Midwest IPO Subscription Status
Midwest IPO closed on 17 October 2025 with an overall subscription of 92.36x based on shares applied. QIB demand came in at 146.99x, NII at 176.57x, and retail at 25.49x.
Allotment will be finalised on 20 October 2025. The stock is scheduled to list on NSE and BSE on 24 October 2025.
Issue Price
Rs 1,065.00
GMP Today
Rs 115.00 (+10.80%)
Overall Subscription
92.36x
Issue Size
₹451.00 Cr
Allotment Date
20 Oct 2025
Listing Date
24 Oct 2025
Midwest IPO Subscription by Amount
Category-wise subscription based on amount applied at issue price Rs 1,065.00
| Category | Amount Offered | Amount Applied | Subscription |
|---|---|---|---|
| QIB | Rs 89.95 Cr | Rs 13,221.80 Cr | 146.99x |
| FII | - | Rs 3,245.04 Cr | - |
| DFI | - | Rs 5,212.53 Cr | - |
| Mutual Funds | - | Rs 1,094.08 Cr | - |
| Other | - | Rs 3,670.16 Cr | - |
| NII | Rs 67.48 Cr | Rs 11,915.68 Cr | 176.57x |
| bNII (above Rs 10L) | Rs 44.99 Cr | Rs 9,077.43 Cr | 201.77x |
| Corporate | - | Rs 77.77 Cr | - |
| Individual | - | Rs 8,568.09 Cr | - |
| Other | - | Rs 431.57 Cr | - |
| sNII (Rs 2L to Rs 10L) | Rs 22.49 Cr | Rs 2,838.24 Cr | 126.17x |
| Corporate | - | Rs 6.09 Cr | - |
| Individual | - | Rs 2,699.30 Cr | - |
| Other | - | Rs 132.86 Cr | - |
| Retail | Rs 157.46 Cr | Rs 4,013.30 Cr | 25.49x |
| Cut-off price | - | Rs 3,271.76 Cr | - |
| Fixed price | - | Rs 741.54 Cr | - |
| Employee | Rs 1.10 Cr | Rs 28.51 Cr | 25.81x |
| Cut-off price | - | Rs 22.35 Cr | - |
| Fixed price | - | Rs 6.16 Cr | - |
| Total | Rs 316.00 Cr | Rs 29,179.29 Cr | 92.34x |
Midwest IPO Subscription by Applications
Category-wise subscription based on applications received
| Category | Applications Offered | Applications Received | Subscription |
|---|---|---|---|
| QIB | 8,44,579 | 786 | 0.00x |
| FII | - | 56 | - |
| DFI | - | 53 | - |
| Mutual Funds | - | 16 | - |
| Other | - | 661 | - |
| NII | 3,233 | 2,17,324 | 67.22x |
| bNII (above Rs 10L) | 2,155 | 87,320 | 40.52x |
| Corporate | - | 715 | - |
| Individual | - | 82,431 | - |
| Other | - | 4,174 | - |
| sNII (Rs 2L to Rs 10L) | 1,078 | 1,30,004 | 120.60x |
| Corporate | - | 263 | - |
| Individual | - | 1,23,508 | - |
| Other | - | 6,233 | - |
| Retail | 1,05,609 | 21,13,134 | 20.01x |
| Cut-off price | - | 17,02,442 | - |
| Fixed price | - | 4,10,692 | - |
| Employee | 741 | 12,690 | 17.13x |
| Cut-off price | - | 10,294 | - |
| Fixed price | - | 2,396 | - |
| Total | 9,54,162 | 23,43,934 | 2.46x |
What Do These Subscription Numbers Mean?
A subscription of 92.36x by shares means the IPO received bids for 92 times the shares reserved. Allotment odds depend on application count in each category, not share volume.
Here is what each category number tells you:
QIB at 146.99x by shares: This is the strongest signal on the page. QIBs are institutional investors, mutual funds, foreign institutions, and banks. When they subscribe at 146.99x, it reflects serious institutional conviction.
NII at 67.22x by applications: NII includes high net worth individuals applying above Rs 2 lakh. Proportional allotment uses application subscription. bNII came in at 40.52x and sNII at 120.60x by applications. Share subscription was 176.57x. Allotment uses application count, not share volume.
At 20.01x subscription by applications, approximately 1 in 20 retail applicants can expect an allotment (~5% per application). Retail allotment is done by lottery when oversubscribed. Share subscription was 25.49x. Allotment uses application count, not share volume.
At 17.13x subscription by applications, approximately 1 in 17 employee applicants can expect an allotment (~6% per application). Employee reservation uses the same lottery logic as retail when oversubscribed.
Midwest IPO Allotment Chances
Allotment odds below use application subscription (number of bids received), not share or amount subscribed.
Retail
- •Application subscription: 20.01x.
- •Allotment odds: about 1 in 20 (~5% chance per application).
- •Method: Lottery. If allotted, you receive at least one lot.
- •Share subscription was 25.49x. Allotment uses application count, not share volume.
- •One application per PAN. Multiple eligible accounts in a household can improve overall family odds, not individual odds.
SHNI (Rs 2 lakh to Rs 10 lakh)
- •Application subscription: 120.60x.
- •Allotment odds: about 1 in 121 for a minimum-lot application (~1% of the applied lot on average).
- •Method: Proportional. Shares allotted are based on your bid size, not a lottery.
- •Share subscription was 126.17x. Allotment uses application count, not share volume.
BHNI (above Rs 10 lakh)
- •Application subscription: 40.52x.
- •Allotment odds: about 1 in 41 for a minimum-lot application (~2% of the applied lot on average).
- •Method: Proportional. Shares allotted are based on your bid size, not a lottery.
- •Share subscription was 201.77x. Allotment uses application count, not share volume.
Check the Midwest IPO Allotment Status page from 20 October 2025 for your allotment result.
Midwest IPO GMP After Subscription
GMP for Midwest IPO stands at Rs 115.00 today, giving an estimated listing price of Rs 1,180.00 per share.
A subscription of 92.36x combined with a GMP of 10.80% is a strong combination heading into listing. QIB demand above 50x in particular tends to support listing sentiment, as institutional investors are seen as informed buyers.
Track live GMP on the Midwest IPO GMP Today page or the IPOwiz Live IPO GMP Tracker.
Midwest IPO Day-wise Subscription
| Day | QIB | NII | Retail | Overall |
|---|---|---|---|---|
| Day 1 - 15 Oct 2025 | 0.52x | 4.39x | 1.69x | 1.94x |
| Day 2 - 16 Oct 2025 | 1.93x | 34.89x | 8.63x | 12.34x |
| Day 3 - 17 Oct 2025 | 146.99x | 176.57x | 25.52x | 92.36x |
Midwest IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | 15 October 2025 |
| IPO Close Date | 17 October 2025 |
| Allotment Date | 20 October 2025 |
| Refund Initiation | 21 October 2025 |
| Share Credit to Demat | 21 October 2025 |
| Listing Date | 24 October 2025 |
| Minimum Investment | Rs 14,910.00 |
| Lot Size | 14 shares |
About Midwest IPO
Midwest Ltd. is a four-decade-old natural stone industry specialist, India’s largest producer and exporter of Black Galaxy Granite (holding around 64% of India’s export market share in FY25) and also the largest producer of Absolute Black Granite. The company's core business involves exploration, mining, processing, and export of these premium dimensional stones from its 16 captive granite mines across Telangana and Andhra Pradesh.
Understanding Subscription Categories
QIB - Qualified Institutional Buyers
Includes foreign institutional investors, domestic financial institutions, mutual funds, and other qualified institutions. QIB demand is considered the most reliable indicator of institutional confidence in an IPO.
NII - Non-Institutional Investors
High net worth individuals applying above Rs 2 lakh. Divided into bNII (above Rs 10 lakh) and sNII (Rs 2 lakh to Rs 10 lakh). NII allotment is proportional.
Retail - Retail Individual Investors
Investors applying up to Rs 2 lakh per PAN. Allotment is by lottery when oversubscribed. Minimum one lot per successful applicant.
Midwest IPO Subscription FAQs
What is Midwest IPO IPO subscription status today?
Midwest IPO IPO subscription closed on 17 October 2025 with overall subscription of 92.36x (by shares) as of 27 June 2026, 2:47 AM IST. QIB 146.99x, NII 67.22x, Retail 20.01x.
What is the overall subscription of Midwest IPO IPO?
Midwest IPO IPO is subscribed 92.36x overall by shares at close on 17 October 2025. QIB 146.99x, NII 67.22x, and Retail 20.01x.
What is Midwest IPO IPO QIB subscription?
Midwest IPO IPO QIB (Qualified Institutional Buyers) subscription is 146.99x by shares. QIB includes mutual funds, FIIs, banks, and other institutions.
What is Midwest IPO IPO Retail subscription?
Midwest IPO IPO Retail subscription is 20.01x by applications. Minimum retail bid is up to Rs 2 lakh per PAN.
What is Midwest IPO IPO NII subscription?
Midwest IPO IPO NII (Non-Institutional Investors) subscription is 67.22x by applications. NII covers bids above Rs 2 lakh.
What are allotment chances in Midwest IPO IPO for retail?
At 20.01x subscription by applications, approximately 1 in 20 retail applicants can expect an allotment (~5% per application). Allotment is done by lottery. Share subscription was 25.49x. Allotment uses application count, not share volume.
When is Midwest IPO IPO allotment date?
Midwest IPO IPO allotment date is 20 October 2025. Check Midwest IPO Allotment Status on IPOwiz from that day using your PAN.
When does Midwest IPO IPO subscription close?
Midwest IPO IPO subscription closed on 17 October 2025. No new applications are accepted after the close.
What is Midwest IPO IPO GMP today?
Midwest IPO IPO GMP is ₹115 today (+10.80% over issue price ₹1,065). See live GMP on the Midwest IPO GMP Today page.
What is Midwest IPO IPO issue price and lot size?
Midwest IPO IPO issue price is ₹1,065 per share. Lot size is 14 shares. Minimum investment is ₹14,910 per lot. Issue size: ₹451.00 Cr.
When is Midwest IPO IPO listing date?
Midwest IPO IPO listing date is 24 October 2025 on NSE and BSE. Allotment is on 20 October 2025.
How does subscription affect Midwest IPO IPO allotment?
Allotment odds in Midwest IPO IPO depend on application subscription in each category, not share volume. Retail uses lottery when oversubscribed. NII proportional allotment at 67.22x by applications means roughly 1 in 67 for minimum-lot bids; bNII at 40.52x (~1 in 41). At 92.36x overall, competition is very high.
For allotment results from 20 October 2025, visit the Midwest IPO Allotment Status page. For listing day updates on 24 October 2025, download the IPOwiz App.
Reviewed by Dinesh Agrawal
15+ years in Indian capital markets and IPO research. Subscription data verified before publish.