Markets / IPO / Midwest

Midwest IPO

Updated 17:57

Mainboard IPO on NSE and BSE · Granites & Marbles

Status

Listed

Price band

₹1,014–1,065

Lot size

14 shares · ₹14,910

Subscribed

87.89×

How it listed

Issue price

₹1,065

Listing price (open)

₹1,165.00 +9.39%

First-day close

₹1,140.50 +7.09%

Price now

₹981.70 -7.82%

Listing day	24 Oct 2025
Open / high / low / close	₹1,165.00 / ₹1,190.00 / ₹1,129.10 / ₹1,140.50
Shares traded on NSE	47,28,110
Market value at the listing-day close	₹4,124 cr

Closing prices since listing: 26 Oct ₹1,061.50, 27 Oct ₹1,039.65, 28 Oct ₹1,130.70, 29 Oct ₹1,104.75, 30 Oct ₹1,063.35, 2 Nov ₹1,052.30, 3 Nov ₹1,022.20, 4 Nov ₹986.00, 5 Nov ₹1,017.00, 6 Nov ₹989.00.

Midwest share price, live chart and technicals →

Key dates

Bidding opens	15 Oct 2025
Bidding closes	17 Oct 2025
Allotment	20 Oct 2025
Refunds and shares in demat	21 Oct 2025
Listing	24 Oct 2025

Issue reservation

Investor group	Shares	% of issue	Most applicants allotted
Institutions (QIB)	8,87,572	28.47%	–
HNI / NII	6,65,681	21.35%	–
HNI, above ₹10 lakh	4,43,788	14.24%	466
HNI, ₹2–10 lakh	2,21,893	7.12%	1,132
Retail	15,53,255	49.82%	1,10,946
Employees	10,952	0.35%	–

Shares NSE lists as offered to each group, plus the anchor portion. "Most applicants allotted" is how many people can get the minimum application in that group when it is oversubscribed.

Lot size by investor type

Application	Lots	Shares	Amount
Retail (minimum)	1	14	₹14,910
Retail (maximum)	13	182	₹1,93,830
Small HNI (minimum)	14	196	₹2,08,740
Small HNI (maximum)	67	938	₹9,98,970
Big HNI (minimum)	68	952	₹10,13,880

At ₹1,065 a share. Retail bids go up to ₹2 lakh, small HNI from ₹2 lakh to ₹10 lakh, big HNI above ₹10 lakh.

Chance of getting shares (retail)

Chance

At least 1 in 24

Retail allotments available

1,10,946 × one lot

Retail portion subscribed

24.26×

An estimate from the times the retail portion was subscribed, as if every applicant bid for the minimum. Many bid for more lots, so the real chance is usually better. Winners are picked by lottery and each gets the minimum (one lot).

Subscription

Investor category	Shares offered	Shares bid for	Times subscribed
Institutions (QIB)	8,87,572	12,41,48,388	139.87×
HNI / NII	6,65,681	11,18,84,290	168.07×
HNI, above ₹10 lakh	4,43,788	8,52,34,128	192.06×
HNI, ₹2–10 lakh	2,21,893	2,66,50,162	120.10×
Retail	15,53,255	3,76,83,548	24.26×
Employees	10,952	2,67,694	24.44×
Total	31,17,460	27,39,83,920	87.89×

NSE and BSE bids together, as of 17 Oct 2025 19:00.

Demand at each price

Top price ₹1,065	2,431.60 lakh shares	88.7%
Cut-off final price, whatever it is; mostly retail	309.31 lakh shares	11.3%
Lower prices ₹1,014–1,064	1.93 lakh shares	0.1%

Shares bid on NSE and BSE at each price in the band. Most bids at the top price, and little at lower prices, means buyers were keen.

Anchor investors

Anchor bid date	14 Oct 2025
Lock-in ends for the first 50% (30 days)	18 Nov 2025
Lock-in ends for the remaining 50% (90 days)	17 Jan 2026

Anchor investors are large funds that buy the day before the IPO opens. SEBI locks in half their shares for 30 days from the allotment and the rest for 90 days; they can sell from the next trading day. Traders watch these dates because extra selling can come in.

Financials and valuation

	At issue price	Now
Market value	₹3,851 cr	₹3,550 cr
P/E (last 12 months' profit)	34.7	32.0

Revenue, last 12 months	₹695 cr
Profit, last 12 months	₹111 cr
Return on equity	11.5%
Debt to equity	0.18

From results the company filed with NSE (latest period to 30 Jun 2026). Twelve-month figures need four quarters of results, so they fill in over the first year after listing.

IPO details

Price band	₹1,014–1,065
Final issue price	₹1,065
Lot size	14 shares
Minimum investment	₹14,910 (1 lot)
Market	NSE mainboard
Issue type	100% Book Building
Face value	₹5 per Equity Share
Industry	Granites & Marbles
Issue size	₹451.00 crore (about 42.35 lakh shares) · Fresh issue + offer for sale: fresh ₹250.00 cr, offer for sale ₹201.00 cr
ISIN	INE0XAD01024
Registrar	KFin Technologies Limited Helpline: +91 40 6716 2222, midwest.ipo@kfintech.com
Lead managers	DAM Capital Advisors Limited, Intensive Fiscal Services Private Limited and Motilal Oswal Investment Advisors Limited
Prospectus	Red herring prospectus (NSE)

Check allotment status

Allotment was finalised on 20 Oct 2025. Check it on the registrar's page (KFin Technologies Limited), NSE or BSE with your PAN or application number.

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From NSE's official IPO data. Expected dates follow SEBI's T+3 timetable; the exchange confirms them. Information only, not investment advice.

What is the Midwest IPO price band and lot size?

The price band is ₹1,014–1,065 per share, and one lot is 14 shares (₹14,910 at the upper price).

When is the Midwest IPO allotment date?

Allotment was finalised on 20 Oct 2025, the next working day after bidding closed on 17 Oct 2025.

How many times was the Midwest IPO subscribed?

In total 87.89 times, on NSE and BSE together; retail 24.26 times.

What is the Midwest IPO listing date?

It listed on 24 Oct 2025 on NSE and BSE.

What is the chance of getting Midwest IPO shares?

At least 1 in 24 retail applicants got the minimum lot: 1,10,946 retail allotments with the retail portion subscribed 24.26 times. Winners are picked by lottery.

When does the Midwest anchor lock-in end?

The 30-day lock-in on half of the anchor investors' shares ends on 18 Nov 2025 and the 90-day lock-in on the rest ends on 17 Jan 2026; they can sell from the next trading day.

What was the Midwest listing gain?

It opened at ₹1,165.00 against an issue price of ₹1,065, a gain of 9.39%. It is now down 7.82% from the issue price.