Midwest IPO Fully Subscribed in 3 Hours: Issue Details, Dates, GMP, What to Watch

What happened

Midwest opened its ₹451 crore book-built issue today with a price band of ₹1,014–₹1,065 per share and quickly crossed 100% subscription within the first trading session window, driven by strong non-institutional and retail demand prints visible by late morning to early afternoon. The company had mobilised ₹135 crore from anchor investors a day earlier, which likely supported day-one momentum and sentiment.​

Subscription snapshot

• Total: 1.02x by about 2:15 p.m. IST on Day 1, indicating full subscription in roughly three hours of active bidding windows across exchanges.​
• Retail: Near full subscription during the session; early reads showed >40% by late morning before accelerating.​
• NII: Strong traction, with early prints near half coverage, aiding the rapid move to full book.​

Issue details

• Size and mix: ₹451 crore, comprising ₹250 crore fresh issue and ₹201 crore offer for sale by promoters.​
• Price band and lot: ₹1,014–₹1,065 per share; lot size of 14 shares; subscription window October 15–17, 2025.​
• Key dates: Basis of allotment expected October 20; tentative listing October 24 on BSE and NSE, subject to timelines.​

Demand drivers

• Grey market cues: A grey market premium around 11–14% suggested positive listing expectations, feeding early demand.​
• Anchor book: ₹135 crore allocation to marquee funds at ₹1,065 likely signalled confidence and primed initial-day flows.​
• Category mix: Early NII and retail participation led the book while QIB bids typically cluster later in the window.​

Company context

• Business: Natural stone and quartz processor with leadership in Black Galaxy and Absolute Black granite, expanding into engineered stone and related adjacencies.​
• Financials: FY25 revenue of about ₹626 crore and net profit of about ₹133 crore highlight earnings scale amid sector tailwinds and diversification efforts.​
• Use of proceeds: Phase II quartz expansion, electric dump trucks, solar integration at select mines, debt reduction, and general corporate purposes from the fresh issue.​

What to watch next

• QIB bids: Institutional demand often crystallises on Day 2–3; track final QIB book for pricing power signals.​
• Final subscription: End-of-day and final-day coverage for all categories to gauge oversubscription and allotment odds.​
• Listing setup: GMP trend versus official pricing band into allotment and pre-listing sessions for sentiment read-through.​

FAQs

• Did Midwest get fully subscribed on Day 1?
  Yes, total bids exceeded shares on offer, taking the book to about 1.02x by early afternoon on October 15, 2025.​
• What is the IPO size and structure?
  ₹451 crore total, including a ₹250 crore fresh issue and a ₹201 crore OFS by promoters.​
• What are the key dates?
  Allotment around October 20 and tentative listing on October 24, subject to confirmations.​
• What’s the price band and lot size?
  ₹1,014–₹1,065 per share; minimum lot of 14 shares.​
• How strong is the grey market premium?
  Indications hovered around 11–14% over the upper band on Day 1, though GMP is unofficial and volatile.​