The Midwest IPO has officially opened for subscription on Wednesday, October 15, 2025. Midwest is a leading quartz processor and natural stone exporter catering to industries like solar, gas, and engineered stone.

This mainboard IPO includes a fresh issue of ₹250 crore (2.3 million equity shares) and an offer for sale (OFS) of ₹201 crore (1.9 million shares).

About Midwest

Midwest operates in exploration, mining, processing, marketing, and exporting natural stones. The company’s promoter selling shareholders are Kollareddy Rama Raghava Reddy and Guntaka Ravindra Reddy.

🔹 Anchor Investors

Before opening for the public, Midwest raised ₹135 crore from anchor investors on October 15, allocating 1.26 million shares at ₹1,065 per share — the upper end of the price band ₹1,014–₹1,065.
Prominent participants include Goldman Sachs, Axis Mutual Fund, Kotak Mahindra AMC, Sun Life Aditya Birla India Fund, Edelweiss MF, and ITI Mutual Fund.

🔹 Midwest IPO GMP Today

As per market sources, Midwest IPO GMP (Grey Market Premium) stands at ₹145, meaning shares are trading at ₹1,210 in the unofficial market — a 13.6% premium over the upper band price.

🔹 Midwest IPO Key Dates

  • IPO Open Date: October 15, 2025

  • IPO Close Date: October 17, 2025

  • Allotment Date: October 20, 2025

  • Listing Date: October 24, 2025

  • Exchange: NSE and BSE

🔹 Midwest IPO Price Band & Lot Size

  • Price Band: ₹1,014 to ₹1,065 per share

  • Lot Size: 14 shares per application

🔹 Registrar & Lead Managers

  • Registrar: KFin Technologies

  • Book Running Lead Managers: DAM Capital Advisors, Intensive Fiscal Services, and Motilal Oswal Investment Advisors.

🔹 Midwest IPO Objectives

As per the Red Herring Prospectus (RHP), funds raised will be used for:

  • ₹130.3 crore: Investment in subsidiary Midwest Neostone for Phase II Quartz Processing Plant

  • ₹25.8 crore: Purchase of Electric Dump Trucks for the company and subsidiary APGM

  • ₹3.3 crore: Integration of solar energy at company mines

  • ₹56.2 crore: Debt repayment or prepayment

  • Remaining for general corporate purposes

🔹 Midwest IPO Review and Recommendation

  • SBI Securities: Neutral — the issue appears overvalued compared to peers; will monitor post-listing performance.

  • Arihant Capital: Avoid — citing premium valuation and lack of margin comfort compared to industry competitors.

Overall, analysts suggest investors should wait and watch how the stock performs post-listing before making long-term commitments.