Midwest IPO Day 1 Update: Strong Start with 1.84x Subscription, GMP Indicates 16% Listing Premium
Midwest IPO subscribed 1.84 times on Day 1; GMP at ₹175 hints at a 16% listing gain. Retail and NII investors drive strong demand.
Midwest IPO sees strong investor demand on opening day, with GMP indicating a possible 16% premium on listing.
The Midwest IPO opened to a robust response from investors on Wednesday, October 15, with bids flooding in across all categories. The issue, which will remain open until October 17, was subscribed 1.84 times on Day 1, driven largely by strong participation from non-institutional and retail investors.
Midwest IPO Subscription Status (as of 5:00 PM)
- According to BSE data, Midwest received bids for 57.33 lakh shares against 31.17 lakh shares on offer.
- Qualified Institutional Buyers (QIB): 0.50x
- Non-Institutional Investors (NII): 4.17x
- Retail Investors (RII): 1.60x
- Employee Quota: 2.54x
The enthusiastic response from individual investors highlights growing optimism around the company’s growth trajectory and industry potential.
Grey Market Premium (GMP) & Expected Listing Gains
Market observers reported that Midwest IPO is enjoying a GMP of ₹175, suggesting a 16.4% listing premium over the upper price band of ₹1,065. Based on current trends, the expected listing price could be around ₹1,240 per share.
Issue Details
The ₹451 crore IPO features a price band of ₹1,014–1,065 per share. It includes a fresh issue worth ₹250 crore and an offer-for-sale (OFS) of ₹201 crore.
Use of Proceeds
Funds from the fresh issue will primarily go toward:
- Phase II expansion of the quartz facility under Midwest Neostone
- Procurement of electric dump trucks
- Solar energy integration at selected mines
- Debt repayment and other general corporate purposes
About Midwest
With a legacy spanning over four decades, Midwest is India’s largest producer of black galaxy and black granite stones, commanding 64% of the Indian export market for black galaxy stones in FY25. The company also manufactures diamond wire, catering to mining and construction industries both domestically and internationally.
What’s Next?
With strong investor interest and a healthy GMP, market experts believe Midwest could see a solid debut on the stock exchanges. Investors are keeping a close watch as bidding continues until October 17.
