Midwest IPO (IPO of Midwest Limited) is a issue of ₹451.00 crores through Book-Building Process. The Book-Building issue is comprising of fresh issue of 23 lakh shares aggregating to ₹250.00 crores and offer for sale of 19 lakh shares aggregating to ₹201.00 crores.
| IPO Open and Close Date | October 15, 2025 to October 17, 2025 |
| Listing Date | Fri, Oct 24, 2025 (Tentative Listing Day) |
| Tentative Allotment of Issue | Monday, October 20, 2025 |
| Initiation of Refunds of Issue | Thursday, October 23, 2025 |
| Credit of Shares to Demat of Issue | Thursday, October 23, 2025 |
| Tentative Listing Date of Issue | Friday, October 24, 2025 |
| Cut-off time for UPI mandate confirmation of Issue | 5 PM on Friday, October 17, 2025 |
| Face Value of Equity Share | ₹5 per share |
| Issue Price – Band | ₹1,014 to ₹1,065 per share |
| Lot Size of Equity Shares | 14 Equity Shares |
| Total Issue Size | 42,34,740 Equity Shares (aggregating up to ₹451.00 Cr) |
| Fresh Issue | 23,47,417 Equity Shares (aggregating up to ₹250.00 Cr) |
| Offer for Sale | 18,87,323 shares of ₹5 (aggregating up to ₹201.00 Cr) |
| Employee Discount | ₹101.00 per share |
| Issue Type | Bookbuilding IPO |
| Listing At Exchange | BSE, NSE Both |
| Share Holding Pre Issue of Company | 3,38,12,415 Equity Shares |
| Share Holding Post Issue of Company | 3,61,59,832 Equity Shares |
Midwest IPO Lot Size
Investors can bid for a minimum of 14 Equity Shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of Equity Shares and amount.
| Application | Lots | Equity Shares | Amount |
| Retail (Minimum) | 1 | 14 | ₹14,910 |
| Retail (Maximum) | 13 | 182 | ₹1,93,830 |
| S-HNI (Minimum) | 14 | 196 | ₹2,08,740 |
| S-HNI (Maximum) | 67 | 938 | ₹9,98,970 |
| B-HNI (Minimum) | 68 | 952 | ₹10,13,880 |
Midwest IPO is a issue of ₹451.00 crores through Book-Building Process. The Book-Building issue is comprising of fresh issue of 23 lakh shares aggregating to ₹250.00 crores and offer for sale of 19 lakh shares aggregating to ₹201.00 crores.
Midwest Ltd. Company incorporated on December 11, 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.
1. Core Business: Midwest Limited mainly focuses on mining, processing, and exporting natural stones like Black Galaxy and Absolute Black granite, which brings in over 90% of its revenue.
2. Manufacturing & Tools: It makes diamond wire cutting tools for stone mining and construction. These tools were initially for internal use but are now also sold to other businesses.
3. Export Presence: Midwest generates about 60-65% of its revenue from exports, serving markets in Europe, the U.S., and East Asia, and it has received Star Export House recognition.
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.
Personnel and Employee
The Company has employed 1,326 personnel As of June 30, 2025, consisting of 475 permanent employees 822 contract workers and 29 consultants.
Midwest IPO Promoter Holding
Followings are the company promoters
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- Mr. Kollareddy Rama Raghava Reddy,
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- Mr. Kollareddy Ramachandra,
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- Mrs. Kukreti Soumya and
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- Mrs. Uma Priyadarshini Kollareddy.
| Pre Issue Promoters Holding | 95.83% |
| Post Issue Promoters Holding | 84.39% |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
Company Financials
Midwest Ltd. Financial Information (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.
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Total Income | 146.47 | 643.14 | 603.33 | 522.23 |
| Profit After Tax | 24.38 | 133.30 | 100.32 | 54.44 |
| NET Worth | 577.03 | 553.69 | 421.93 | 334.92 |
| Reserves and Surplus | 625.60 | 602.26 | 484.86 | 408.88 |
| Assets | 1,082.81 | 1,058.70 | 757.12 | 656.00 |
| EBITDA | 38.97 | 171.78 | 151.44 | 89.59 |
| Total Borrowing | 270.11 | 236.61 | 120.48 | 149.08 |
| Amount in ₹ Crore | ||||
Key Performance Indicator (KPI)
The market capitalization of Midwest IPO is ₹3851.02 Cr.
Key Performance Indicator as of March 31, 2025.
| KPI | Values |
| ROE | 19.42% |
| ROCE | 18.84% |
| Debt/Equity | 0.43 |
| RoNW | 22.11% |
| PAT Margin | 17.17% |
| EBITDA Margin | 27.43% |
| Price to Book Value | 6.50 |
| KPI | Pre IPO | Post IPO |
| EPS Rs | 39.42 | 26.97 |
| P/E (x) | 27.01 | 39.49 |
Objects of the Issue (Midwest IPO Objectives)
The Company Midwest IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S. No. | Objects of the Issue | Expected Amount (in Millions) |
| 1 | Funding capital expenditure by Midwest Neostone, the wholly owned subsidiary, towards the Phase II Quartz Processing Plant. | 1,270.49 |
| 2 | Capital expenditure for purchase of Electric Dump Trucks to be used by the Company and APGM, our Material Subsidiary | 257.55 |
| 3 | Capital expenditure for integration of solar energy at certain Mines of the Company | 32.56 |
| 4 | Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company and APGM | 538 |
| 5 | General corporate purposes. |
