Last day! Midwest IPO closes today; check subscription status, GMP, review

Analysts at SBI Securities have given the Midwest IPO a 'Neutral' rating, noting that it is priced at a premium relative to its industry peers

Midwest IPO subscription status: The initial public offering (IPO) of Midwest, a leading quartz processing company, is set to close today, October 17, 2025. The three-day bidding window, which began on Wednesday, has garnered robust interest from investors across segments.

 

As per NSE data available at 1:50 PM on Friday, the issue received bids for 113.41 million equity shares against the 3.11 million shares on offer, resulting in an overall subscription of 36.38 times.

 

Among the categories, non-institutional investors (NIIs) showed the strongest appetite, oversubscribing their portion by 110.81 times. Retail investor demand remained firm as well, with that segment subscribed 17.84 times, while qualified institutional buyers (QIBs) booked their quota 13.22 times.

 

Midwest IPO GMP

According to sources monitoring unofficial market activity, the company’s unlisted shares were trading at around ₹1,157 apiece, reflecting a grey market premium (GMP) of ₹92 or 8.7 per cent above the IPO's upper price band of ₹1,065.

Midwest IPO review

Analysts at SBI Securities have given the IPO a ‘Neutral’ rating, noting that it is priced at a premium relative to its industry peers. They prefer to assess the company's performance after it gets listed. Meanwhile, Arihant Capital has advised investors to ‘Avoid’ the Midwest IPO, pointing to its stretched valuations when compared with similar companies.

Midwest IPO details

The ₹451 crore Midwest IPO comprises a combination of 2.3 million equity shares aggregating to ₹250 crore and an offer for sale (OFS) of 1.9 million equity shares aggregating to ₹201 crore. 

 

The public offering is available at a price band of ₹1,014–₹1,065 per share, with a lot size of 14 shares. Investors placing bids are required to apply for a minimum of 14 shares and in multiples thereof, with a minimum investment of ₹14,910.

 

As the public issue closes for subscription today, the basis of allotment of Midwest shares is likely to be finalised on Monday, October 20. Successful investors will receive the company’s shares in their demat accounts on Thursday, October 23.

 

Shares of Midwest are tentatively slated to list on the NSE and BSE on Friday, October 24, 2025.

 

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 plans to allocate ₹130.3 crore from the fresh issue proceeds as a loan to its wholly owned subsidiary, Midwest Neostone, to support capex for Phase II of its Quartz Processing Plant. Another ₹25.8 crore will go towards purchasing electric dump trucks for the company and its material subsidiary, APGM. Additionally, ₹3.3 crore is earmarked for integrating solar energy at select mining sites. The company also aims to use ₹56.2 crore for repaying certain borrowings of both itself and APGM, with the remaining funds set aside for general corporate purposes, according to the DRHP.