Midwest IPO opens for bidding: Check GMP, price band, key dates, review

Midwest IPO: The initial public offering (IPO) of Midwest, a quartz processor serving the solar gas and engineered stone industries, will open for public subscription on Wednesday, October 15, 2025. The mainline offering comprises a fresh issue of 2.3 million equity shares amounting to ₹250 crore and an offer for sale (OFS) of 1.9 million equity shares amounting to ₹201 crore. 

 

Midwest is engaged in the business of exploration, mining, processing, marketing, distribution and export of natural stones. Kollareddy Rama Raghava Reddy and Guntaka Ravindra Reddy are the promoter selling shareholders. 

 

Ahead of the IPO, on October 15, the company raised ₹135 crore from anchor investors.  It allocated 1.26 million equity shares to anchor investors at a price of ₹1,065 per share, the upper end of the price band of ₹1,014 to ₹1,065. Goldman Sachs, Axis Mutual Fund, Sun Life Aditya Birla India Fund, Kotak Mahindra AMC, Edelweiss MF, ITI Mutual Fund, Edelweiss Life Insurance Company, and Swadha India participated in the anchor round.  ALSO READ | Midwest IPO: Analysts flag high valuation: Should you apply?

Here are the key details of the Midwest IPO:

Midwest IPO GMP

On Wednesday, the unlisted shares of Midwest were trading at ₹1,210, up ₹145 or 13.6 per cent compared to the upper band price, according to the sources tracking unofficial markets. 

Midwest IPO key dates

The subscription window for the issue will close on Friday, October 17, 2025. The share allotment process is expected to be completed by Monday, October 20, 2025. The company is likely to list its shares on the NSE and BSE on Friday, October 24, 2025.

Midwest IPO lot size

Midwest has set the price band for the issue in the range of ₹1,014 to ₹1,065 per share. The lot size for an application is 14 shares.

Midwest IPO registrar, lead manager

Kfin Technologies is the registrar for the issue. DAM Capital Advisors, Intensive Fiscal Services, and Motilal Oswal Investment Advisors are the book-running lead managers.

Midwest IPO objective

According to the RHP, the company plans to utilise ₹130.3 crore from the net fresh issue proceeds for investment in wholly owned subsidiary - Midwest Neostone, by way of a loan, towards funding capex for the Phase II Quartz Processing Plant. Further, ₹25.8 crore will be used for capex for the purchase of Electric Dump Trucks to be used by the company and investment in material subsidiary - APGM, by way of a loan, for the purchase of Electric Dump Trucks, and ₹3.3 crore for capex for the integration of solar energy at certain mines of the company. The company proposes to use ₹56.2 crore for prepayment or repayment of certain borrowings of the company and APGM. The remaining funds will be used for general corporate purposes.  

Midwest IPO review

Analysts at SBI Securities have assigned a 'Neutral' rating, saying the issue is valued at premium compared to its peers and they would like to monitor the performance of the company post listing. Arihant Capital also recommended investors to 'Avoid' the Midwest IPO, citing overvaluation compared to peers.