Midwest Limited debuted on BSE and NSE on October 24, 2025 at Rs 1,165 per share — a 9.4% premium over the upper IPO price of Rs 1,065. The Rs 451 crore IPO was subscribed 92.36 times, making it one of the most oversubscribed manufacturing sector IPOs of 2025.
Midwest IPO: Key Details
Midwest Limited is India's largest producer and exporter of Black Galaxy and Absolute Black granite. The company operates from quarries in Karimnagar, Telangana, and supplies to global stone markets.
Performance Analysis
Midwest IPO delivered exactly what the grey market predicted — around 9% listing gain. The GMP hovered between Rs 100-175 in the weeks before listing, settling at Rs 115 on listing day. This was a textbook case where GMP accurately reflected investor sentiment.
The 92.36x subscription indicates strong retail and institutional demand. QIB portion was subscribed 131.76x, showing strong anchor investor participation. The employee reservation saw 4.91x subscription.
Final Verdict
Midwest IPO was a solid listing play with ~9% gains matching GMP expectations. For investors who got allocation, it delivered positive returns on listing day. The manufacturing sector (granite exporter) saw steady demand in 2025, and Midwest's position as India's largest Black Galaxy exporter provided fundamental backing.
Last Updated: May 09, 2026 | Source: Economic Times, IPO Central (Official Data)