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Midwest IPO is a bookbuilt issue of ₹451.00 crore. It combines a fresh issue of 0.23 crore shares aggregating to ₹250.00 crore and an offer for sale of 0.19 crore shares aggregating to ₹201.00 crore.
The IPO opens for subscription on October 15, 2025, and closes on October 17, 2025. The allotment is expected to be finalized on Monday, October 20, 2025. The price band for the IPO is set at ₹1014 to ₹1065 per share, and the minimum lot size for an application is 14 shares.
Company Summary
Midwest Limited, incorporated in 1981, is engaged in the business of exploration, mining, processing, marketing, distribution, and export of natural stones. The company is a producer and exporter of Black Galaxy Granite, a unique granite variety known for its sparkling golden flakes.
Midwest Limited operates 16 granite mines across 6 locations in Telangana and Andhra Pradesh, producing a wide range of granite varieties, including Black Galaxy, Absolute Black, and Tan Brown.
The company also has one granite processing facility in each of the states of Telangana and Andhra Pradesh, enabling large-scale processing and finishing of granite products. In addition to the operational mines, Midwest Limited has built a strong resource base comprising 25 locations across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu for future mining operations.
Global Presence and Export Market
Midwest Limited has established a strong global presence, exporting its products to 17 countries across five continents, with China, Italy, and Thailand being the primary export markets. The company’s key customers include:
- MP STENEKO AB (Sweden), GI-MA STONE SRL (Italy), Quanzhou Xingguang Stone Co., Ltd. (China), The Xiamen Group (China), King Marble and Granite Co., Ltd. (Thailand), and more.
Resource Strength and Expansion Plans
- Apart from the current operational mines, Midwest Limited has identified 25 resource locations across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu, ensuring long-term sustainability.
Workforce
- As of June 30, 2025, Midwest Limited employed a total of 1,326 personnel, consisting of 475 permanent employees, 822 contract workers, and 29 consultants.
Company Strengths
- Over four decades of experience in the natural stone industry with a strong global presence.
- Market leadership in Black Galaxy Granite production and exports, holding a 23% share of India’s exports in FY2024.
- Diversified product portfolio catering to multiple industries, including construction and renewable energy.
- Integrated end-to-end operations from mining to distribution, enhancing operational efficiency.
- Strategic expansion into high-value materials like quartz grit and heavy mineral sands.
Company Financials
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 1,082.81 | 1,058.7 | 757.12 | 656 |
| Total Income | 146.47 | 643.14 | 6003.33 | 522.23 |
| Profit After Tax | 24.38 | 133.3 | 100.32 | 54.44 |
| EBITDA | 38.97 | 171.78 | 151.44 | 89.59 |
| Net Worth | 577.03 | 553.69 | 421.93 | 334.92 |
| Reserves and Surplus | 625.6 | 602.26 | 484.86 | 408.88 |
| Total Borrowing | 270.11 | 236.61 | 120.48 | 149.08 |
| Amount in ₹ Crore | ||||
Objectives of IPO
- Funding capital expenditure by Midwest Neostone, the wholly owned subsidiary, towards the Phase II Quartz Processing Plant.
- Capital expenditure for the purchase of Electric Dump Trucks to be used by the Company and APGM, our Material Subsidiary.
- Capital expenditure for the integration of solar energy at certain Mines of the Company.
- Pre-payment/re-payment of, in part or in full, certain outstanding borrowings of the Company and APGM.
- General corporate purposes.
Promoters of the company
Mr. Kollareddy Rama Raghava Reddy, Mr. Kollareddy Ramachandra, Mrs. Kukreti Soumya, and Mrs. Uma Priyadarshini Kollareddy are the company promoters.
IPO Details
| IPO Date | October 15, 2025 to October 17, 2025 |
| Listing Date | October 24, 2025 |
| Face Value | ₹5 per share |
| Price Band | ₹1041 to ₹1065 per share |
| Lot size | 14 shares |
| Total Issue size | 42,34,740 shares (aggregating upto ₹451.00 Cr ) |
| Fresh Issue | 23,47,417 shares (aggregating upto ₹250.00 Cr ) |
| Offer for Sale | 18,87,323 shares of ₹5 (aggregating upto ₹201.00 Cr ) |
| Issue type | Bookbuilding IPO |
| Listing at | NSE, BSE |
| Share Holding Pre Issue | 3,38,12,415 shares |
| Share Holding Post Issue | 3,61,59,832 shares |
Category Reservation Table
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
| Only RII | Upto Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Upto Rs 5 lakhs | Yes |
| Employee + RII/NII | 1. Employee limit: Upto Rs 5 lakhs (In certain cases, employees are given a discount if the bidding amount is upto Rs 2 Lakhs) 2. If applying as RII: Upto Rs 2 Lakhs 3. If applying as NII: sNII > Rs 2 Lakhs and upto Rs 10 Lakhs, and bNII > Rs 10 lakhs | Yes for Employee and RII/NII |
Lot Allocation Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 14 | ₹14,910.00 |
| Retail (Max) | 13 | 182 | ₹1,93,830.00 |
| S-HNI (Min) | 14 | 196 | ₹2,08,740.00 |
| S-HNI (Max) | 67 | 938 | ₹9,98,970.00 |
| B-HNI (Min) | 68 | 952 | ₹10,13,880.00 |
Allotment Schedule
| Basis of Allotment | Mon, 20 Oct, 2025 |
| Initiation of Refunds | Thu, 23 Oct, 2025 |
| Credit of Shares to Demat | Thu, 23 Oct, 2025 |
| Tentative Listing Date | Fri, 24 Oct, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 17, 2025 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
Source – SEBI, Chittorgarh
To check allotment, click here
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