Midwest Limited IPO Subscribed 33.29x on Day 3; Retail and NII Investors Lead Demand

Hyderabad, Oct 17, 2025: The IPO of Midwest Limited attracted strong investor interest on the final day of bidding, and the issue was subscribed 33.29 times till 1:09 PM on Friday, based on consolidated exchange data. Strong buying so far has been dominated by Non-Institutional Investors (NIIs), and other categories, such as Retail, Employee, and Institutions, have also shown healthy bid participation.

The issue amount of ₹451 crore comprises a fresh issue of ₹250 crore and an Offer-for-Sale (OFS) of ₹201 crore. It opened on October 15 and will close later today The scrip will debut on both NSE and BSE stock exchanges on October 24, 2025.

Founded in 1981, Midwest Limited is India’s Largest Exporter and Producer of Black Galaxy Granite and controls 64% of India’s overall exports in FY25. Headquartered in Hyderabad, the corporation has also diversified into Quartz processing, Diamond Wire manufacturing, and the mining of Heavy Mineral Sands, and operates 20 mines in Andhra Pradesh and Telangana.

Midwest exports to 17 nations, including China, the United States, and European markets. Revenues during FY25 were ₹6,261.82 million, and net profit was ₹1,332.99 million, with an EBITDA margin of 25.76% and a debt-to-equity ratio of 0.43, indicating good financial stability. Owned and operated by Mr. Kollareddy Rama Raghava Reddy and family, Midwest currently employs over 1,300 professionals and remains sustainability-driven in its mining and mineral operations.

Midwest Limited Subscription Status (as of 1:09 PM)

Midwest IPO has been highly subscribed and so far has received a total subscription of 33.29 times until October 17, 2025 (Day 3) at 1:09 PM. All of the 12.67 lakh shares reserved in the anchor portion have been subscribed by the anchor investors, which amounts to ₹135 crore, and hence, full subscription at 1x.

Qualified Institutional Buyers (QIBs), except anchors, subscribed 58.08 lakh shares out of 8.44 lakh on offer, resulting in a 6.88 times subscription worth ₹618.57 crore. Non-Institutional Investors (NIIs) subscribed 105.28 times to 6.34 lakh shares on offer, worth ₹7,104.72 crore. Among NIIs, bids worth more than ₹10 lakh in lots (bNII) were subscribed 117.26 times, while bids in lots of less than ₹10 lakh (sNII) were subscribed 81.32 times.

Retail investors showed a healthy subscription of 17.62 times, bidding for 14.78 lakh shares, amounting to ₹2,774.71 crore. Employees too showed active subscription of 18.64 times, bidding for 10,373 shares, amounting to ₹20.59 crore. In all, 29.67 lakh shares were on offer, and 9.88 crore shares were bid for, amounting to ₹10,518.59 crore, with healthy market enthusiasm across all categories of investors. Total applications received were 15,60,443.

Midwest Limited Anchor Allocation

Before the issue opened, Midwest had raised ₹134.99 crore in its anchor investor issue on October 14, issuing 12,67,605 equity shares at the upper price band of ₹1,065 per equity share. Top institutional investors were Goldman Sachs India Equity Portfolio, Axis Mutual Fund, Kotak Mahindra Mutual Fund, Invesco India Frontline Equity Fund, and Edelweiss Recently Listed IPO Fund. Domestic mutual funds, in aggregate, bought 6.10 lakh shares, constituting 48% of the overall anchor portion.

Midwest Limited IPO Details

The IPO of Midwest Limited is priced between ₹1,014 and ₹1,065 per equity share, with a minimum lot size of 14 shares. At the upper end of the price band, this translates to a minimum investment of ₹14,196. The ₹451 crore issue includes a fresh issue worth ₹250 crore and an offer for sale of ₹201 crore. The company’s shares are scheduled to list on stock exchanges on October 24, 2025.

DAM Capital Advisors Limited, Intensive Fiscal Services Private Limited, and Motilal Oswal Investment Advisors Limited are serving as the Book Running Lead Managers for the issue. KFin Technologies Limited is acting as the Registrar to the Issue, overseeing processes related to allotment, refunds, and investor support.

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