Midwest IPO Day 1: Issue Subscribed 8%; Price Band ₹1,014–₹1,065 — Check Subscription Status, Lot Size and Key Details
- 15th October 2025
- 12:10 PM
- 3 min read
Summary
The Midwest IPO opened for subscription on October 15 with a price band of ₹1,014–₹1,065 per share. The Telangana-based granite and quartz major aims to raise ₹451 crore, including a ₹250 crore fresh issue and ₹201 crore offer-for-sale. The IPO, backed by ₹135 crore from anchor investors, has drawn investor attention with a GMP of ₹145, reflecting strong demand and positive listing expectations.Mumbai | October 15
The Midwest IPO opened for public subscription on October 15, receiving a moderate start with the issue subscribed 8% by 10:22 a.m., according to data on the NSE.
Investors bid for 2,51,412 shares against 31,17,460 shares on offer, signalling early traction from retail and non-institutional investors. The public issue will close on October 17, 2025.
| Investor Category | Subscription Status |
| Qualified Institutional Buyers (QIBs) | Yet to bid |
| Non-Institutional Investors (NIIs) | 10% |
| Retail Investors | 12% |
| Total | 8% |
The IPO’s price band is set between ₹1,014 and ₹1,065 per share, with a lot size of 14 shares. Midwest aims to raise ₹451 crore, comprising a fresh issue of ₹250 crore and an offer-for-sale (OFS) of ₹201 crore by promoters Guntaka Ravindra Reddy and Kollareddy Rama Raghava Reddy.
Funds will be utilised for the Phase II expansion of the quartz processing plant under Midwest Neostone, purchase of electric dump trucks, solar energy integration, debt repayment, and general corporate purposes.
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Midwest IPO: The Granite Giant Is Going Beyond Stone
Headquartered in Telangana, Midwest Granite Pvt Ltd is a leading player in India’s natural stone and quartz industry, known for its Black Galaxy and Absolute Black granite, both of which dominate the global construction and luxury interiors market.
The company operates 16 mines across Andhra Pradesh and Telangana, managing the full value chain — from exploration and extraction to processing and exports. Its Black Galaxy Granite, quarried exclusively in a single Andhra Pradesh village, remains among India’s most recognised export materials.
Midwest is now diversifying beyond granite, investing in quartz production and green mining technologies such as electric vehicles and solar-powered operations. This evolution marks a shift from a traditional mining enterprise to a sustainability-driven materials company with an international footprint.
A day before opening, Midwest raised ₹135 crore from anchor investors including Goldman Sachs Funds, Edelweiss Life Insurance, Axis Mutual Fund, Kotak MF, and ITI MF through an allocation of 12.67 lakh shares at ₹1,065 per share — underscoring strong institutional confidence.
Financial Snapshot (₹ crore)
| Particulars | FY23 | FY24 |
| Revenue from Operations | 1,040 | 1,187 |
| EBITDA | 228 | 272 |
| EBITDA Margin | 21.9% | 22.9% |
| Net Profit | 98 | 115 |
| Net Profit Margin | 9.4% | 9.7% |
| Total Borrowings | 212 | 165 |
Source: Company DRHP filings
Midwest IPO GMP Today
As per investorgain.com, the Midwest IPO grey market premium (GMP) stands at ₹145, implying that the Midwest share price is trading around ₹1,210 in the unlisted market — a 13–14% premium over the upper price band of ₹1,065.
Though the grey market is unofficial, the consistent premium reflects positive sentiment around Midwest’s export leadership, sustainability push, and anchor-backed IPO ahead of its expected listing on October 24.
Disclaimer: The Grey Market Premium (GMP) is an unofficial indicator of investor sentiment and is not regulated by SEBI. It should not be considered the sole basis for investment decisions.
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