Midwest IPO
Open MainLineCurrent GMP
₹100 (+9.39%)
Price Band
₹ 1014 – 1065
Lot Size
14
Issue Size
₹451 Cr
Minimum Investment
₹14910 (14 Shares)
Listing Date
24 October 2025
Subscription
87.89x
About the Company
Midwest Limited
Company Overview
Incorporated in 1981, Midwest Limited is engaged in the exploration, mining, processing, marketing, distribution, and export of natural stones. The company is one of India’s leading producers and exporters of Black Galaxy Granite, a distinctive variety renowned for its elegant appearance and sparkling golden specks.
Operations and Product Portfolio
Midwest Limited operates 16 granite mines across six locations in Telangana and Andhra Pradesh, producing a wide range of premium granite varieties including Black Galaxy, Absolute Black, and Tan Brown.
The company also operates two state-of-the-art granite processing facilities — one each in Telangana and Andhra Pradesh — equipped for large-scale cutting, polishing, and finishing of granite products.
In addition to its operational mines, Midwest Limited has built a robust resource base of 25 prospective mining locations spread across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu, ensuring long-term resource sustainability and future expansion opportunities.
Global Presence and Export Market
Midwest Limited has established a strong international footprint, exporting its products to 17 countries across five continents. The primary export destinations include China, Italy, and Thailand, catering to some of the world’s leading natural stone importers and distributors.
The company’s key global clients 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)
Workforce
As of June 30, 2025, Midwest Limited employed a total of 1,326 personnel, comprising:
- 475 permanent employees
- 822 contract workers
- 29 consultants
Resource Strength and Expansion Plans
With 16 operational mines and a pipeline of 25 identified resource locations across southern India, Midwest Limited is strategically positioned for continued growth. The company’s expansion plans are focused on developing these prospective sites to enhance production capacity, diversify its granite portfolio, and strengthen its leadership position in the global natural stone industry.
Promoters
- Mr. Kollareddy Rama Raghava Reddy
- Mr. Kollareddy Ramachandra
- Mrs. Kukreti Soumya
- Mrs. Uma Priyadarshini Kollareddy
Promoters Holding
Holding Pre Issue
95.83%
Holding Post Issue
84.39%
Objects of the Issue
The Company Midwest IPO proposes to utilise the Net Proceeds from the Issue towards the following objects.
- Funding capital expenditure by Midwest Neostone Private Limited (“Midwest Neostone”), our wholly owned subsidiary, towards phase-II of the quartz grit and powder processing plant (the “Phase-II Quartz Processing Plant”)
- Capital expenditure for purchase of electric dump trucks (“Electric Dump Trucks”) to be used by our Company and APGM, our Material Subsidiary
- Capital expenditure for integration of solar energy at certain Mines of our Company
- Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company and APGM
- General corporate purposes
Address / Contact Info
Midwest Ltd.
8-2-684/3/25 & 26,
Road No.12,
Banjara Hills
Hyderabad, Telangana, 500034
Phone: +91 402330 5194
Email: cs@midwest.in
Website: http://www.midwest.in/
IPO Snapshot
IPO Timeline (Tentative)
IPO Open Date
Wednesday, 15 October 2025
IPO Close Date
Friday, 17 October 2025
Basis of Allotment
Monday, 20 October 2025
Initiation of Refunds
Thursday, 23 October 2025
Credit of Shares to Demat
Thursday, 23 October 2025
Listing Date
Friday, 24 October 2025 — NSE & BSE
Important Dates
Open Date
15 October 2025
Close Date
17 October 2025
Basis Of Allotment
20 October 2025
Listing Date
24 October 2025
Financial Performance (₹ in Crores)
| Particular | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1082.81 | 1058.7 | 757.12 | 656 |
| Revenue | 146.47 | 643.14 | 603.33 | 522.23 |
| Profit After Tax | 24.38 | 133.3 | 100.32 | 54.44 |
| Net Worth | 577.03 | 553.69 | 421.93 | 334.92 |
| Reserve & Surplus | 625.6 | 602.26 | 484.86 | 408.88 |
| Total Borrowings | 270.11 | 236.61 | 120.48 | 149.08 |
EPS Pre
39.42%
EPS Post
26.97%
P/E Pre
27.01
P/E (Post Issue)
39.49x
Company Financial Information
KPI Information (₹ in Crores)
| Particular | KPI as of Mon | Mar 2024 | Mar 2023 |
|---|---|---|---|
| ROE % | 19.42 | 23.78 | 16.25 |
| ROCE % | 18.84 | 25 | 14.39 |
| Debt / Equity | 0.43 | 0.29 | 0.45 |
| RoNW % | 22.11 | 22.88 | 16.15 |
| PbW | 0 | 0 | 0 |
| Pat Margin % | 17.17 | 17.13 | 10.83 |
Return Ratio
IPO Reservations
| Category | Shares Offered | Shares Offered % | Max Allotee |
|---|---|---|---|
| Qualified Institutions | 887572 | 28.47 | 0 |
| Non-Institutional | 665681 | 21.36 | 0 |
| BNII | 443788 | 14.24 | 0 |
| SNII | 221893 | 7.12 | 0 |
| Retail Investors | 1553255 | 49.82 | 0 |
| Employees | 10952 | 0.35 | 0 |
| Total | 3117460 | 100 | 0 |
Subscription Status ( Fri, 17 Oct 25 01:41 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutions | 887572 | 124148388 | 139.87x |
| Non-Institutional | 665681 | 111884290 | 168.07x |
| BNII | 443788 | 85234128 | 192.06x |
| SNII | 221893 | 26650162 | 120.1x |
| Retail Investors | 1553255 | 37683548 | 24.26x |
| Employees | 10952 | 267694 | 24.44x |
| Total | 3117460 | 273983920 | 87.89x |
Subscription figures are updated periodically and may change until issue closing. Data reflects bids placed across exchanges.
Peer Comparision
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Midwest Limited | 5 | 0.00 | 39.42 | 39.42 | 22.11 | 163.75 |
| Pokarna Limited | 2 | 12.73 | 60.49 | 60.49 | 24.11 | 250.93 |
Lot Size & Investment Details
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 14 | 14,910.00 |
| Retail (Max) | 13 | 182 | 193,830.00 |
| S-HNI (Min) | 14 | 196 | 208,740.00 |
| S-HNI (Max) | 67 | 938 | 998,970.00 |
| B-HNI (Min) | 68 | 952 | 1,013,880.00 |
Registrar
Kfin Technologies Limited
04067162222, 04079611000
reachus@kfintech.com
https://www.kfintech.com
Book Running Lead Managers
- Intensive Fiscal Services Private Limited
- Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd)
- Motilal Oswal Investment Advisors Pvt Ltd
RHP Document
DRHP Document
Anchor Investors
Disclaimer: This data is for informational purposes only and does not constitute investment advice. Figures shown are illustrative sample data.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
Midwest IPO is a Book-building IPO worth ₹451 crores. The price band is ₹1014 to 1065 per share. The IPO opens on Wed, Oct 15, 2025 and closes on Fri, Oct 17, 2025. It will be listed on BSE and NSE. Kfin Technologies Limited is the registrar.
The Midwest IPO opens on Wed, Oct 15, 2025 and closes on Fri, Oct 17, 2025
Midwest IPO Price Band is ₹1014 to 1065.
Midwest IPO lot size is 14, and the minimum amount required for application is ₹14910.
The minimum investment for Midwest IPO is approximately ₹14910 based on the upper price band.
To apply for the Midwest IPO, investors can use the ASBA (Application Supported by Blocked Amount) process via their bank's net banking or apply through UPI using a registered broker or trading app. The IPO is available in retail, HNI, and institutional investor categories. Investors must select the lot size, enter bid details within the price band, and submit their application before the IPO closing date of Fri, Oct 17, 2025. After submission, funds are blocked until the basis of allotment of Midwest IPO is finalised.
Midwest IPO issue size is ₹451 crores.
Midwest IPO allotment date is Sat, Jun 27, 2026.
The registrar for Midwest IPO is Kfin Technologies Limited. Investors can go to Kfin Technologies Limited website for IPO allotment status, refund processing, and other queries related to Midwest IPO through their official website or helpline.
The Midwest IPO GMP (Grey Market Premium) is ₹100 as of Fri, Oct 24, 2025. Based on the upper price band of ₹1065 per share, the estimated Midwest IPO listing price is ₹1165, indicating a potential listing gain of approximately 31% over the issue price.