Midwest IPO
GMP, Subscription, Price, Dates & Financial Details
Engineering - Construction
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…
Open Date
Wed, 15 Oct 2025
Close Date
Fri, 17 Oct 2025
Price Band
₹ 1014 – 1065
Lot Size
14
Issue Size
₹ 451.00 Cr
Minimum Investment
₹ 14,910 (14 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Midwest IPO has successfully completed its IPO process and is now listed on the NSE and BSE. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹451.00 Crore, comprising a fresh issue of 23.47 Lakh equity shares aggregating to ₹250.00 Crore and an offer for sale (OFS) of 18.87 Lakh equity shares aggregating to ₹201.00 Crore by the existing shareholders.
The Midwest IPO remained open for subscription from October 15, 2025, to October 17, 2025. The basis of allotment was finalized on October 20, 2025, and the company's shares were listed on the NSE and BSE on October 24, 2025.
The company had fixed the price band at ₹1014 to ₹1065 per share, with a lot size of 14 shares. Retail investors were required to make a minimum investment of ₹14,910 (based on the upper price band) to apply for one lot.
The IPO also included a reservation of 10,952 equity shares for eligible employees, who received a discount of ₹101.00 per share.
KFin Technologies Limited served as the registrar to the issue. Intensive Fiscal Services Private Limited, Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd), and Motilal Oswal Investment Advisors Ltd acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Midwest Limited is now a publicly listed company on the NSE and BSE. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Midwest IPO Timeline (Tentative)
- IPO Open Date
- Wed, 15 Oct 25
- IPO Close Date
- Fri, 17 Oct 25
- Basis of Allotment
- Mon, 20 Oct 25
- Initiation of Refunds
- Thu, 23 Oct 25
- Credit of Shares to Demat
- Thu, 23 Oct 25
- Listing Date
- Fri, 24 Oct 25 — NSE & BSE
Open Date
15 October 2025
Close Date
17 October 2025
Basis Of Allotment
20 October 2025
Listing Date
24 October 2025
IPO Subscription
Check Live Subscription →The Midwest IPO has received bids for 27,39,83,920 shares against 31,17,460 shares offered, resulting in an overall subscription of 87.89x. the NII category is subscribed 168.07x, Retail Investors 24.26x, Employees 24.44x, and QIBs 139.87x. Within the NII category, BNII is subscribed 192.06x, while SNII is subscribed 120.1x.
QIB
139.87x
NII
168.07x
BNII
192.06x
SNII
120.1x
RII
24.26x
EMP
24.44x
Total
87.89x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 15,53,255 shares, representing 49.82% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 8,87,572 shares (28.47%), while Non-Institutional Investors (NIIs) receive 6,65,681 shares (21.36%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Qualified Institutions | 887,572 | 28.47% |
| Non-Institutional | 665,681 | 21.36% |
| BNII | 443,788 | 14.24% |
| SNII | 221,893 | 7.12% |
| Retail Investors | 1,553,255 | 49.82% |
| Employees | 10,952 | 0.35% |
| Total | 3,117,460 | 100% |
Financials Details(₹ 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 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Midwest Limited KPI Information
| 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 |
| Pat Margin % | 17.17 | 17.13 | 10.83 |
Peers Comparison
| 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 |
About Midwest Limited
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.
Midwest IPO 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%
Midwest IPO Objective
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
Midwest Limited Address / Contact Details
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
Midwest IPO Lot Size
The Midwest IPO has a lot size of 14 shares. Retail investors require a minimum investment of ₹14,910 by applying for 1 lot (14 shares). The maximum application allowed for the retail category is 13 lots (182 shares), requiring an investment of ₹1,93,830.
| 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 |
Issue Reservation
- QIB — 28.47%
- NII — 21.36%
- RII — 49.82%
- EMP — 0.35%
Book Running Lead Managers
- Intensive Fiscal Services Private Limited
- Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd)
- Motilal Oswal Investment Advisors Ltd
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Midwest IPO?
Midwest IPO is a Book-building IPO with a total issue size of ₹451 crore. The Midwest IPO price band is ₹1014 to 1065 per share. The Midwest IPO subscription opens on Wed, Oct 15, 2025, and closes on Fri, Oct 17, 2025. The Midwest IPO will be listed on the BSE,NSE. KFin Technologies Limited is the registrar for the Midwest IPO.
When will the Midwest IPO open for subscription?
The Midwest IPO opens on Wed, Oct 15, 2025 and closes on Fri, Oct 17, 2025
What is Midwest IPO Price Band?
Midwest IPO Price Band is ₹1014 to 1065 per share.
What is Midwest IPO Lot Size?
Midwest IPO lot size is 14 shares, Retail investors need a minimum investment of ₹14910 based on the upper price band
What is the minimum investment for Midwest IPO?
The minimum investment for Midwest IPO is ₹14910, based on one lot of 14 shares at the upper price band of ₹1065 per share.
How to apply for Midwest IPO?
Investors can apply for the Midwest IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Fri, Oct 17, 2025. The application amount remains blocked until the Midwest IPO allotment is finalized.
What is Midwest IPO Issue Size?
Midwest IPO issue size is ₹451 crores.
What is the Midwest IPO Allotment Date?
Midwest IPO allotment date is Mon, Oct 20, 2025.
Who is the Midwest IPO Registrar?
The registrar for Midwest IPO is KFin Technologies Limited. Investors can go to KFin Technologies Limited website to check Midwest IPO allotment status, refund processing, and other IPO-related information.
What is the Midwest IPO GMP?
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 9.39% over the issue price.
Who is the Midwest IPO Lead Manager?
The book-running lead managers (BRLMs) for the Midwest IPO are Intensive Fiscal Services Private Limited, Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd), and Motilal Oswal Investment Advisors Ltd. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Midwest IPO Red Herring Prospectus (RHP).