Midwest Limited came to market through an IPO that opened on 15 October 2025 and closed on 17 October 2025, and the shares listed on 24 October 2025 on BSE, NSE. The price band was ₹1,014 to ₹1,065 per share and one lot was 14 shares, so the minimum application was ₹14,910. The issue size was ₹451 crore. It combined a fresh issue of new shares with an offer for sale by existing shareholders.
Kfin Technologies Ltd was the registrar to the issue, and Dam Capital Advisors Ltd, Intensive Fiscal Services Pvt.Ltd, Motilal Oswal Investment Advisors Ltd were the lead managers.
As of 17 October 2025.
| Day |
|---|
| 1 |
| 2 |
| 3 |
Midwest Limited, a company which was established in 1981, is involved in exploration, mining, processing, marketing, distribution, and export of natural stones. The company is a producer and exporter of the unusual granite variety known as Black Galaxy Granite for its shining golden flakes. Midwest Limited has 16 granite quarries spread over 6 Telangana and Andhra Pradesh locations that yield a variety of granites, such as: Black Galaxy, Absolute Black and Tan Brown.
The firm also operates a single granite processing unit in both the Telangana and Andhra Pradesh states, which allows for large-scale granite product processing and finishing. Apart from the operating mines, Midwest Limited has established a robust resource base of 25 places in Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu for future operations of mining.
As described in the offer document.
| Metric | 30-Jun-25 | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
|---|
Midwest IPO: Nine investors take anchor book shares worth Rs 135 crore. Goldman Sachs and Axis Mutual Fund invested the most in the anchor book, each of them selecting 3.28 lakh shares for Rs 35 crore, followed by ABSL Umbrella Ucits Funds that bought 1.4 lakh shares for Rs 15 crore.
Other buying entities in the company through the anchor book included Sun Life Aditya Birla India Fund, Kotak Mahindra AMC, Edelweiss MF, ITI Mutual Fund, Edelweiss Life Insurance Company, and Swadha India.
Mr. Kollareddy Rama Raghava Reddy, Mr. Kollareddy Ramachandra, Mrs. Kukreti Soumya, Mrs. Uma Priyadarshini Kollareddy. Promoter holding 95.83% before the issue and 84.39% after.
Work out the listing gain for this IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Midwest IPO was a ₹451 crore book-built issue, comprising a fresh issue of ₹250 crore and an offer for sale of ₹201 crore. It was priced at ₹1,014–₹1,065 per share with a lot size of 14 shares (₹14,910). The IPO was open from October 15 to October 17, 2025 and was subscribed 92.34x. Shares listed on BSE and NSE on October 24, 2025 at ₹1,165, a 9.4% premium to the issue price of ₹1,065. Kfin Technologies Ltd. is the registrar.
Dam Capital Advisors Ltd and 2 other book running lead managers manage the issue.
The price band of Midwest IPO is ₹1014 to ₹1065 per share.
The lot size of Midwest IPO is 14 shares.
The minimum investment for Midwest IPO is approximately ₹14,910 based on the upper price band.
The allotment date of Midwest IPO is Oct 20, 2025.
Midwest IPO's final recorded GMP before listing was ₹102 per share (a 10% premium over the ₹1065 upper price band). The shares listed at ₹1165. GMP is unofficial and does not forecast or guarantee the actual listing price.
Midwest IPO listed on Oct 24, 2025. It was issued at ₹1165.0(NSE) and is currently around ₹1051.10 as on 2-Nov-2026 3:30 PM, which is approximately -1.3% versus issue price. The 52-week high is ₹1,859.90.
You can check Midwest IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Midwest IPO allotment status on Rupix for quick and easy access.
₹1,014 to ₹1,065 per share, against a face value of ₹5. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 14 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹14,910.
₹14,910, for one lot of 14 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 15 October 2025 and closed on 17 October 2025.
The basis of allotment was published on 20 October 2025 by Kfin Technologies Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 24 October 2025 on BSE, NSE.
The issue size was ₹451 crore. The fresh issue was 23,47,417 shares (aggregating up to ₹250 crore). The offer for sale was 18,87,323 shares (aggregating up to ₹201 crore).