The Diwali 2025 week is expected to be quiet for the initial public offering (IPO) market, with no new mainboard or SME IPOs opening for subscription due to the holiday-shortened schedule. However, one listing is on the calendar: Midwest IPO, which will debut on October 24, 2025, on both the NSE and BSE.
The Midwest IPO was a ₹451 crore book-building issue, comprising new equity shares worth ₹250 crore and an offer-for-sale (OFS) of ₹201 crore. The proceeds from the issue are intended for various purposes, including capital expenditure at Midwest’s wholly-owned unit, Midwest Neostone, expansion of a Phase II quartz processing plant, solar energy integration at certain mines, purchase of electric dump trucks, debt repayment, and general corporate needs.
The IPO received strong investor interest, with an overall subscription of 87.89 times. Non-institutional investors (NIIs) contributed 168.07 times subscription, qualified institutional buyers (QIBs) subscribed 139.87 times, and retail investors participated 24.26 times. The IPO had a price band of ₹1,014 to ₹1,065 per share.
Midwest, with over four decades of experience in the natural stone industry, has diversified beyond granite into quartz processing and heavy mineral sands exploration. The company operates 16 granite mines across Andhra Pradesh and Telangana, producing premium varieties like Black Galaxy and Absolute Black granite, widely used in global real estate projects.
Separately, Softbank-backed e-commerce platform Meesho has filed an updated draft red herring prospectus (UDRHP) with SEBI to raise ₹4,250 crore via an IPO. The proposed issue includes a fresh equity sale of ₹4,250 crore and an OFS of up to 175.7 million shares by existing shareholders.
The OFS involves the sale of shares by early investors such as Elevation, Venture Highway, Peak XV, and Y Combinator. The IPO’s final size and valuation will depend on the price band, which is yet to be announced.
Read more: Diwali 2025: When Are BSE and NSE Closed for the Festival of Lights?
This week’s IPO market is largely quiet due to Diwali holidays, with Midwest IPO being the main listing to watch on October 24. Investors interested in upcoming offerings should also keep an eye on Meesho, which continues preparations for a large-scale IPO once the price band is finalized. Both offerings reflect strong investor interest in the natural stone and e-commerce sectors, making them key highlights in an otherwise subdued IPO week.
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 20, 2025, 10:48 AM IST
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