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. Additionally, it manufactures **Diamond Wire** cutting tools and, as of September 2025, has commenced operations at its new **Quartz Processing Plant** for diversification. Midwest operates across the entire value chain from mine to distribution, serving 17 countries globally, including China, Italy, and Sweden.
Live Subscription by Application
| Category | Applications Offered | Applications Received | Subscription | 
|---|---|---|---|
| QIB | 8,44,579 | 786 | 0.00x | 
FII  | - | 56 | - | 
DFI  | - | 53 | - | 
MF  | - | 16 | - | 
Other  | - | 661 | - | 
| NII | 3,233 | 2,17,324 | 67.22x | 
bNII  | 2,155 | 87,320 | 40.52x | 
Corporate  | - | 715 | - | 
Individual  | - | 82,431 | - | 
Other  | - | 4,174 | - | 
sNII  | 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 | 
Live Subscription by Shares
| Category | Shares Offered | Shares Applied | Subscription | 
|---|---|---|---|
| QIB | 8.45 L | 12.41 Cr | 146.99x | 
FII  | - | 3.05 Cr | - | 
DFI  | - | 4.89 Cr | - | 
MF  | - | 1.03 Cr | - | 
Other  | - | 3.45 Cr | - | 
| NII | 6.34 L | 11.19 Cr | 176.57x | 
bNII  | 4.22 L | 8.52 Cr | 201.77x | 
Corporate  | - | 7.30 L | - | 
Individual  | - | 8.05 Cr | - | 
Other  | - | 40.52 L | - | 
sNII  | 2.11 L | 2.67 Cr | 126.17x | 
Corporate  | - | 57.15K | - | 
Individual  | - | 2.53 Cr | - | 
Other  | - | 12.47 L | - | 
| Retail | 14.79 L | 3.77 Cr | 25.49x | 
Cut-off price  | - | 3.07 Cr | - | 
Fixed price  | - | 69.63 L | - | 
| Employee | 10.37K | 2.68 L | 25.81x | 
Cut-off price  | - | 2.10 L | - | 
Fixed price  | - | 57.85K | - | 
| Total | 29.67 L | 27.40 Cr | 92.34x | 
Subscription Summary
Quick Stats
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Join NowData Last Updated
20 Oct 2025, 01:26 pm
Understanding Subscription Categories
QIB
Qualified Institutional Buyers
Includes FII, DFI, Mutual Funds, and other qualified institutions.
NII
Non-Institutional Investors
High net-worth individuals: bNII (₹10L+) and sNII (₹2L-₹10L).
Retail
Retail Individual Investors
Retail investors with applications up to ₹2 lakh per PAN.