Midwest IPO will open for subscription on October 15, 2025 and closes on October 17, 2025. Incorporated in 1981, Midwest Limited is engaged in the exploration, mining, processing, marketing, distribution, and export of natural stones.
The company is a known producer and exporter of Black Galaxy Granite, recognised for its sparkling golden flakes. Midwest operates 16 granite mines across six locations in Telangana and Andhra Pradesh, producing varieties such as Black Galaxy, Absolute Black, and Tan Brown.
It also runs one granite processing facility in each of Telangana and Andhra Pradesh to support large-scale processing and finishing. Beyond current operations, Midwest has built a resource base across 25 locations in Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu for future mining activities.
This blog will cover all the Midwest Limited IPO details, including the price band, minimum investment, financial performance, peers, and risk factors.
Midwest IPO Date
The key pointers for the Midwest IPO dates are:
- Bidding Opening Date: October 15, 2025
- Bidding Closing Date: October 17, 2025
- Allotment Date: October 20, 2025
- Initiation of Refunds (in case of less or no allotment): October 23, 2025
- Shares Credited to Your Demat Account: October 23, 2025
- IPO Listing Date: October 24, 2025
- Listing on Exchange: BSE and NSE
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Midwest IPO Issue Size
Midwest IPO valuation, as denoted by the market capitalization, stood at ₹3,851.02 crores. Here are the essential details:
- Midwest IPO Price Band: ₹1014 to ₹1065 per share
- Lot Size: 14 Shares
- Total Issue Size and Amount: 42.34 lakh shares (aggregating up to ₹451 crores)
- Fresh Issue Size and Amount: 23.47 lakh shares (aggregating up to ₹250 crores)
- Offer for Sale and Amount: 18.87 lakh shares of ₹5 (aggregating up to ₹201 crores)
Midwest IPO Proceeds Usage
The company plans to deploy the net issue proceeds towards the following objectives:
- Fund Phase II capital expenditure for the Quartz Processing Plant at wholly owned subsidiary Midwest Neostone Private Limited.
- Purchase electric dump trucks for use by the Company and its material subsidiary, APGM
- Implement solar energy integration at select company mines
- Prepay/repay certain outstanding borrowings of the Company and APGM, in part or in full.
- Allocate towards general corporate purposes.
Midwest IPO Reservations
Midwest IPO reservations to different investors are:
- For QIBs: Not more than 50% of the Net Offer
- For NIIs: Not less than 15% of the Net Offer
- For Retail Investors: Not less than 35% of the Net Offer
Midwest IPO Lot Size
The Midwest IPO lot size is 14 shares, wherein bidding can be done in multiples. The minimum amount that each category of investor needs to bid in this IPO is:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 14 | ₹14,910 |
| S-HNI (Min) | 14 | 196 | ₹2,08,740 |
| B-HNI (Min) | 68 | 952 | ₹10,13,880 |
Midwest IPO Details: Promoter Holding
Mr. Kollareddy Rama Raghava Reddy, Mr. Kollareddy Ramachandra, Mrs. Kukreti Soumya, and Mrs. Uma Priyadarshini Kollareddy are the company promoters.
Midwest Limited: Company Overview
Midwest Limited, incorporated in 1981, operates across the natural-stone value chain, from exploration, mining, processing, marketing, distribution, and export. The company is a noted producer and exporter of Black Galaxy Granite, a distinctive variety known for its sparkling golden flakes, and also supplies Absolute Black and Tan Brown.
It runs 16 granite mines at six locations in Telangana and Andhra Pradesh, supported by one processing facility in each of these states to enable large-scale finishing and consistent output.
Beyond its operational footprint, Midwest has developed a resource pipeline spanning 25 locations across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu to support future mining activity and long-term sustainability.
Internationally, the company exports to 17 countries across five continents, with primary markets in China, Italy, and Thailand, serving customers such as MP STENEKO AB (Sweden), GI-MA STONE SRL (Italy), Quanzhou Xingguang Stone Co., Ltd. (China), The Xiamen Group (China), and King Marble and Granite Co. Ltd. (Thailand), among others.
As of June 30, 2025, the workforce comprised 1,326 personnel, including 475 permanent employees, 822 contract workers, and 29 consultants.
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Midwest Limited: Financial Performance
Midwest Limited’s key financials for different periods are as follows:
| Particulars (in ₹ Cr) | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Operating Revenue | 626.18 | 585.62 | 7% |
| Profit After Tax (PAT) | 107.51 | 100.32 | 7% |
| EBITDA | 171.78 | 151.44 | 13% |
| Net Worth | 553.69 | 421.93 | 31% |
| Assets | 1,058.70 | 760.41 | 39% |
| Total Borrowings | 236.61 | 120.48 | 96% |
- Operating Revenue grew 7% year-on-year to ₹626.18 crore in FY25, reflecting steady business expansion.
- Profit After Tax (PAT) increased by 7% to ₹107.51 crore in FY25, indicating consistent profitability.
- EBITDA rose 13% to ₹171.78 crore, showing improved operational efficiency.
- Net Worth climbed 31% to ₹553.69 crore, strengthening the company’s financial base.
- Total Assets expanded 39% to ₹1,058.70 crore, highlighting business growth and investment.
- Total Borrowings nearly doubled, rising 96% to ₹236.61 crore, suggesting higher leverage for expansion.
Midwest IPO Peer Comparison
Here is the peer comparison table for the Midwest Limited with its listed peers:
| Company (FY25) | EPS (Basic ₹) | P/E (x) | RoNW (%) |
|---|---|---|---|
| Midwest Limited | 39.42 | 27.01 | 22.11 |
| Pokarna Limited | 60.49 | 12.73 | 24.11 |
- Earnings Per Share (EPS): Midwest’s EPS of ₹39.42 is lower than Pokarna’s ₹60.49, indicating comparatively smaller earnings per share.
- P/E Ratio: With a P/E of 27.01x, Midwest’s valuation is higher than Pokarna’s 12.73x.
- Return on Net Worth (RoNW): Midwest delivered a RoNW of 22.11%, slightly below Pokarna’s 24.11%, showing marginally lower efficiency in generating returns from shareholders’ equity.
Midwest IPO Risk Factors
Midwest IPO is exposed to various risk factors that can eventually affect its business and investors’ perception:
- Reserve and mine-life uncertainty: Actual quantity/quality of extractable stone may differ from estimates; shifts in prices or operating/capital costs could make reserves uneconomical, shortening mine life.
- Legal contingencies: Ongoing proceedings involving the company, subsidiaries, directors, and promoters could, if decided adversely, impact reputation, operations, cash flows, and financial health.
- Concentration risk, Black Galaxy Granite: A large share of revenue comes from Black Galaxy sourced from three Chimakurthy mines; any production disruption or demand softening could materially affect performance.
- Geographic/customer concentration: Significant exports and heavy exposure to China as a distribution hub mean market slowdowns, policy changes, or logistics issues in key geographies could weigh on sales and profitability.
For all the insights on Midwest IPO and detailed expert advice, you can download the SMC ACE App or visit the SMC telegram channels. Take smart decisions and apply for the Midwest IPO easily on the SMC ACE Apply by opening free demat account now.
Frequently Asked Questions – FAQs
1. When is the Midwest IPO and when will it list?
Midwest IPO bidding runs October 15-17, 2025. Allotment is expected on October 20, 2025; shares are slated to hit BSE and NSE on October 24, 2025.
2. What is the price band, lot size, and minimum investment?
The price band is ₹1,014-₹1,065 per share. The lot size is 14 shares, and retail investors can apply for one lot at the upper price band of ₹14,910.
3. How big is the issue and what’s on offer?
The total issue size is 42.34 lakh shares aggregating up to ₹451 crores, including a fresh issue of 23.47 lakh shares (₹250 crores) and an Offer for Sale of 18.87 lakh shares (₹201 crores).
4. How will the company use the net proceeds?
The company plans to use the proceeds mainly to expand its quartz processing facility, purchase electric dump trucks, set up solar power at some mining sites, repay part of its existing loans, and meet general business needs.
References:
https://www.sebi.gov.in/filings/public-issues/oct-2025/midwest-limited-rhp_97222.html
Author: All Content is verified by SMC Global Securities.
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