IPO in the Midwest: How to Check Stock Allocation Status on BSE and Kfin Technologies While GMP Remains Stable

The allotment for the Rs 451 crore IPO in Midwest will be completed on Monday and investors who registered for the issue can soon check whether they have received shares. The issue received a tremendous response from investors, who subscribed a total of 92.36 times, driven by strong demand from institutional and non-institutional investors.

The IPO consisted of a fresh issue of Rs 250 crore and an offer for sale (OFS) of Rs 201 crore, priced between Rs 1,014-1,065 per share. The company is expected to list on both the BSE and NSE on October 24.

How to Check the Allotment Status of the Midwest IPO

Investors can check the status of the Midwest IPO allotment through two main platforms – the registrar’s website (Kfin Technologies) or the BSE website – once the allotment is completed. Visit the Kfin Technologies website (https://ipostatus.kfintech.com/)

Select Midwest from the drop-down menu.

Enter your PAN, Application Number or DP/Client ID.

Click Submit to view the assignment details.

Check the BSE India website (https://www.bseindia.com/investors/appli_check.aspx)

Select Stocks under Issue Type and choose Midwest from the drop-down list.

Enter your application number and PAN.

Click Search to check if you have been allocated shares.

Redemptions for unallocated investors will start on October 23, and shares will be credited to Demat accounts on the same day.

Gray market premium (GMP)

According to market observers, the IPO GMP in the Midwest is about 9%, indicating that shares are trading at a modest premium in the unofficial market. This suggests a possible listing price of around Rs 1,160 per share, compared to the issue price of Rs 1,065.

Analysts expect the listing to remain stable, supported by strong demand from institutional investors, but say valuations appear fully priced.

Subscription breakdown

The IPO received robust participation from investors across categories. QIBs booked 146.99 times, NIIs bid for 176.57 times shares and retail investor subscriptions stood at 25.52 times

About Midwest

Founded in 1981, Midwest is India’s largest manufacturer and exporter of Black Galaxy Granite – a unique natural stone known for its golden specks. The company operates 16 granite mines in Telangana and Andhra Pradesh and has processing facilities in both states.

Midwest exports its products to 17 countries on five continents, including key markets such as China, Italy, Sweden and Thailand. The company’s revenue grew 7% year-on-year to Rs 643 crore in FY25, while net profit rose 33% to Rs 133.3 crore.

At the higher end, the IPO values ​​the company at a price-to-earnings ratio of around 39.5x, with a market capitalization of Rs 3,851 crore.