Comparison between Midwest IPO and VMS TMT IPO.
Midwest IPO is a Mainboard Bookbuilding IPO proposed to list at BSE, NSE while VMS TMT IPO is a Mainboard Bookbuilding proposed to list at BSE, NSE.
The total issue size of Midwest IPO is up to ₹451.10 Cr whereas the issue size of the VMS TMT IPO is up to ₹148.50 Cr. The final issue price of Midwest IPO is ₹1,065.00 per share and of VMS TMT IPO is ₹99.00 per share.
| Midwest IPO | VMS TMT IPO | |
|---|---|---|
| Face Value | ₹5 per share | ₹10 per share |
| Issue Price (Lower) | ₹1,014.00 per share | ₹94.00 per share |
| Issue Price (Upper) | ₹1,065.00 per share | ₹99.00 per share |
| Issue Price (Final) | ₹1,065.00 per share | ₹99.00 per share |
| Discount (Retail) | ||
| Discount (Employee) | ₹101.00 per share | |
| Market Lot Size | 14 shares | 150 shares |
| Fresh Issue Size | 23,48,401 shares | 1,50,00,000 shares |
| Fresh Issue Size (Amount) | up to ₹250.10 Cr | up to ₹148.50 Cr |
| OFS Issue Size | 18,87,323 shares | 0 shares |
| OFS Issue Size (Amount) | up to ₹201.00 Cr | up to ₹0.00 Cr |
| Issue Size Total | 42,35,724 shares | 1,50,00,000 shares |
| Issue Size Total (Amount) | up to ₹451.10 Cr | up to ₹148.50 Cr |
Midwest IPO opens on Oct 15, 2025, while VMS TMT IPO opens on Sep 17, 2025. The closing date of Midwest IPO and VMS TMT IPO is Oct 17, 2025, and Sep 19, 2025, respectively.
| Midwest IPO | VMS TMT IPO | |
|---|---|---|
| Anchor Bid Date | Oct 14, 2025 | Sep 16, 2025 |
| Issue Open | Oct 15, 2025 | Sep 17, 2025 |
| Issue Close | Oct 17, 2025 | Sep 19, 2025 |
| Basis Of Allotment (Tentative) | Oct 20, 2025 | Sep 22, 2025 |
| Initiation of Refunds (Tentative) | Oct 23, 2025 | Sep 23, 2025 |
| Credit of Share (Tentative) | Oct 23, 2025 | Sep 23, 2025 |
| Listing date (Tentative) | Oct 24, 2025 | Sep 24, 2025 |
| Anchor Lockin End date 1 | Nov 18, 2025 | Oct 21, 2025 |
| Anchor Lockin End date 2 | Jan 17, 2026 | Dec 20, 2025 |
Midwest IPO P/E ratio is 27.01, as compared to VMS TMT IPO P/E ratio of 22.24.
| Midwest IPO | VMS TMT IPO | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Financials | Company Financials (Restated Consolidated)Midwest Ltd.'s revenue increased by 7% and profit after tax (PAT) rose by 33% between the financial year ending with March 31, 2025 and March 31, 2024.
| Company Financials (Restated Consolidated)VMS TMT Ltd.'s revenue decreased by 12% and profit after tax (PAT) rose by 14% between the financial year ending with March 31, 2025 and March 31, 2024.
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| Promoter Shareholding (Pre-Issue) | 88.07 | 96.28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Post-Issue) | 77.13 | 67.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| P/E Ratio | 27.01 | 22.24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market Cap | ₹3851.02 Cr. | ₹491.35 Cr. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROE | 19.42% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROCE | 18.84% | 12.79% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt/Equity | 0.43 | 3.77 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EPS | ₹39.42 | ₹4.45 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RoNW | 22.11% | 20.14% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the Midwest IPO Retail Individual Investors (RII) are offered 14,78,873 shares while in VMS TMT IPO retail investors are offered 14,78,873 shares. Qualified Institutional Buyers (QIB) are offered 8,45,070 shares in Midwest IPO and 18,00,000 shares in VMS TMT IPO.
| Midwest IPO | VMS TMT IPO | |
|---|---|---|
| Anchor Investor Reservation | 12,67,605 shares | 27,00,000 shares |
| Market Maker Reservation | 0 shares | 0 shares |
| QIB | 8,45,070 shares | 18,00,000 shares |
| NII | 6,33,803 shares | 30,00,000 shares |
| RII | 14,78,873 shares | 75,00,000 shares |
| Employee | 10,373 shares | 0 shares |
| Others | ||
| Total | 42,35,724 shares | 1,50,00,000 shares |
Midwest IPO subscribed 92.36x in total, whereas VMS TMT IPO subscribed 102.24x.
| Midwest IPO | VMS TMT IPO | |
|---|---|---|
| QIB (times) | 146.99x | 120.80x |
| NII (times) | 176.57x | 227.08x |
| Big NII (times) | 201.77x | 243.91x |
| Small NII (times) | 126.16x | 193.46x |
| RII (times) | 25.52x | 47.85x |
| Employee (times) | 25.80x | |
| Other (times) | ||
| Total (times) | 92.36x | 102.24x |
