The IPO consisted of a fresh issue of Rs 250 crore and an offer for sale (OFS) of Rs 201 crore, priced between Rs 1,014-1,065 per share. The company is expected to list on both the BSE and NSE on October 24.
How to check Midwest IPO allotment status
Investors can check the Midwest IPO allotment status through two main platforms — the registrar’s website (Kfin Technologies) or the BSE website — once the allotment is finalised.Visit Kfin Technologies website (https://ipostatus.kfintech.com/)
Select Midwest from the dropdown menu.
Enter your PAN, Application Number, or DP/Client ID.
Click on Submit to view allotment details.
Check on BSE India website (https://www.bseindia.com/investors/appli_check.aspx)
Select Equity under Issue Type and choose Midwest from the dropdown.
Enter your application number and PAN.
Click on Search to check if you’ve been allotted shares.
Refunds for unallotted investors will be initiated by October 23, and shares will be credited to Demat accounts on the same day.
Grey Market Premium (GMP)
According to market observers, the Midwest IPO GMP is around 9%, indicating that shares are trading at a modest premium in the unofficial market. This suggests a possible listing price of around Rs 1,160 per share, compared to the issue price of Rs 1,065.
Analysts expect the listing to remain steady, supported by strong demand from institutional investors, but say valuations appear fully priced.
Subscription breakdown
The IPO received robust investor participation across categories. QIBs booked 146.99 times, NIIs bid for 176.57 times the shares and retail investors’ subscription stood at 25.52 times
About Midwest
Founded in 1981, Midwest is India’s largest producer and exporter of Black Galaxy Granite — a unique natural stone known for its golden specks. The company operates 16 granite mines across Telangana and Andhra Pradesh and runs processing facilities in both states.
Midwest exports its products to 17 countries across five continents, including key markets like China, Italy, Sweden, and Thailand. The company’s revenue grew by 7% year-on-year to Rs 643 crore in FY25, while net profit rose 33% to Rs 133.3 crore.
At the upper price band, the IPO values the company at a P/E of around 39.5x, with a market capitalization of Rs 3,851 crore.
