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Midwest IPO: The initial public offering of Midwest Ltd concluded its second day of public bidding today, October 16, with the issue subscribed over 11.72 times, as per provisional exchange data. The issue received a robust demand from investors and got fully subscribed on its launch day.

The producer and exporter of Black Galaxy Granite aims to raise Rs 451 crore through the public offering.

At the end of the session, investors bid 3.65 crore shares against the total shares on offer. The subscription includes bids from institutional buyers, institutional investors and retail investors categories who booked the issue 1.84 times, 33.19 times and 8.19 times, respectively.

In terms of shares, QIBs, NIIs, and RIIs bid 16.33 lakh shares, 2.20 crore, and 1.27 crore shares, respectively, out of their allotted portions.

The Midwest IPO is a book-building issue of Rs 451 crore, comprising a fresh issue of 2.3 million equity shares worth Rs 250 crore and an offer-for-sale (OFS) of 1.9 million equity shares worth Rs 201 crore.

Through OFS, the company's promoter Kollareddy Rama Raghava Reddy and the promoter group Guntaka Ravindra Reddy are offloading their shares worth Rs 181 crore and Rs 20 crore, respectively.

The Dam Capital Advisors Ltd., Intensive Fiscal Services Pvt., and Motilal Oswal Investment Advisors Ltd are the book-running lead managers, while Kfin Technologies Ltd. is the issue registrar.

The IPO has allocated 50 per cent, 35 per cent and 15 per cent of the net offer for the QIB, NII and retail investor categories, respectively.

Price band: Rs 1,014 to Rs 1,065 apiece

Face value: Rs 5 per equity share

Subscription date: From October 15 to October 17, 2025

Lot size: 14 shares

Allotment date: Tentatively on October 20, 2025

Listing date: Tentatively on October 24, 2025

Established in 1981, Midwest Limited operates in the granite mining and processing industry, with its headquarters in Hyderabad. The company specialises in the exploration, mining, processing, and export of premium granites and quartz-based materials.

Financially, the company's revenue from operations increased to Rs 626.18 crore from Rs 585.62 crore in FY25. The profit after tax (PAT) of the company also increased to Rs 133.30 crore from Rs 100.32 crore for the same financial year.

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