Midwest IPO
Midwest Limited (MIDWESTLTD) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 24 October 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +37.5% (likely range +28% to +55%), day's high +47.5%, chance of a gain 92%. Actual: +9.4% at the open, +11.7% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 8,87,572 | 12,41,48,388 | 140x | |
| NII (HNI) total | 6,65,681 | 11,18,84,290 | 168x | |
| Big NII (above ₹10 lakh) | 4,43,788 | 8,52,34,128 | 192x | |
| Small NII (₹2-10 lakh) | 2,21,893 | 2,66,50,162 | 120x | |
| Retail | 15,53,255 | 3,76,83,548 | 24.3x | |
| Employees | 10,952 | 2,67,694 | 24.4x | |
| Total | 31,17,460 | 27,39,83,920 | 87.9x |
Bids on NSE and BSE together, as published by NSE, as of 17 Oct 2025, 07:00 PM. Shares offered exclude the anchor portion. 11% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Midwest's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Enviro Infra EngineersNov 2024 | 157x | 154x | 24.5x | 89.9x | ₹650 Cr | +48.6% | +57.9% |
| SanstarJul 2024 | 146x | 136x | 24.2x | 83.0x | ₹510 Cr | +14.7% | +35.6% |
| Shanti Gold InternationalJul 2025 | 117x | 151x | 30.4x | 81.2x | ₹360 Cr | +14.3% | +19.8% |
| DEE Development EngineersJun 2024 | 202x | 144x | 23.4x | 99.6x | ₹431 Cr | +67.0% | +80.2% |
| GK EnergySep 2025 | 186x | 123x | 20.8x | 89.6x | ₹484 Cr | +11.8% | +14.2% |
| Laxmi Organic IndustriesMar 2021 | 175x | 218x | 20.1x | 107x | ₹605 Cr | +19.6% | +34.3% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| DAM Capital Advisors | 37 | +13.6% | 59% |
| Intensive Fiscal Services | 11 | +28.6% | 82% |
| Motilal Oswal Investment Advisors | 47 | +15.0% | 72% |
Offer documents (NSE)
Frequently asked
What is the Midwest IPO price band and lot size? ₹1,014–1,065 per share, with a lot of 14 shares, so the smallest retail bid is ₹14,910.
How many times has it been subscribed? 87.9x overall: QIB 140x, NII 168x, retail 24.3x, employees 24.4x.
How did it list? It opened at ₹1,165, +9.4% against the issue price of ₹1,065, and closed its first day +7.1%.
