Midwest Limited IPO to List on October 24 After 88x Subscription; Strong Debut Expected on NSE and BSE

Hyderabad, Oct 23, 2025: After an exceptional response from investors and the completion of its allotment proceedings during this past week, Midwest Limited will list this Friday, 24 October 2025, both on the Bombay Stock Exchange (BSE) as well as the National Stock Exchange (NSE). The IPO, raised at ₹451 crore, was oversubscribed nearly 88 times during October 15–17, underscoring robust investor confidence in the company’s fundamentals and growth potential.

Established in 1981 and headquartered in Hyderabad, Midwest Limited is India’s largest producer and exporter of Black Galaxy Granite, commanding approximately 64% of the country’s export market for the product. The company has diversified its operations into quartz processing, diamond wire production, and heavy mineral sands mining, supported by integrated mining and processing facilities to strengthen its position across multiple segments of the natural stone and minerals industry.

Midwest has about 20 mines across Telangana and Andhra Pradesh, and it supplies to 17 nations, including China, America, and several European countries. Revenue was at ₹6,261.82 million during FY25, with a net profit of ₹1,332.99 million, maintaining a healthy EBITDA margin of 25.76% with a debt-to-equity of 0.43. Led by Mr. Kollareddy Rama Raghava Reddy and family, Midwest employs over 1,300 professionals and continues as a pillar for sustainable, technology-driven mining as well as international development.

Midwest Limited IPO Performance and Investor Response

The Midwest Limited IPO, valued at ₹451 crore, attracted remarkable interest from investors, reflecting strong confidence in the company’s stock. The offering comprised a fresh issue of shares worth ₹250 crore and an offer for sale (OFS) of ₹201 crore by promoters, priced within a band of ₹1,014–₹1,065 per share.

By the close of bidding, the IPO was subscribed nearly 88 times, with cumulative bids reaching 27.39 crore shares against an available 31.17 lakh shares. Among investor categories, non-institutional investors (NIIs) led the subscription at 168.07 times, followed by qualified institutional buyers (QIBs) at 139.87 times. Retail investors showed solid participation with 24.26 times subscription, while the employee quota recorded 24.44 times.

The robust subscription across all investor segments underscores healthy demand and strong market confidence in Midwest Limited’s growth prospects at the time of its initial public offering.

Midwest Limited Allotment Status and Next Steps

The IPO allotment was finalised on 20 October, with credits to successful investors’ demat accounts completed shortly thereafter. Refunds or unblocking of funds for non-allottees were also processed prior to the stock’s listing.

The investors can still check for their quota from the following online links:

• https://ipostatus.kfintech.com/
• https://www.bseindia.com/investors/appli_check.aspx
• https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

The attention now turns to the price performance of the listing, with market players eagerly observing if the stock maintains its impressive pre-listing form on its first day of trading.

Midwest Limited Anchor allocations

Before the IPO opened, Midwest Limited secured ₹134.99 crore from anchor investors on 14 October 2025, issuing 12,67,605 equity shares at the upper end of the price band of ₹1,065 per share.

The largest Mutual Fund investors were Axis Mutual Fund, Goldman Sachs India Equity Portfolio, Kotak Mahindra Mutual Fund, Invesco India Frontline Equity Fund, and Edelweiss Recently Listed IPO Fund. Domestic mutual funds accounted for roughly 48% of the anchor booking, subscribing to 6.10 lakh shares across five schemes, indicating steady institutional faith in the business’s future prospects.

Midwest Limited Market Expectations

Midwest’s listing will be closely tracked due to its diversified mining portfolio, strong profit margins, and sustainable business model. The company’s leadership in granite exports, coupled with its expansion into quartz and heavy mineral sands, positions it as a unique play in the natural stone and mineral sector. With high subscription, it is expected that there may be active demand for trading of the stock on the debut day, but the larger market sentiment overall will dictate initial performance.

Midwest Limited Lead Managers & Registrar

The IPO was managed by DAM Capital Advisors Limited, Intensive Fiscal Services Private Limited, and Motilal Oswal Investment Advisors Limited as Book-Running Lead Managers. KFin Technologies Limited, serving as Registrar to the Issue, oversaw the allotment process, refunds, and investor services.

Midwest Limited’s shares are set to list on the NSE and BSE on Friday, 24 October 2025, marking the company’s highly anticipated debut in the public market following a record-breaking investor response to its IPO earlier this year.

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