Midwest Limited IPO Subscribed 6.11 Times on Day 2; Retail, NII Investors Show Strong Demand

Hyderabad, October 16, 2025 – Midwest Limited’s initial public offering (IPO) recorded healthy demand for the second day in a row on Thursday, and the issue registered very high demand across all zones. As of 12:54 PM, the IPO was subscribed a cumulative total of 6.11 times, with the Non-Institutional Investors (NIIs) registering very high interest, and the Retail and Employee quotas also registering very high subscription.

The ₹451 crore IPO comprises a ₹250 crore fresh issue and a ₹201 crore offer for sale (OFS), which opens on October 15 and closes on Friday, October 17. The shares are likely to list on the NSE and BSE on October 24, 2025.

Midwest Limited Day 2 Subscription Snapshot (as of 12:54 PM)

Midwest IPO saw a strong investor demand, with subscription rates reaching 6.11 times on Day 2, up to October 16, 2025, 12:54 PM. Anchor investors fully subscribed to the part allotted to them of 12.67 lakh shares, worth ₹135 crore. Qualified Institutional Buyers (QIBs), excluding anchors, subscribed for 0.59 times, with bids for 4.98 lakh shares offered from the QIB segment, worth ₹53.05 crore.

Non-Institutional Investors (NIIs) showed particularly high demand, subscribing 15.86 times, with 66.09 lakh shares from bids at prices above ₹10 lakh and 34.43 lakh shares from bids at prices below ₹10 lakh, totaling ₹1,070.56 crore. Retail investors also participated well, subscribing 5.09 times with bids for 75.26 lakh shares out of 14.78 lakh offered, which totaled ₹801.52 crore. Employees subscribed 6.22 times, with 64,568 shares bid for.

Overall, the IPO saw bids for 1.81 crore shares against the offered 29.67 lakh, resulting in a subscription value of about ₹1,932 crore, with applications totalling 4,30,756 till date. The healthy participation in institutional and retail segments reflects healthy demand in the Midwest IPO.

Midwest Limited Anchor Allocation Ahead of Issue

Before the IPO listing, Midwest raised ₹134.99 crore from anchor investors on October 14, allotting 12,67,605 equity shares at ₹1,065 per share. Key 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 subscribed to 48% of the total anchor book, together absorbing 6.10 lakh shares in five schemes.

Midwest Limited IPO Details

Midwest IPO enters the price band of ₹1,014 – ₹1,065 per share with the lot size of 14 shares; thus, the minimum investment is ₹14,196 at the upper price band. The issue size is ₹451 crore, comprising a fresh issue of ₹250 crore and an offer-for-sale of ₹201 crore. Bidding dates are October 15 to October 17, 2025, and the listing date is October 24, 2025.

Midwest Limited Lead Managers and Registrar

The IPO is managed together with DAM Capital Advisors Limited, Intensive Fiscal Services Private Limited, and Motilal Oswal Investment Advisors Limited, acting together as the Book Running Lead Managers. The Registrar to the Issue, KFin Technologies Limited, carries out the allotment, refund, and communication with investors process.

Established in 1981, Midwest Limited is the largest manufacturer and exporter of Black Galaxy Granite from India, and it controls nearly 64% of the nation’s exports in the same segment in FY25.

With its head office in Hyderabad, the company has diversified into Quartz processing, Diamond Wire manufacturing, and Heavy Mineral Sands mining. Midwest operates 20 mines in Telangana and Andhra Pradesh, with state-of-the-art processing centers and export terminals in 17 countries, including mainland Europe and the United States.

The company’s FY25 revenue was ₹6,261.82 million, and profit was ₹1,332.99 million, with healthy cash flows and strong margins. Owned and managed by the family of Mr. Kollareddy Rama Raghava Reddy, the Midwest manages over 1,300 professionals and continues its dedication to sustainable, technology-driven mining practices.

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