The buzz around the Midwest IPO is picking up pace as the company’s grey market premium (GMP) shows a 14% jump just as the issue opened for subscription.

But does the rise in GMP make it a safe bet for investors, or is the excitement short-lived? Let’s take a look at what is driving interest in this quartz processor and what you should know before applying.

Midwest IPO: Issue opens

Midwest, a company engaged in processing and exporting natural stones and quartz, has opened its initial public offering (IPO) for public subscription today, October 15. The issue will remain open till October 17, 2025.

The company serves several sectors, including solar, gas, and engineered stone industries.

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Midwest IPO: Grey market trend

In the grey market, Midwest’s shares were trading at Rs 1,210, around Rs 145 higher than the upper price band. This translates to a 13–14% premium.

While this indicates optimism among unlisted market traders, investors should remember that GMPs can be volatile and do not guarantee similar listing gains once trading begins.

Midwest IPO: Subscription so far

On the first day of subscription, the Midwest IPO subscribed 0.22 times overall so far. Breaking it down, the retail category was subscribed 0.29 times, Qualified Institutional Buyers (QIBs) showed no subscription at 0.00 times, and the Non-Institutional Investors (NII) segment saw a subscription of 0.33 times. The bidding is still underway.

Midwest IPO: Size and structure of the issue

The Rs 451 crore IPO consists of two parts. It has a fresh issue worth Rs 250 crore and an offer for sale (OFS) of Rs 201 crore by existing shareholders.

Promoters Kollareddy Rama Raghava Reddy and Guntaka Ravindra Reddy are among those selling part of their holdings in the OFS.

Midwest IPO: Anchor investor participation

Before opening to the public, Midwest raised around Rs 135 crore from anchor investors on October 15.

The company allotted shares at Rs 1,065 per share, the upper end of the price band of Rs 1,014–1,065.

Some well-known institutions participated in this round, including Goldman Sachs, Kotak Mahindra AMC, Edelweiss MF, Sun Life Aditya Birla India Fund, and others.

Midwest IPO: Key dates, pricing, and listing details

The IPO price band is fixed between Rs 1,014-1,065 per share, with a lot size of 14 shares per application.

After the bidding closes, the allotment is expected to be completed by October 20.

Thereafter, the shares are likely to list on the NSE and BSE on October 24.

Midwest IPO: Key players of the issue

KFin Technologies is the registrar for the IPO.

DAM Capital Advisors, Intensive Fiscal Services, and Motilal Oswal Investment Advisors are acting as the book-running lead managers.