As Prime Minister Narendra Modi arrived in Oslo on Monday (May 18, 2026) for a two-day visit where he will hold bilateral talks and then meet with leaders of Sweden, Norway, Iceland, Finland and Denmark for the 3rd India-Nordic summit, conflicts in Ukraine and Iran and their economic impact will be
Bengaluru man leaves Bellandur at 5 pm, remains stuck in traffic 3+ hours laterVarun Rangarajan wrote in an X post that he left Bellandur at 5:17 pm but remained stuck in traffic hours later. Updated on: May 19, 2026 10:36 AM IST By Sanya Jain Share via Copy link A Bengaluru man’s social media
Editorial independence is core to our work. Some links may earn us a commission, without influencing our opinions.I tried these 5 face serums on my sensitive skin, and this Korean brand one worked like magicIf you have sensitive skin and always dicey about which face serums to go for
Some TCS employees claim lower take-home pay after appraisals: ‘Salary decreased by ₹3,000’Employees report mixed appraisal outcomes at TCS, with top performers receiving up to 13% hikes while others face reductions in compensation. Updated on: May 19
Mouni Roy makes Cannes comeback amid 'chaos', days after announcing separation from Suraj. See her chic monochrome lookMouni Roy makes a powerful statement at Cannes Film Festival 2026 following her recent separation from Suraj Nambiar. She was spotted in a striking look. Published on: May 19
The U.S. Department of Justice has permanently dropped all criminal charges against Indian tycoon Gautam Adani and his nephew Sagar, bringing the high-profile securities and wire fraud case in New York to a complete close after prosecutors concluded they could not sustain the allegations.The U.S
Congress leader VD Satheesan takes oath as Kerala CM; makes important decisionsSenior Congress leader VD Satheesan took oath as the 13th chief minister of Kerala, made key decisions for the welfare of women and senior citizens. Published on: May 19
In Paris, police deployed tear gas. In Milan, Italy, a fistfight erupted. In London, Singapore and New York, all-night queues snaked from the doors of Swatch stores — the latest examples of status-symbol “drop culture” to flash across the globe when status symbols and resale value collide
Midwest IPO Last Day: GMP Remains Flat, Subscription At 14.09x So Far; Should You Apply?
Midwest IPO Last Day: GMP Remains Flat, Subscription At 14.09x So Far; Should You Apply?
Midwest IPO Day 3: The initial public offering (IPO) of quartz processor Midwest Ltd is going to be closed today, Friday, October 17. The Rs 451-crore mainboard IPO was opened for public subscription on October 15. So far, till 10:05 am on the final day of bidding on Friday, the IPO received a 14.09x subscription, garnering bids for 4,17,96,398 shares as against the 29,67,136 shares on offer.
Its retail category has received a 9.37x subscription, while the NII (non-institutional investor) quota has received a 41.35x subscription. The QIB category received a 1.94x subscription.
Midwest IPO GMP Today
According to market observers, unlisted shares of Midwest Ltd are currently trading at Rs 1,210 apiece in the grey market, against the upper IPO price of Rs 1,065. It means a grey market premium (GMP) of 13.62%, indicating mild listing gains for investors as of now.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium' indicates investors' readiness to pay more than the issue price.
The IPO will be listed on both the BSE and the NSE on October 24.
Midwest IPO Price & Lot Size
The price band of the IPO has been fixed in the range of Rs 1,014 to Rs 1,065 apiece. The lot size for the issue is 14. It means a retail investor will have to apply for a minimum 14 shares (a lot) and in multiple thereof. The minimum investment required is Rs 14,910, on the upper price of the IPO.
Midwest IPO: Should You Apply?
Brokerage notes on the Midwest Granite IPO paint a mixed picture, with some analysts recommending investors to subscribe while others urge caution due to valuation concerns.
Ventura Securities has granted a ‘Subscribe' rating to the IPO, pointing to the company's robust global presence across North America, Europe, Africa, and Asia. The brokerage said Midwest's granite sales volumes have grown steadily, from 91,875 cubic meters in FY23 to 108,892 cubic meters in FY25, and expects the company to maintain its leadership in the processed stone and granite markets.
BP Equities has also given a ‘Subscribe' rating, highlighting Midwest's healthy financial performance and growth prospects. The brokerage noted that the company has delivered strong CAGR growth between FY23 and FY25 and is well-positioned to benefit from industry expansion, premium product offerings, and upcoming capacity additions. At a valuation of 27 times FY25 earnings, BP Equities believes the issue offers reasonable long-term potential.
Arihant Capital Markets, however, has advised investors to ‘Avoid' the issue, citing steep valuations compared to peers. While acknowledging Midwest's market leadership in the Black Galaxy Granite segment and its diversification into quartz and diamond wire manufacturing, the brokerage said the stock looks significantly overvalued despite its strong fundamentals.
Meanwhile, SBI Securities has taken a ‘Neutral' stance. It noted that Midwest, India's largest producer and exporter of Black Galaxy Granite, has posted impressive growth with revenue, EBITDA, and adjusted PAT rising at CAGRs of 11.6%, 38.5%, and 40.5%, respectively, between FY23 and FY25. However, with the IPO priced at a premium valuation, 35.8x FY25 P/E and 22.4x EV/EBITDA, the brokerage prefers to watch the company's post-listing performance before taking a firm view.
Midwest IPO: More Details
The Rs 451-crore IPO is a combination of a fresh issue of shares worth Rs 250 crore and an offer-for-sale (OFS) of Rs 201 crore.
Of the fresh issue, Rs 130.3 crore will go towards Phase II expansion of its quartz facility under subsidiary Midwest Neostone, Rs 25.7 crore for electric dump trucks, and Rs 3.2 crore for solar energy integration at select mines.
Additionally, Rs 56.2 crore will be used to repay borrowings, with the remainder earmarked for general corporate purposes.
Midwest Ltd has said it has mobilised Rs 135 crore from anchor investors, just a day before its initial share-sale opening for public subscription.
As of June 2025, the company's consolidated borrowings stood at Rs 270.1 crore.
With over four decades in the natural stone industry, the company has expanded beyond granite into quartz processing through its Phase I plant, catering to the engineered stone and solar glass segments. It is further diversifying into heavy mineral sands exploration as well as the processing of rare earth elements.
Telangana-based Midwest operates 16 granite mines across Telangana and Andhra Pradesh, producing premium Black Galaxy found exclusively in a single village in Andhra Pradesh and Absolute Black granite, both widely used in global real estate projects.
Swipe Left For Next Video
For FY2025, net profit stood at Rs 133.3 crore, while revenue was Rs 626.2 crore.
Midwest is expected to make its stock market debut on October 24.
Source: News18
Related Posts: Jannik Sinner Reacts To Novak Djokovic Moving Into Australian Open Quarters Without Playing Govt Mulls Rule To Force Pharmacies To Dispense Exact Prescription Quantities Midwest IPO Allotment Today US Upper Midwest braces for winter storm with blizzard conditions Stock markets decline in initial trade on foreign fund outflows India-U.S. ‘very close’ to finalising initial framework deal on reciprocal tariffs Initial trends show Congress leading Telangana civic polls Hardik Pandya Gets Girlfriend Mahieka Sharma’s Initial Tattooed on Valentine’s Day Meesho IPO vs Vidya Wires IPO vs Aequs IPO — what GMP signals about these IPOs DIIs continue to provide strong support to markets driven by strong domestic
Rajasthan Pre DElEd Admit Card 2026 available on predeledraj2026.com, BSTC exam tomorrowRajasthan Pre DElEd Admit Card 2026 is available for download on the official website at predeledraj2026.com. The exam will be held on May 20, 2026. Updated on: May 19
56 minutes ago
Chennai, May 19 (PTI) Chennai Super Kings’ head coach Stephen Fleming acknowledged that Ruturaj Gaikwad is still a work in progress as captain after the side’s playoff hopes in the ongoing IPL were left massively dented by a loss to Sunrisers Hyderabad here.Chennai
55 minutes ago
Who is Sibi George, the Indian diplomat winning praise for taking on Norway press head onSibi George is currently serving as Secretary (West) in the MEA, overseeing India's engagement with countries in Europe, West Asia and multilateral forums. Updated on: May 19
54 minutes ago
Sometime last year, Dattu Valvi took up temporary work offered by the state forest department in his village Mogarbara in Gujarat, about 120 km away from Surat. The job required him to drive a tractor carrying a filled water tanker to irrigate young saplings that the department had planted
4 hours ago
The bodies of four Italian divers who went missing during a scuba diving accident in the Maldives last week have been located, officials have confirmed to the BBC. The Italians were found inside a 60-metre-deep (197ft) cave in Vaavu Atoll by a joint team of highly trained Finnish and Maldivian
4 hours ago
Arsenal have never been closer to a Premier League title under Mikel Arteta's management. The Gunners' 1-0 win over Burnley left them close to ending their 22-year wait for the league crown - and that dream could be realised as early as Tuesday
4 hours ago
Love Horoscope Today for May 19, 2026: Stop accepting mixed signals and emotional confusionLove Horoscope Today: Find daily astrological predictions for all sun signs. Published on: May 19, 2026 7:30 AM IST By Kishori Sud Share via Copy link Aries An emotional ending may create unexpected freedom
4 hours ago
The Central Information Commission has ruled the Board of Control for Cricket in India is not a public authority. This reverses a previous 2018 decision. The BCCI is therefore not legally bound to respond to Right to Information applications
4 hours ago
Pisces Horoscope Today for May 19, 2026: Avoid shortcuts or emotional spendingPisces Horoscope Today: Stay organised, avoid unnecessary stress, and give yourself time to rest. Updated on: May 19, 2026 5:42 AM IST Edited by Kanakanjali Roy Share via Copy link Pisces (Feb 20-Mar 20) Daily Horoscope
4 hours ago
Lok Sabha MP Engineer Rashid has been granted interim bail by the Delhi High Court. This comes after the passing of his father in New Delhi. Rashid will arrive in Srinagar on May 19 to attend the funeral prayers. He has been in Tihar jail since 2019
4 hours ago
Patriotic Kenny dies at 84 after courageous cancer fight, fans call him a 'beautiful soul'Patriotic Kenny became a viral sensation on TikTok and Instagram for his uplifting videos, infectious optimism, and patriotic spirit. Published on: May 19
3 hours ago
OAKLAND, Calif. — A federal jury on Monday sided with OpenAI and its top executives in a feud with Elon Musk, who accused them of betraying a shared vision for it to guide artificial intelligence’s development as a nonprofit dedicated to humanity’s benefit.OAKLAND, Calif
3 hours ago
Enterprises today generate more information than ever before, yet critical knowledge often remains fragmented across teams, systems, and workflows. As AI adoption accelerates, organisations are beginning to recognise that growth, agility, and execution increasingly depend on how effectively
3 hours ago
Jammu: Mistaken intake of wild plant behind Rajouri man’s death, indicates preliminary findingAn elderly man lost his life and seven others of the same family fell ill in Modha Draj village of Kotranka tehsil in Rajouri district on May 16 Published on: May 19, 2026 7:58 AM IST By HT Correspondent
3 hours ago
Uttar Pradesh Chief Minister Yogi Adityanath has asserted his authority following a recent cabinet expansion. The portfolio allocations demonstrate a clear focus on stability as assembly elections approach. New ministers have been accommodated, but key departments remain with the Chief Minister
4 hours ago
Check petrol, diesel rates for Delhi, Mumbai, Kolkata after fresh price hikeThe latest revision comes after fuel prices were raised by ₹3 per litre last week. Published on: May 19, 2026 7:56 AM IST By HT News Desk Share via Copy link State-run oil marketing companies on Tuesday increased petrol
3 hours ago
West Bengal’s newly elected BJP government, led by Chief Minister Suvendu Adhikari, has decided to implement the 7th Pay Commission for state government employees in a move aimed at reducing the long-standing pay gap between state and central government staff
4 hours ago
Kerala's new Chief Minister VD Satheesan has swiftly implemented key election promises. Free bus travel for women begins June 15. Asha workers receive a Rs 3000 honorarium hike. Anganwadi staff also see a Rs 1000 increase. A new department for senior citizens is approved
4 hours ago
The Mandalorian & Grogu is released this week and is set for the lowest opening weekend of any Star Wars film ever. With the TV shows also struggling, here's why interest is waning. It's been seven years since the Star Wars franchise visited a galaxy far, far away on the big screen
3 hours ago
Manchester City are preparing for Pep Guardiola's exit after Sunday's Premier League match against Aston Villa. Sources have told BBC Sport that the managerial great is expected to leave Etihad Stadium at the end of the season. City maintain Guardiola has a contract for next season and are hopeful
4 hours ago
20-year-old college dropout lands ₹70 LPA job with US startup after multiple rejectionsFrom underpaid freelancer to earning ₹70 LPA, a 20-year-old dropout shared his viral roadmap for landing a remote job at a US tech startup. Updated on: May 19
3 hours ago
The prices of petrol and diesel were increased on Tuesday with immediate effect amid rising global oil rates and supply concerns as the conflict in West Asia continues. This is the second time in less than a week that the price of the fuel has been hiked
4 hours ago
Nothing Phone (3) is currently available on Amazon India with a major discount offer, bringing the effective price down significantly for buyers looking for a premium Android smartphone. The smartphone, which carries an MRP of Rs 84,999, is currently listed at Rs 44
4 hours ago
New Delhi: Public sector lender Bank of India (BOI) on Monday hiked interest rates on medium- and long-term fixed deposits of less than Rs 3 crore. The latest rates are effective from today (18 May 2026). Senior citizens and super senior citizens will continue to receive additional interest
4 hours ago
Aaron Rai secured the 2026 PGA Championship title with a remarkable final round. His victory at Aronimink Golf Club marked a significant achievement. Rai's win is historic, being the first Englishman to claim the PGA Championship since 1919. The triumph highlights his dedication and hard work
4 hours ago
Rekha Gupta, Delhi ministers travel by metro and buses under ‘Metro Monday’ initiative to promote fuel conservationPWD minister Parvesh Verma and social welfare minister Ravinder Indraj Singh also accompanied Gupta during the journey and interacted with other passengers. Updated on: May 19
3 hours ago
Buy or sell stocks, 19 May 2026: Amid weak global cues and persistent macroeconomic concerns, the key benchmark indices of the Indian stock market finished almost flat after witnessing a highly volatile session on Monday. The Nifty 50 index ended marginally higher at 23,649
4 hours ago
