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Midwest IPO Day 3: Subscription spikes, GMP at ₹175
Midwest IPO oversubscribed ~11.
On Day 3 of its IPO, Midwest Ltd saw bids for 3,65,58,438 shares against an offer of 31,17,460 shares — i.e. subscription ~11.72×. Retail segment was subscribed ~8.19×, NII ~33.20×, and QIB ~1.84×. The grey market premium (GMP) hit ₹175 by midday, up ₹30 over yesterday’s ₹145. The IPO’s upper price band is within ₹1,014–₹1,065. Analysts remain positive, citing strong niche leadership in black granite exports and expansion into quartz processing and solar glass segments.