Midwest Ltd, a leading Indian granite exporter, is experiencing strong investor interest for its IPO, which closes on October 17. The company aims to raise Rs 451 crore to expand production and fund green energy projects.
The IPO of Midwest Ltd, a leading name in India’s black granite exports, is getting a warm response from investors as it enters its final day of bidding on October 17, 2025. The offer, which opened on October 15, has been priced between Rs 1,014 and Rs 1,065 per share and is set to list on both the BSE and NSE.
Midwest plans to raise Rs 451 crore through the issue — Rs 250 crore via a fresh share sale and Rs 201 crore through an offer for sale (OFS). The fresh funds will go towards expanding production capacity and investing in green energy projects.
Grey Market Premium on the Rise
Investor sentiment around the IPO has clearly been upbeat. In the unofficial grey market, the Midwest IPO premium (GMP) jumped to Rs 175, up from Rs 145 the previous day. Over the last two sessions, it has climbed nearly 35%, a sign that demand is heating up.
Market watchers attribute this sharp rise to two key factors — strong subscription numbers and improving overall market sentiment. With the Nifty 50 breaking past its earlier resistance levels at 25,300 and 25,500, traders are betting on more upside momentum, which in turn is boosting confidence in new listings like Midwest.
Subscription Status: Retail and HNI Demand Lead the Way
By the end of Day 2, the issue had been subscribed a solid 11.73 times overall, showing broad-based participation across investor categories:
- Retail investors: 8.19 times
- Non-Institutional Investors (NIIs): 33.20 times
- Qualified Institutional Buyers (QIBs): 1.68 times
The enthusiasm, especially from HNIs and retail buyers, suggests growing faith in Midwest’s business story and future prospects.
What Brokerages Are Saying
Most brokerages have given Midwest’s IPO a “subscribe” rating, particularly for long-term investors.
Aditya Birla Money said the issue is worth subscribing to for those with a longer horizon, noting that while valuations at a P/E of 30x appear slightly expensive, the company’s shift into quartz and HMS could open doors to fast-growing sectors such as solar glass, electric vehicles, aerospace, and semiconductors.
The brokerage highlighted that Midwest’s strategy aligns well with India’s push for self-reliance and new-age manufacturing. “These verticals will meaningfully contribute to revenue and profitability in the coming years,” it added.
Canara Bank Securities also sees potential, calling it a “subscribe” for investors willing to take on some risk. The firm pointed out that Midwest dominates India’s Black Galaxy Granite export market — commanding about 64% of exports and 15.7% of domestic production.
While Canara Bank acknowledged concerns around a past CBI notice to promoter Mr. Kollareddy and a higher valuation compared to peers (27x vs. 12x), it maintained that strong margins and near-monopoly status make Midwest an attractive long-term bet.
BP Equities and Ventura Securities also rated it a ‘subscribe’, while SBI Capital Securities took a more cautious ‘neutral’ stance.
Important Dates to Watch
- IPO closes: October 17, 2025
- Likely allotment: October 18–20, 2025 (may shift due to the weekend)
- Expected listing: October 25, 2025 (market holidays on Oct 22–23)