Natural stone exporter Midwest Ltd has finalised share allotments for its ₹451-crore IPO, ahead of its October 24 listing. Grey market trends indicate a premium of about 9% over the issue price, suggesting a firm debut on Dalal Street.
The offer included a fresh issue of ₹250 crore and an Offer for Sale (OFS) of ₹201 crore, priced between ₹1,014 and ₹1,065 per share. Retail investors could bid for a minimum of 14 shares, requiring an investment of roughly ₹14,910.
According to lead manager DAM Capital Advisors, the IPO was fully subscribed within hours, with strong participation from institutional, non-institutional, and retail investors.
Midwest, known for its premium granite brands like Black Galaxy and Absolute Black, reported FY25 revenue of ₹626.18 crore, with natural stone contributing 96% of earnings. Funds raised will be used to expand its quartz plant, purchase electric dump trucks, integrate solar power, and repay borrowings.
Analysts, while optimistic about the company’s growth prospects, flag regulatory dependencies and an old CBI notice (2015) involving a promoter as potential risks.
Allottees can check their status on the KFin Technologies portal or BSE/NSE websites. Refunds for non-allottees will follow soon.
Midwest’s listing is being closely watched as a litmus test for mid-cap IPO sentiment amid buoyant market conditions this festive season.
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