The Midwest IPO is currently in its second day of subscription on October 16, 2025. On the first day, investors applied for 1.84 times the available shares. The subscription period will conclude on October 23, 2025. The IPO’s total value is 451 crore rupees, consisting of a new share sale worth 250 crore rupees and an offer for sale of 201 crore rupees. Each share is priced between 1,014 and 1,065 rupees. The final allocation of shares will be announced by October 20, 2025, with trading on the NSE and BSE commencing on October 24, 2025. The IPO is being handled by DAM Capital Advisors, Intensive Fiscal Services, and Motilal Oswal Investment Advisors, with KFin Technologies serving as the registrar.
As for the subscription update on the second day, different investor categories have shown varied interest: Qualified Institutional Buyers (QIBs) at 0.52 times, Non-Institutional Investors at 8.15 times, Retail Individual Investors at 2.65 times, and Employees at 3.66 times. Overall, the total subscription stands at 3.22 times, indicating that over three times the number of shares have been applied for, an increase from the first day’s total of 1.84 times. Midwest plans to utilize the funds raised from the new shares for several purposes, including repaying company loans, addressing general business requirements, purchasing electric dump trucks, extending loans to its subsidiary Andhra Pradesh Granite, and investing in another subsidiary, Midwest Neostone, to enhance its quartz processing facility.