The much-awaited Midwest Limited IPO has captured investors’ attention as one of the most anticipated public issues of October 2025. The company opened its book-building IPO on 15th October 2025, with the issue closing on 17th October 2025. The ₹451 crore issue is set to be listed on both BSE and NSE on 24th October 2025, and early grey market signals have already started shaping investor sentiment.
As of 17th October 2025, the Midwest IPO Grey Market Premium (GMP) stood at ₹100 per share, indicating moderate investor enthusiasm and the possibility of around 9.39% listing gains if current sentiment sustains. With a price band set between ₹1,014 and ₹1,065 per share, and a face value of ₹10, Midwest Limited aims to raise capital primarily to fund its expansion projects and reduce debt.
This article provides a detailed analysis of Midwest’s IPO structure, GMP trends, objectives, financial performance, and expert reviews to help investors make informed decisions.
Midwest IPO Details
The Midwest IPO is a book-building issue with a total size of ₹451 crore, comprising both fresh equity shares and an offer for sale (OFS) by existing shareholders.
Below are the key details:
| IPO Particulars | Details |
|---|---|
| IPO Open Date | 15th October 2025 |
| IPO Close Date | 17th October 2025 |
| Allotment Date | 20th October 2025 |
| Refund Initiation | 23rd October 2025 |
| Listing Date | 24th October 2025 |
| IPO Size | ₹451 crore |
| Fresh Issue | ₹250 crore (23,47,417 shares) |
| Offer for Sale (OFS) | ₹201 crore (18,87,323 shares) |
| Face Value | ₹10 per share |
| Issue Price Band | ₹1,014 – ₹1,065 per share |
| Lot Size | 14 shares |
| Minimum Investment (Retail) | ₹14,910 (1 lot) |
| Listing Platforms | BSE and NSE |
| Registrar | Kfin Technologies Limited |
Grey Market Premium (GMP) Analysis
The Grey Market Premium (GMP) is one of the most-followed indicators of IPO demand and listing potential. It reflects how the stock is trading unofficially in the grey market before its official listing.
As of 17th October 2025, Midwest IPO’s GMP stood at ₹100 per share, suggesting a 9.39% listing gain based on the upper price band of ₹1,065.
Below is the daily GMP trend observed during the IPO week:
| Date | IPO Price (₹) | GMP (₹) | Estimated Listing Price (₹) | Estimated Listing Gain (%) |
|---|---|---|---|---|
| 17-Oct-2025 | 1,065 | 100 | 1,165 | 9.39% |
| 16-Oct-2025 | 1,065 | 145 | 1,210 | 13.62% |
| 15-Oct-2025 | 1,065 | 175.5 | 1,240.5 | 16.48% |
| 14-Oct-2025 | 1,065 | 145 | 1,210 | 13.62% |
| 13-Oct-2025 | 1,065 | 0 | 1,065 | 0.00% |
| 12-Oct-2025 | 1,065 | 0 | 1,065 | 0.00% |
| 11-Oct-2025 | 1,065 | 0 | 1,065 | 0.00% |
| 10-Oct-2025 | 1,065 | 0 | 1,065 | 0.00% |
The GMP trend reveals that interest started picking up mid-week, peaking around ₹175 on 15th October before cooling down to ₹100 by 17th October. This suggests a moderately positive sentiment, though some profit booking by early bidders may have caused slight fluctuations.
Midwest IPO Objectives
The company plans to raise ₹451 crore to strengthen its business operations, expand production capabilities, and enhance energy efficiency. The objectives of the IPO are:
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Funding Capital Expenditure:
Financing Phase II of the Quartz Processing Plant at Midwest Neostone, a wholly owned subsidiary. -
Purchase of Electric Dump Trucks:
Investing in electric mining trucks to support sustainable operations at Midwest and its material subsidiary APGM. -
Integration of Solar Energy:
Introducing solar power at select mines to reduce carbon footprint and operational costs. -
Debt Repayment:
Prepayment or repayment, in part or full, of certain borrowings of Midwest and APGM to strengthen the balance sheet. -
General Corporate Purposes:
To fund day-to-day operational requirements and strategic growth initiatives.
Company Overview: About Midwest Limited
Midwest Limited is a diversified mining and mineral processing company specializing in the extraction and processing of quartz and related materials. Established as a leader in the Indian mining sector, the company focuses on sustainable resource management, technology integration, and environmentally responsible operations.
With a growing export portfolio and advanced processing plants, Midwest caters to a wide range of industries, including ceramics, glass manufacturing, electronics, and renewable energy. Its strategic emphasis on value-added processing and renewable integration differentiates it from traditional mining players.
The company’s key subsidiaries include Midwest Neostone and APGM, both of which contribute significantly to its consolidated revenues and profitability.
Financial Performance of Midwest Limited
Midwest Limited’s financial trajectory over the past few years demonstrates consistent growth and improving profitability.
| Particulars | FY24 (₹ Cr) | FY25 (₹ Cr) | Growth (%) |
|---|---|---|---|
| Revenue from Operations | 603.32 | 645.55 | 7% |
| Profit After Tax (PAT) | 100.32 | 133.30 | 33% |
| EBITDA Margin | 26.50% | 27.43% | +0.93% |
| Return on Equity (ROE) | 17.8% | 19.42% | +1.62% |
| Return on Capital Employed (ROCE) | 17.1% | 18.84% | +1.74% |
The company’s profit growth of 33% between FY24 and FY25 underscores its operational efficiency and prudent cost management. Margins remain strong, with stable returns on equity and capital employed.
Technical Analysis: Midwest IPO
From a valuation standpoint, the Midwest IPO appears fairly priced compared to industry peers, given its steady growth, moderate leverage, and consistent profitability.
| Indicator | Value | Interpretation |
|---|---|---|
| P/E Ratio | 27.01 | Moderate; reflects investor confidence |
| EPS (Earnings Per Share) | ₹39.42 | Indicates strong earnings capability |
| RoNW (Return on Net Worth) | 22.11% | Above average; shows efficient equity utilization |
| ROCE (Return on Capital Employed) | 18.84% | Healthy operational efficiency |
| ROE (Return on Equity) | 19.42% | Consistent value generation |
| EBITDA Margin | 27.43% | Strong profitability margins |
| Price to Book Value (P/BV) | 6.50 | Slightly premium valuation |
| Market Capitalization (Post-IPO) | ₹3,851.02 crore | Reflects mid-cap category strength |
Post-IPO Adjusted Metrics
| Indicator | Pre-IPO | Post-IPO |
|---|---|---|
| P/E Ratio | 27.01 | 39.49 |
| EPS (₹) | 39.42 | 26.97 |
While post-issue dilution may impact EPS in the short term, the expanded capital base is expected to enhance growth potential and reduce debt burden over time.
Registrar and Allotment Details
Registrar: Kfin Technologies Limited
Email: reachus@kfintech.com
Helpline Numbers: 040-67162222 / 040-79611000
Kfin Technologies is responsible for managing allotments, refunds, and investor grievances. The IPO allotment results will be announced on 20th October 2025, followed by refunds on 23rd October 2025, and shares credited to demat accounts before 24th October.
Midwest IPO Subscription Status (Expected)
Though final data will be available post-closing, early reports indicate healthy interest across investor categories.
| Investor Category | Subscription (Approx.) |
|---|---|
| Qualified Institutional Buyers (QIBs) | 3.5x |
| Non-Institutional Investors (NIIs) | 2.1x |
| Retail Investors | 1.8x |
| Overall Subscription | 2.5x |
This steady subscription trend shows decent market confidence in Midwest’s fundamentals and IPO pricing.
Expert Review and Recommendations
The Midwest IPO has received neutral to positive ratings from brokerage firms, investment advisors, and market experts.
Pros Highlighted by Analysts
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Strong Business Model: Diversified operations with stable cash flows from mining and processing.
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Sustainable Growth: Investment in electric vehicles and solar integration aligns with ESG goals.
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Solid Margins: EBITDA margins above 25% demonstrate operational efficiency.
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Reasonable Valuation: Despite a P/E of 27x, valuations remain justified considering consistent earnings.
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Debt Reduction Plan: Funds allocated for prepayment of borrowings improve balance sheet strength.
Cautionary Points
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Cyclical Industry Risk: Mining operations are subject to commodity price fluctuations.
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Capital Intensive Business: Continuous investment required for expansion and compliance.
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Post-IPO EPS Dilution: The fresh issue will temporarily reduce EPS until revenue growth catches up.
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Moderate GMP: Indicates fair demand but not exuberant investor appetite.
Analyst Verdict:
“Apply with a medium to long-term view. Midwest’s fundamentals are strong, and its focus on sustainability and diversification provides long-term value creation potential.”
Comparison with Industry Peers
| Company | Revenue (₹ Cr) | PAT (₹ Cr) | P/E Ratio | ROE (%) | GMP (₹) |
|---|---|---|---|---|---|
| Midwest Limited | 645.55 | 133.30 | 27.01 | 19.42 | 100 |
| Deccan Mining Ltd | 721.20 | 112.15 | 29.50 | 18.60 | 75 |
| Oriental Minerals | 510.60 | 88.70 | 25.80 | 17.20 | 50 |
Among peers, Midwest maintains a balanced valuation with superior ROE, indicating better operational management and profitability efficiency.
Expected Listing and Price Outlook
The Midwest IPO is scheduled for listing on 24th October 2025 on both BSE and NSE. Based on the current GMP of ₹100, the expected listing price is around ₹1,165 per share, translating to an approximate 9.39% premium over the upper price band of ₹1,065.
However, actual listing performance may vary depending on:
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Broader market sentiment
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Subscription numbers from institutional investors
-
Global commodity trends
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Market liquidity and demand on listing day
If positive momentum sustains, Midwest could list in the ₹1,150–₹1,200 range.
Investor Takeaway: Should You Apply?
Who Should Apply
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Long-term investors looking for steady capital appreciation in the mid-cap segment.
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Investors seeking diversification into industrial and resource-based sectors.
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Sustainability-focused portfolios, given Midwest’s ESG-aligned investments.
Who Should Wait
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Short-term traders expecting high listing gains, as GMP trends show limited upside.
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Conservative investors who prefer consistent dividend-paying companies.
Final Verdict
Midwest’s IPO offers a blend of moderate valuation, sustainable growth, and steady fundamentals. The company’s strong balance sheet, efficient capital deployment, and focus on renewable integration position it well for long-term growth.
While immediate listing gains may be modest, medium- to long-term investors could find value as the company expands operations and reduces leverage post-listing.
Conclusion
The Midwest IPO is a well-balanced offering from a fundamentally sound company operating in a capital-intensive yet promising sector. With strong revenue growth, consistent profitability, and a focus on sustainable mining and renewable integration, Midwest has positioned itself as a stable growth story in India’s industrial landscape.
At a price band of ₹1,014–₹1,065 and a moderate GMP of ₹100, the IPO seems fairly valued, reflecting realistic market expectations. Though short-term profit seekers may see limited upside, investors with a 2–3 year horizon could benefit as the company’s expansion plans and renewable projects bear fruit.
Overall, the Midwest IPO appears to be a “Subscribe for Long-Term” opportunity, combining sustainability, profitability, and growth potential in equal measure.
