Midwest Limited IPO Continues Strong Momentum on Day 2; Issue Oversubscribed 11.73 Times

Hyderabad, Oct 16 – The Midwest Limited IPO had a strong momentum, with bidding extending to the second day, showing good participation from several categories of investors. At 5.49 pm on Thursday, the ₹451 crore issue was subscribed 12.34 times in total, with exceptionally heavy demand from Non-Institutional Investors (NII), and consistent subscriptions from retail and employee categories.

Founded in 1981, Midwest Limited is India’s biggest exporter and producer of Black Galaxy Granite. The company holds roughly 64% of the country’s export market for the material. Based in Hyderabad, Midwest Limited is also involved in Quartz processing, manufacturing Diamond Wire, and mining Heavy Mineral Sands. Their operations include roughly 20 different mines in the Andhra Pradesh and Telangana regions, and they export to 17 countries worldwide.

Midwest Limited Robust Investor Demand

The IPO of ₹250 crore of fresh issue and ₹201 crore offer-for-sale is set to open on October 15 and will close on October 17, 2025. The listing will take place on NSE and BSE on October 24. During Day 2, bids have been seen for more than 3.66 crore shares against an overall offer of 29.67 lakh shares, reflecting widespread interest from investors.

Midwest Limited Non-Institutional Investors Lead the Rally

The NII category was the most significant contributor, witnessing an oversubscription of 34.89 times. Large investors (bNII) subscribed 35.65 times and small investors (sNII) subscribed 33.37 times in this category. These strong figures indicate confidence from high-net-worth investors irrespective of ticket sizes.

Midwest Limited Retail and Employee Participation Stay Strong

Retail Individual Investors applied to their quota 8.63 times, totalling more than 1.27 crore cut-off bids, highlighting their continued faith in small investors. Employee participation was also solid at 9.64 times, showcasing their confidence in the company’s future performance and growth prospects.

Midwest Limited Institutional Demand Picks Up

The Qualified Institutional Buyers (QIB) portion demonstrated improved traction at 1.93 times subscription, underpinned by aggressive bidding from foreign institutional investors (FIIs) and domestic financial institutions. These investors placed bids totalling more than 16 lakh shares, illustrating an improved institutional appetite.

Midwest Limited Price Band and Bidding Trend

The IPO has a price band that ranges between ₹1,014 and ₹1,065 for a lot size of 14 (minimum investment of ₹14,196). Most bids were for the upper end of ₹1,065, while ₹1,065 is also where total demand hit 3.66 crore shares, indicating adequate investor confidence and acceptance around the higher price.

Midwest Limited Anchor Investment Support

Before opening to the public, Midwest collected ₹134.99 crore from nine anchor investors on October 14, with 12.67 lakh shares issued at ₹1,065 each. Notable investors included Goldman Sachs India Equity Portfolio, Axis Mutual Fund, Kotak Mahindra MF, Invesco India, and Edelweiss Recently Listed IPO Fund. Indian mutual funds represented 48% of the anchor book.

Outlook

With strong subscription figures, broad-based investor participation, and solid fundamentals, Midwest Limited’s IPO appears poised for a promising listing, potentially continuing its upward momentum post allotment.

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