Midwest
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 24 Oct 2025 | ₹100 | +9.39% | ₹1,100 | ₹1,165 | ₹1,400 |
| 23 Oct 2025 | ₹115 | +10.80% | ₹1,200 | ₹1,180 | ₹1,610 |
| 22 Oct 2025 | ₹103 | +9.67% | ₹1,100 | ₹1,168 | ₹1,442 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 15 Oct 2025 – 17 Oct 2025
- Listing date
- 24 Oct 2025
- Face value
- ₹1 per share
- Issue price
- ₹1,065 per share
- Lot size
- 14 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹451 Cr
- Market cap at offer price
- ₹3,851 Cr
- Promoter holding
- 88.07% → 77.13% pre-issue → post-issue
- ISIN
- INE0XAD01024
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Dam Capital Advisors Ltd.
- Registered office
- 8-2-684/3/25 & 26, Road No.12, Banjara Hills, Telangana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 12,67,605 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 14 shares per lot, in multiples, at ₹1,065
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 14 | ₹14,910 |
| Retail (max) | 13 | 182 | ₹1,93,830 |
| S-HNI (min) | 14 | 196 | ₹2,08,740 |
| S-HNI (max) | 67 | 938 | ₹9,98,970 |
| B-HNI (min) | 68 | 952 | ₹10,13,880 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹1,065 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 39.42 | 26.97 |
| P/E (×) | 27.02 | 39.49 |
| Price to book (×) | 6.50 | — |
| Market cap | — | ₹3,851 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 22.11%
- ROCE
- 18.84%
- Debt / equity
- 0.43
- PAT margin
- 17.17%
- EBITDA margin
- 27.43%
- NAV per share
- ₹163.75
- Price to book
- 6.50
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.