Midwest IPO Details
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Midwest IPO opens for subscription on 15 Oct 2025 and closes on 17 Oct 2025. The IPO will be listed on NSE, BSE with the tentative listing date set for 24 Oct 2025.
Midwest IPO price band has been fixed at ₹1014 – ₹1065 per share.The face value is ₹5 per share with a lot size of 14.
Midwest IPO total issue size comprises 42,34,741 shares (aggregating up to ₹451.00 Cr.). This includes a fresh issue of 23,47,418 shares (aggregating up to ₹250.00 Cr.). Offer for Sale consists of 18,87,323 shares (aggregating up to ₹201.00 Cr.). Pre-issue shareholding stands at 3,38,12,415, which will increase to 3,61,59,832 post-issue.
Midwest IPO carries a ₹100 (9.4%) GMP, reflecting investor sentiment.
Midwest IPO Lot Size : Retain Minimum is 1 lot (14 shares) amounting to ₹14,910. Retain Maximum is 13 lots (182 shares) amounting to ₹193,830. SHNI Minimum is 14 lots (196 shares) amounting to ₹208,740. SHNI Maximum is 67 lots (938 shares) amounting to ₹998,970. BHNI Minimum is 68 lots (952 shares) amounting to ₹1,013,880.
The Lead Managers for Midwest IPO are crucial for the offering's success. They are responsible for a wide range of tasks, including preparing the company for the public market, managing the regulatory filings, and marketing the IPO to potential investors. The lead manager for this offering is Dam Capital Advisors Ltd, Motilal Oswal Investment Advisors Limited, Intensive Fiscal Services Private Limited. To assess their past performance and success in previous IPOs, you can view the Lead Manager Performance Summary report.
For detailed information, Refer to the Midwest Limited RHP.
Midwest IPO Details
Midwest IPO Subscription
Midwest IPO Application Wise Breakup (Approx)
Midwest IPO Dates
- 15 Oct 2025Opening dateOPD
- 17 Oct 2025Closing dateCOD
- 20 Oct 2025Allotment Date BOA
- 23 Oct 2025Initiation of RefundsIOR
- 23 Oct 2025Credit of SharesCOS
- 24 Oct 2025Listing dateLID
Midwest IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retain Minimum | 1 | 14 | ₹14,910 |
| Retain Maximum | 13 | 182 | ₹193,830 |
| SHNI Minimum | 14 | 196 | ₹208,740 |
| SHNI Maximum | 67 | 938 | ₹998,970 |
| BHNI Minimum | 68 | 952 | ₹1,013,880 |
Midwest IPO Reservation
Promoter Holding
Documents
Midwest IPO Valuations
Midwest Financial Information
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 1,082.81 | 1,058.70 | 757.12 | 656.00 |
| Total Income | 146.47 | 643.14 | 603.33 | 522.23 |
| Profit After Tax | 24.38 | 133.30 | 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 | 625.60 | 602.26 | 484.86 | 408.88 |
| Total Borrowing | 270.11 | 236.61 | 120.48 | 149.08 |
| Amount in ₹ Crore | ||||
About Midwest IPO
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.
Workforce
As of June 30, 2025, Midwest Limited employed a total of 1,326 personnel, consisting of:
- 475 permanent employees
- 822 contract workers
- 29 consultants
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.
Strength Of Midwest IPO
- India's largest producer and exporter of Black Galaxy Granite, a premium variety of Granite and the largest producers of Absolute Black Granite in India
- Presence across the entire Dimensional Granite value chain with mine to distribution capabilities.
- Emphasis on research and development and technology integration.
- Significant establishment costs with a long gestation period benefitting established players.
- Proven track record of financial and operational performance
- Experienced Promoters and professional management team with deep industry experience and strong track record.
Risk Of Midwest IPO
- One of our Promoters, Mr. Kollareddy Rama Raghava Reddy, had received a notice in 2015 from the Central Bureau of Investigation ("CBI") in relation to the formation and operations of our Subsidiary, BEML Midwest Limited. Any regulatory actions in relation to this notice, could adversely affect our and our Promoter's reputation or divert the time and attention of our management, and accordingly, may affect our business and results of operations.
- Our estimates of natural stone reserves in our Mines may be materially different from the quantity and quality of natural stone that may actually be recovered from such Mines. Further, our estimates of mine life, i.e., the operational lifespan of a Mine, may prove to be inaccurate and market price fluctuations and changes in operating and capital costs may render certain or all of our natural stone reserves uneconomical to exploit.
- Our business operations are subject to regulation. We are required to obtain, renew or maintain statutory and regulatory approvals to operate our business, and we may experience delays in obtaining, renewing or maintaining such approvals or be unable to obtain such approvals due to litigation and change in regulatory landscape.
- There are outstanding legal proceedings involving our Company, our Subsidiaries, our Directors and our Promoters. Any adverse outcome in such proceedings may adversely affect our reputation, business, results of operations, cash flows and financial condition.
- Our Company and one of our Promoters, Mr. Kollareddy Rama Raghava Reddy, are involved in a dispute with BEML Limited ("BEML"), the joint venture partner in BEML Midwest Limited ("BEML Midwest"), one of our Subsidiaries which is currently under liquidation by order of the National Company Law Tribunal. In this connection, various legal proceedings have been initiated and the Ministry of Corporate Affairs, Government of India ("MCA") had ordered an investigation into the affairs of BEML Midwest. The results of such investigation included certain adverse recommendations against Mr. Kollareddy Rama Raghava Reddy. Such proceedings, or any further regulatory actions in relation to this dispute, could adversely affect our and our Promoter's reputation or divert the time and attention of our management, and accordingly, may affect our business and results of operations.
- We have entered into and propose to enter into new business segments and our inability to establish ourselves in such nascent business segments could adversely affect, our business condition, results of operations and cash flows.
- Our previous statutory auditors have issued qualified audit reports and included certain other matters in their audit reports on the consolidated financial statements of our Company as of, and for the Fiscal ended March 31, 2023.
- We depend on certain key customers for a portion of our revenue from operations, with our top 10 customers contributing 63.22%, 51.21%, 48.37% and 53.51% of our revenue from operations in the three-month period ended June 30, 2025 and Fiscals 2025, 2024 and 2023, respectively. A decrease in the revenue we earn from such customers could adversely affect our business, results of operations, cash flows and financial condition.
- We also derive our revenue from operations from outside India and during the three-month period ended June 30, 2025, Fiscals 2024 and 2023, more than 50% of our revenue from operations was derived from customers located in China, which acts as a global distribution hub for the Granite industry. Any adverse developments in these markets or an inability of China to continue to act as a hub to cater to the global demands, could adversely affect our business and results of operations.
- We have made incorrect form filings in the past, including those relating to the appointment of certain of our directors, and some of the forms relating to the allotment of certain of our Equity Shares in the past are not traceable. We cannot assure you that regulatory proceedings or actions will not be initiated against us in the future and that we will not be subject to any penalty imposed by the competent regulatory authority in this regard.
Objectives Midwest IPO
1. Funding capital expenditure by Midwest Neostone, the wholly owned subsidiary, towards the Phase II Quartz Processing Plant.
2. Capital expenditure for purchase of Electric Dump Trucks to be used by the Company and APGM, our Material Subsidiary
3. Capital expenditure for integration of solar energy at certain Mines of the Company
4. Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company and APGM
5. General corporate purposes.
Company 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/