Midwest IPO Day 1: Subscription at 8%

Let’s look at the Midwest IPO GMP, price band, subscription details, and review to help you decide whether to apply or not.

🧾 Midwest IPO Details

• IPO Opening Date: October 15, 2025

• IPO Closing Date: October 17, 2025

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

• Total Issue Size: ₹451 crore

• Face Value: ₹10 per share

• Lot Size: To be announced

• Listing: NSE and BSE

The company has already raised ₹135 crore from anchor investors, including big names like Goldman Sachs and Edelweiss Life Insurance.

💰 Midwest IPO GMP Today

The Midwest IPO GMP (Grey Market Premium) today stands at ₹145. This means the Midwest IPO share price is expected to list around ₹1,210 in the grey market, showing about 13–14% listing gain potential.

However, GMPs are not official indicators. They simply reflect market sentiment before listing. Still, a positive GMP often attracts more retail interest during the subscription period.

📈 Midwest IPO Subscription Status (Day 1)

As of the first few hours of trading, the Midwest IPO subscription status shows that the issue has been booked 8% overall. Here’s the early breakdown:

• QIB (Qualified Institutional Buyers): Minimal participation so far

• NII (Non-Institutional Investors): Starting to pick up

• Retail Investors: Early traction seen in small bids

The subscription window remains open until October 17, so the final numbers could rise significantly as institutional investors typically apply on the last day.

🏢 About Midwest Limited

Midwest Limited is a Telangana-based company engaged in exploration, mining, processing, and exporting natural stones. It’s India’s leading producer of Black Galaxy and Absolute Black granite—both highly valued for their quality and global demand.

In FY24, Midwest produced 10.8% of India’s total Black Granite output, making it a major player in this niche market. The company emphasizes sustainable mining practices and strong export operations, which enhance its long-term growth potential.

📊 Midwest IPO Review and Financials

According to SBICAP Securities, Midwest has delivered an impressive performance over the past two years:

• Revenue Growth (FY23–FY25 CAGR): 11.6%

• EBITDA Growth: 38.5%

• Adjusted PAT Growth: 40.5%

• FY25 Revenue: ₹626 crore

• FY25 EBITDA: ₹172 crore

• FY25 PAT: ₹108 crore

At the upper price band of ₹1,065, the IPO is valued at a P/E ratio of 35.8x and EV/EBITDA of 22.4x. These figures suggest a premium valuation compared to industry peers.

Midwest also maintains a healthy RoE of 17.4% and RoCE of 19.1%, showing strong profitability despite operating in a capital-intensive industry.

Analyst View: Most brokerages, including SBICAP Securities, have given a “Neutral” rating on valuation concerns but recognize Midwest’s strong business fundamentals.

If you are a long-term investor, Midwest’s leadership in the granite export market and consistent profit growth make it an attractive story. However, if you’re seeking short-term listing gains, monitor the Midwest IPO GMP and Day 2–3 subscription trend before making your decision.

As of now, the issue shows steady early traction and moderate grey market buzz, indicating a cautious yet positive sentiment among investors.