Midwest IPO is a book-built issue aiming to raise ₹451 crore. It comprises a fresh issue of 0.23 crore shares aggregating to ₹250.00 crores and offer for sale of 0.19 crore shares. The bidding window was open from October 15, 2025, to October 17, 2025, with the IPO allotment to be finalised on October 20, 2025. Midwest is scheduled to list on BSE and NSE on October 24 2025.
The IPO was priced at ₹1,015–₹1,065 per share with a lot size of 14 shares. The public issue received bids for 27,40,31,674 shares against 29,67,136 shares available, resulting in an overall subscription of 92.36 times. QIBs proportion was, subscribed146.99 times their quota, while NIIs was subscribed 176.57 times and retail investors at 25.52 times.
Midwest’s ₹451 crore IPO, priced at ₹1,015–₹1,065 per share. The IPO consists of a fresh issue of 0.23 crore shares aggregating to ₹250.00 crores and offer for sale of 0.19 crore shares. Bidding will take place from October 15 to October 17, 2025, with the Midwest IPO allotment status on October 20, 2025.
The table below breaks down the Midwest share allocation for different categories, highlighting the number of shares and their percentage of the total issue. However, the key focus remains on the quotas allocated to retail investors and HNIs, as they are the most relevant for individual investors.
| Investor Category | Shares Offered |
| QIB Shares Offered | 21,12,184 (49.88%) |
| − Anchor Investor Shares Offered | 12,67,605 (29.93%) |
| − QIB (Ex. Anchor) Shares Offered | 8,44,579 (19.94%) |
| NII (HNI) Shares Offered | 6,33,655 (14.96%) |
| − bNII > ₹10L | 4,22,437 (9.98%) |
| − sNII < ₹10L | 2,11,218 (4.99%) |
| Retail Shares Offered | 14,78,529 (34.91%) |
| Employee Shares Offered | 10,373 (0.24%) |
| Total Shares Offered | 42,34,741 (100.00%) |
Data Source: NSE
| Category | Subscription (times) |
| Qualified Institutional Buyers | 146.99 |
| Non-Institutional Investors | 176.57 |
| Retail Individual Investors | 25.52 |
| Total shares | 92.36 |
Note: The subscription details are as of October 17, 2025
Midwest Limited is engaged in the exploration, mining, processing, marketing, distribution, and export of natural stones, with a focus on sustainable operations. Incorporated in 1981, the company has over four decades of experience in the dimensional natural stone industry, covering the entire value chain from exploration and development of mines to stone processing, fabrication, and sales.
The company is a significant producer and exporter of Black Galaxy Granite, a variety of granite with distinctive golden-hued flakes. In Fiscal 2024, Midwest held approximately 23% of India’s Black Galaxy Granite export market, exporting 48,249 cubic meters. It is also among the larger producers of Absolute Black Granite, which accounted for 10.8% of India’s total black granite production during the same period. Both varieties cater to consistent domestic and international demand.
Midwest emphasises decarbonising its operations and improving overall sustainability. Its mining activities are mechanised, incorporating advanced engineering and process optimisation. Vertical integration forms a key part of the operational strategy, including the use of customised Diamond Wires to improve efficiency.
The company’s core business lies in extracting and processing dimensional granite, primarily Black Galaxy and Absolute Black varieties. Alongside its natural stone operations, Midwest also manufactures Diamond Wire, a precision cutting tool used in the stone and construction industries. Initially developed for internal use to support mining operations, the Diamond Wire segment has expanded to serve external market demand in India’s mining and construction sectors.
Midwest leverages its industry experience and integrated operations to maintain organised business practices in a traditionally fragmented sector.
Know more about IPO allotment status and check your application details online for the latest updates on share allocation.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Oct 17, 2025, 8:42 AM IST
Neha Dubey
Neha Dubey is a Content Analyst with 3 years of experience in financial journalism, having written for a leading newswire agency and multiple newspapers. At Angel One, she creates daily content on finance and the economy. Neha holds a degree in Economics and a Master’s in Journalism.
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