Midwest IPO allotment LIVE Updates: Allotment out. Step-by-step guide to check status; check latest GMP

The company operates under two key segments: Natural Stones and Processed Stones. Midwest is known for its premium products, such as Absolute Black and Black Galaxy Granite, which are primarily used in construction, decoration, and industrial applications.

The company operates a well-established global distribution network, serving markets in North America, South America, Europe, Africa, and Asia. With an increasing share of its revenue coming from international markets, Midwest is poised for further expansion in the global natural stone market.

To verify your IPO allotment status on the NSE website, adhere to these instructions:

Step 1:

Go to the official NSE website at [NSE IPO Status](https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp).

Step 2:

Register using your PAN by selecting the 'Click here to sign up' option on the NSE page.

Step 3:

Input your username, password, and the captcha code.

Step 4:

On the following page, you will be able to view the status of your IPO allocation.

By following these instructions, you can conveniently check your IPO allotment status on the NSE platform.

To check the allotment status of the Midwest IPO, simply follow these steps:

Step 1:

Visit the allotment section on the official BSE site at [BSE Allotment Check](https://www.bseindia.com/investors/appli_check.aspx).

Step 2:

From the options under 'Issue Type,' select 'Equity.'

Step 3:

From the dropdown menu, pick the 'Issue Name' to specify the IPO you are interested in.

Step 4:

Enter either your application number or your PAN to continue.

By following these instructions, you can easily verify your IPO allotment status on the BSE website.

If you have applied for the Midwest IPO, you can check your allotment status online on Monday through the Kfin Technologies Ltd website, which acts as the registrar for the IPO. Here’s how you can do it:

Step 1:

Visit the Kfin Technologies Ltd website by clicking on this link: [Kfin Technologies IPO Status](https://ipostatus.kfintech.com/). Once you are on the site, you will find an option to check your status using one of five different methods.

Step 2:

In the dropdown menu labeled "Select IPO," select "Midwest IPO."

Step 3:

To verify your status, enter your PAN, Demat account number, or application number.

Step 4:

- If you decide to use the application number method, input your application number along with the captcha code, then click "Submit."

- For the Demat Account method, enter your account details along with the captcha code, and then press "Submit."

- If you select the PAN method, provide your PAN number along with the captcha code, and then click "Submit."

Midwest IPO GMP today is ₹105. This indicates Midwest share price is trading at a premium of ₹105 in the grey market on Tuesday, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Midwest share price was indicated at ₹1,170 apiece, which is 9.86% higher than the IPO price of ₹1,065.

According to the grey market activities from the past 12 sessions, the current IPO GMP is on the rise and is anticipated to have a strong debut. The minimum GMP recorded is ₹0.00, whereas the maximum GMP stands at ₹175.50, as stated by experts.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

As of FY25, Midwest's revenue from natural stone sales accounted for 96% of the total revenue, while the secondary segments, including diamond wires and processed stones, contributed to the remaining 4%. Midwest has demonstrated significant growth, with its revenue increasing from INR 502 crore in FY22 to INR 626 crore in FY25, reflecting a CAGR of 12%.

Black Galaxy Granite, exclusive to a village in Andhra Pradesh, is a high-value stone used in luxury projects. The company is India’s largest producer and exporter, with 66,548 m³ produced and 44,992 m³ exported in FY25 — capturing 64% of the export market. Priced at ₹50,000– ₹100,000 per m³, it is the highest-valued Indian granite due to its durability and distinct appearance.

This premium granite, valued for its unique patterns and durability, is popular in luxury kitchens, tiles, and architectural applications. In India’s fragmented natural stone sector, long-term exclusive mining rights provide established producers with a strong competitive advantage.

The company is expanding its resource base by developing a new Black Galaxy Granite mine adjacent to its existing site in Chimakurthy, Andhra Pradesh. The JORC Report estimates 11.8 million cubic meters of measured resources over 10.94 hectares, reinforcing its market leadership and growth potential.

With 40+ years of experience, the company leads India’s Black Galaxy Granite exports (64% share in FY25) and is a top producer of Absolute Black Granite. It operates 16 mines and 2 processing units across South India, exporting to 17 countries, with clients in China, Italy, and Thailand.

If you have submitted an application for the Midwest IPO, you can verify your allotment status online on Monday via the Kfin Technologies Ltd website, which serves as the registrar for the IPO. Here's how you can do it:

Step 1:

Access the Kfin Technologies Ltd website by clicking this link: [Kfin Technologies IPO Status](https://ipostatus.kfintech.com/). Once you’re on the site, you will see an option to check your status using one of five different methods.

Step 2:

In the dropdown menu labeled "Select IPO," choose "Midwest IPO."

Step 3:

To check your status, enter your PAN, Demat account number, or application number.

Step 4:

- If you choose to use the application number method, input your application number along with the captcha code, then press "Submit."

- For the Demat Account method, enter your account details with the captcha code, and then click "Submit."

- If you opt for the PAN method, provide your PAN number along with the captcha code, and then press "Submit."

The company’s mine to distribution capabilities span across the Dimensional Granite value chain. In addition to its Natural Stone business, the company also manufactures Diamond Wire, which is a precision cutting tool employed in the natural stone and construction industries to size stones and other hard substances.

Midwest is growing into the Quartz, Laza Grey Marble, Celestia Quartzite, and Heavy Mineral Sand Mining industries in an effort to diversify its current company. On November 20, the business obtained and created two Andhra Pradesh quartz mines that are currently prepared for exploitation.

Additionally, Midwest is building a quartz processing plant with a capacity of 6,06,600 MTPA in two phases and developing three more quartz mines in Andhra Pradesh with the goal of processing high-purity, value-added quartz products (powder and grit). On September 25, the project's first phase (3,03,600 MTPA) went into operation.

1. The company’s estimates of natural stone reserves across its mines may differ materially from the actual quantity and quality of stone that can be recovered. Additionally, estimates of the operational lifespan of mines may prove inaccurate. Fluctuations in market prices and changes in operating and capital costs may render certain or all of the natural stone reserves uneconomical to mine.
2. The company’s operations are subject to regulation, requiring it to obtain, renew, and maintain statutory and regulatory approvals. Any delays or inability to secure or renew such approvals due to litigation or changes in the regulatory landscape could adversely impact business expansion and affect operational performance.

"The company’s established market positions and growing global demand for natural and engineered stone products suggest resilient profits. On the financial front, the company has delivered healthy CAGR growth over FY23–25, with Revenue/EBITDA/PAT CAGR of 11.6%/38.5%/ 56.5%. The future outlook appears strong, with Midwest poised to leverage industry growth, premium product positioning, and planned expansion projects. At the upper price band, the company is valued at a P/E multiple of 27.0x FY25 earnings. We, thus, recommend a "SUBSCRIBE" rating for this issue," said BP Equities.

The company's only publicly traded competitor is Pokarna Ltd, which has a P/E ratio of 39.05.

Midwest produces granite kinds include Tan Brown, Black Galaxy, and Absolute Black from its 16 granite mines spread throughout six areas in Telangana and Andhra Pradesh. It keeps up granite processing plants in Andhra Pradesh and Telangana. The business has also set up a resource base with 25 locations across Tamil Nadu, Telangana, Karnataka, and Andhra Pradesh.

1. Investment in Midwest Neostone Private Limited, its wholly owned subsidiary, by way of a loan, towards funding capital expenditure for Phase II of the quartz grit and powder processing plant;
2. Capital expenditure for the purchase of electric dump trucks to be used by the company and investment in Andhra Pradesh Granite Private Limited (APGM), its material subsidiary, by way of a loan, for the purchase of electric dump trucks;
3. Capital expenditure for the integration of solar energy at certain mines of the company;
4. Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the company and investment in APGM, by way of a loan, for pre-payment/ re-payment of, in part or full, certain outstanding borrowings of APGM; and
5. General corporate purposes.

1. India’s largest black galaxy granite producer, with a sustainable competitive edge, driven by a long gestation period.
2. Leveraging end-to-end dimensional granite integration to capture growth opportunities.

“At the upper end of the price band, the issue is valued at a P/E of 30x, which seems to be priced aggressively. However, the company’s diversification into quartz and HMS segments positions it to tap into high-growth industries such as solar glass, electric vehicles (EVs), aerospace, and semiconductors. This strategic shift aligns well with India’s push for self-reliance and comes at a pivotal time amid global supply chain disruptions. We believe these new verticals will make a meaningful contribution to the company’s revenue and enhance profitability over time. We recommend “SUBSCRIBE FOR LONG-TERM” to the issue,” said Aditya Birla Money.

Backward integration to support the development of environmentally friendly diamond tools such as Diamond wire used in the cutting and processing of hard materials, for captive as well as industry consumption through manufacturing facility in Hyderabad. It aims to increase operations in the Diamond Wire Segment and acquire a greater share of the market for this product and R&D focus on cutting speed and useful-life enhancements by modifying the composition Materials like tungsten, iron, cobalt, and synthetic diamonds.

1. Discrepancy in estimate of quality and quantity of natural stone reserves in mines may impact the business.
2. Significant dependence of revenue on China as it acts as distribution hub for granite industry.
3. Disruption of production at black galaxy granite mines as this segment has major revenue dependence.

Their clientele, which includes processors and distributors, spans 17 countries across five continents, with China, Italy, and Thailand being the primary markets for exports. Their customers feature MP STENEKO AB (from Sweden), GI-MA STONE SRL (from Italy), Quanzhou Xingguang Stone Co., Ltd. and the Xiamen Group (from China), King Marble and Granite Co. Ltd. (from Thailand), as well as Kodeyalam Stones, Anjanee Exports, and Anjalee Granites Pvt Ltd (from India). Their granite has been featured in notable projects, such as the CSSC Power (Group) Tower in Shanghai, China, and the Shenyang MaoYe Center located in Shenyang, China.

Midwest IPO basis of allotment of shares will be finalised on Monday, October 20 and the company will initiate refunds on Thursday, October 23, while the shares will be credited to the demat account of allottees on the same day following refund. Midwest share price is likely to be listed on BSE and NSE on Friday, October 24.

The initial public offering of Midwest Ltd, valued at ₹451 crore, achieved a subscription rate of 87.89 times by the bidding's final day on Friday. Over the three-day IPO period, there were bids for 27,39,83,178 shares, compared to the 31,17,460 shares available, as per NSE data.

The segment for non-institutional investors received a remarkable 168.07 times subscription, while the category designated for Qualified Institutional Buyers (QIBs) saw a subscription rate of 139.87 times. The portion allocated for Retail Individual Investors (RIIs) had a subscription rate of 24.26 times.

To verify the allotment status of the Midwest IPO, just follow these instructions:

Step 1:

Go to the allotment section on the official BSE website at [BSE Allotment Check](https://www.bseindia.com/investors/appli_check.aspx).

Step 2:

Select 'Equity' from the available options under 'Issue Type.'

Step 3:

Choose the 'Issue Name' from the dropdown menu to identify the specific IPO.

Step 4:

Input either your application number or your PAN to proceed.

By following these steps, you can effortlessly check your IPO allotment status on the BSE website.

If you've applied for the Midwest IPO, you can check your allotment status online on Monday through the Kfin Technologies Ltd website, which acts as the IPO registrar. Here’s how to do it:

Step 1:

Navigate to the Kfin Technologies Ltd website using this link: [Kfin Technologies IPO Status](https://ipostatus.kfintech.com/). Once on the site, you will find the option to check your status through one of five methods.

Step 2:

From the dropdown menu titled "Select IPO," choose "Midwest IPO."

Step 3:

To verify your status, input your PAN, Demat account number, or application number.

Step 4:

- If you select the application number method, enter your application number along with the captcha code, then click "Submit."

- For the Demat Account method, provide your account details along with the captcha code, and then hit "Submit."

- If you prefer the PAN option, enter your PAN number together with the captcha code, and then click "Submit."

Midwest IPO GMP today is ₹101. This indicates Midwest share price is trading at a premium of ₹101 in the grey market on Monday, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Midwest share price was indicated at ₹1,166 apiece, which is 9.48% higher than the IPO price of ₹1,065.

According to recent data from the last 11 sessions of grey market activities, today's IPO GMP is showing an upward trend and is anticipated to list strongly. The minimum GMP recorded is ₹0.00, while the maximum GMP observed is ₹175.50, as per expert analysis.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.