Midwest IPO to list on Oct 24; here's what GMP hints for D-St debut

Midwest IPO witnessed robust investor interest, getting oversubscribed 87.9 times overall, driven largely by strong participation from non-institutional investors (NIIs), whose quota was booked 168.0

Midwest IPO listing forecast: Quartz processing company Midwest is set to make its market debut on Friday, October 24, 2025, and early indicators from the grey market point to a positive listing. The company raised ₹451.1 crore through its initial public offering (IPO), which comprised a combination of fresh issue of 2.3 million equity shares and an offer for sale (OFS) of 1.9 million equity shares.

 

The IPO witnessed robust investor interest, getting oversubscribed 87.9 times overall, driven largely by strong participation from non-institutional investors (NIIs), whose quota was booked 168.07 times. The retail investor segment and qualified institutional buyers (QIBs) also showed solid demand, oversubscribing their portions by 24.26 times and 139.87 times, respectively, according to NSE data.

 

The basis of allotment for the issue was finalised on Monday, October 20, 2025, and investors are now keenly awaiting the stock’s listing. Ahead of its debut, Midwest’s unlisted shares were seen changing hands at around ₹1,170 apiece in the grey market, indicating a premium of ₹105 over the issue price of ₹1,065, as per sources tracking unofficial markets.

 

If the current grey market sentiment sustains, Midwest shares are likely to debut around ₹1,170, implying potential listing gains of 10 per cent for IPO investors. However, market experts caution that the grey market operates outside regulatory oversight, and the GMP (Grey Market Premium) should not be viewed as a definitive indicator of the stock’s actual listing performance.

Midwest IPO details

The IPO comprised a fresh issue of 2.3 million shares aggregating to ₹250.1 crore and an OFS of 1.9 million shares aggregating to 201. The issue was offered at a price band of ₹1,014 to ₹1,065 per share, with a lot size of 14 shares. The public issue was open for subscription from October 15 to October 17, 2025.

 

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

 

According to the Red Herring Prospectus (RHP), the company plans to use ₹130.3 crore from the IPO proceeds to fund capex at its subsidiary Midwest Neostone for the Phase II Quartz Processing Plant. Another ₹25.8 crore will go towards purchasing electric dump trucks for the company and its subsidiary APGM, while ₹3.3 crore will be used to integrate solar energy at select mining sites. In addition, ₹56.2 crore is earmarked for debt repayment, with the remaining funds allocated for general corporate purposes.