Midwest IPO Subscribed 1.92x on Day 1; NIIs Lead Demand
Hyderabad, Oct 15, 2025: The initial public offer (IPO) of Midwest Limited opened for subscription from Wednesday and made a stable start across all categories. By 4:54 PM, the IPO was subscribed overall 1.92 times. The Non-Institutional Investor (NII) segment and Employee segment were subscribed in a matter of hours.
The ₹451 crore IPO consists of a fresh issue of ₹250 crore and offer-for-sale (OFS) of ₹201 crore. The IPO will remain open till this Friday, October 17, while the listing on the BSE and the NSE will be on October 24, 2025.
Established in 1981, Midwest Limited is India’s most prominent Black Galaxy Granite producer and exporter with around 64% market share in the Indian export market for FY25 in this segment. The company has diversified its operations to suitably cover Quartz processing, Diamond Wire production, and Heavy Mineral Sands mining. It operates 20 mines across Telangana and Andhra Pradesh, serviced by integrated processing centers and a diamond wire manufacturing unit.
Midwest ships products to 17 countries, including China, the US, and key markets in Europe, and serves industrial and infrastructure customers worldwide. The FY25 revenue stood at ₹6,261.82 million, and the net profit was ₹1,332.99 million while maintaining a good EBITDA margin of 25.76% and a very minimal debt-to-equity ratio of 0.43. The firm is led by Mr. Kollareddy Rama Raghava Reddy, Mr. Kollareddy Ramachandra, Mrs. Kukreti Soumya, and Mrs. Uma Priyadarshini Kollareddy and has around 1,300 professionals serving India.
Midwest Limited Category-Wise Subscription (as of 4:54 PM)
The Initial Public Offering (IPO) of Midwest Limited has received a good response in bidding for the first day so far, having registered a total subscription of 1.92 times till 4:54 PM on October 15, 2025. Retail investors showed robust interest, subscribing 1.67 times their allotted quota. Non-institutional investors (NIIs) led the demand, bidding 4.36 times their allocated shares. Within the NII segment, small NIIs (sNII) subscribed 4.67 times, while big NIIs (bNII) followed closely at 4.20 times, highlighting strong traction among high-net-worth investors.
The Qualified Institutional Buyers (QIB) segment saw moderate participation, subscribing 0.52 times, whereas the company’s staff demonstrated strong confidence by subscribing 2.65 times their quota. Overall, bidders committed to 57.02 lakh shares against an offer of 29.67 lakh shares. The issue received 1,38,267 applications on the first day, reflecting healthy market demand for the offering.
Midwest Limited Anchor Investor Allotment
Prior to the public issue, the company raised ₹134.99 crore from anchor investors on October 14 by allotting 12,67,605 shares at the top offer price of ₹1,065 each. Major participants were Goldman Sachs India Equity Portfolio, Axis Mutual Fund, Invesco India Frontline Equity Fund, Kotak Mahindra Mutual Fund, and Edelweiss Recently Listed IPO Fund. Domestic mutual funds subscribed to 6.10 lakh shares, representing 48.15% of the total anchor allocation.
Midwest Limited IPO Details
The ₹451 crore Initial Public Offering (IPO) by Midwest Limited has been launched for subscription from October 15, 2025, to October 17, 2025. The offer consists of a fresh issue of equity for ₹250 crore and an offer for sale (OFS) by current stakeholders for ₹201 crore.
The company’s price band has been fixed between ₹1,014 and ₹1,065 a share. A minimum lot of 14 shares has to be bid by the investors, which will be a total of ₹14,196 at the upper end of the price range. The shares of Midwest Limited will be listed on the stock exchanges on October 24, 2025.
Midwest Limited Lead Managers and Registrar
The IPO has been co-managed by DAM Capital Advisors Limited, Intensive Fiscal Services Private Limited, and Motilal Oswal Investment Advisors Limited as Book Running Lead Managers. KFin Technologies Limited is the Registrar to the Issue and also arranges the allotment and refund process.
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