Midwest IPO GMP Slips Over 36% As Share Allotment Date Nears

Midwest IPO GMP: Midwest’s initial public offering (IPO) received a strong response from investors during the three-day bidding period from October 15-17, 2025. The share allotment is expected to be finalised on October 20, and listing is set to take place tentatively on October 24.

The Rs 451 crore IPO consisted of a fresh issue of Rs 250 crore and an offer for sale (OFS) of Rs 201 crore. The price band for the issue was set between Rs 1,014 and Rs 1,065 per share.

In the grey market, Midwest IPO shares were trading at a premium of Rs 111 per share over the issue price, indicating a possible listing gain of about 10.33 per cent. The grey market premium (GMP) has, however, fallen from Rs 175 on October 15 to Rs 111 now, showing a 36.57 per cent drop.

Midwest IPO Subscription Details

The issue included 4.23 million shares, with 49.88 per cent reserved for qualified institutional buyers (QIBs), 14.96 per cent for non-institutional investors (NIIs), 34.91 per cent for retail investors, and 29.93 per cent for anchor investors.

Overall, the IPO was subscribed 87.89 times the number on offer. The QIB category was subscribed 139.87 times, the NII category 168.07 times, and the retail category 24.26 times. The company had also reserved 10,373 shares for employees at a discount of Rs 101 per share, or 9.5 per cent to the upper price band. The employee quota was subscribed 24.44 times.

Midwest Company Profile

Incorporated in 1981, Midwest is involved in the exploration, mining, processing, marketing, and export of natural stones. According to its red herring prospectus (RHP), the company is known for producing and exporting Black Galaxy Granite, a premium variety recognised for its distinctive golden flakes.

Midwest currently operates 16 granite mines across six locations in Telangana and Andhra Pradesh, producing varieties, such as Black Galaxy, Absolute Black, and Tan Brown.

The company has also built a resource base across 25 locations in Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu for future mining projects, according to the RHP.

Midwest’s Financial Performance

For the quarter ended June 30, 2025 (Q1FY26), Midwest reported a total income of Rs 146.47 crore and a profit after tax (PAT) of Rs 24.38 crore. Its net worth stood at Rs 577.03 crore, while total debt was Rs 270.11 crore.

For the full financial year FY25, the company’s total income rose to Rs 643.14 crore from Rs 603.33 crore in FY24 and Rs 522.23 crore in FY23. Its PAT increased to Rs 133.30 crore in FY25 from Rs 100.32 crore in FY24 and Rs 54.44 crore in FY23.