The price band is set between ₹1014 and ₹1065 per share. The basis of allotment will be finalised by October 20, 2025, and the tentative listing date on NSE and BSE is October 24, 2025.
The book-running lead managers for the IPO are DAM Capital Advisors Limited, Intensive Fiscal Services Private Limited, and Motilal Oswal Investment Advisors Limited, while KFin Technologies Limited serves as the registrar for the issue.
Midwest IPO Day 3 Subscription Status
[17-October-2025, 11:12 A.M]
|
Investor Category |
Subscription (Times) |
|
Qualified Institutional Buyers (QIBs) |
1.92 |
|
Non-Institutional Investors |
68.13 |
|
Retail Individual Investors (RIIs) |
12.87 |
|
Employees |
13.43 |
|
Total |
21.56 |
Utilisation of IPO Proceeds
The net proceeds from the fresh issue will be used towards the following objectives:
- Repay/prepay outstanding company borrowings
- General corporate purposes
- To allocate funds towards capital expenditure for acquiring electric dump trucks
- To extend a loan to Andhra Pradesh Granite (Midwest) Private Limited, a material subsidiary, to support its business requirements.
- To invest in the company’s wholly owned subsidiary, Midwest Neostone Private Limited, in the form of a loan for its Phase II expansion of the quartz grit and powder processing facility.
Midwest Business Overview
Midwest is a natural stone and quartz processor engaged in the extraction, processing, and export of natural stones. With an integrated business model, Midwest manages the entire value chain, from mining and processing to distribution. Further, the company is India’s largest producer and exporter of Black Galaxy Granite and Absolute Black Granite.
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