Midwest Limited IPO Launches: ₹451 Crore Issue, Price Band ₹1,014–₹1,065, Key Dates and Prospects
Hyderabad/Mumbai, October 12, 2025 — Midwest Limited, a Telangana-based quartz and natural stone company, has announced the launch of its much-anticipated Initial Public Offering (IPO). The ₹451 crore IPO will open for subscription from October 15 to October 17, 2025, with the anchor book to open a day earlier on October 14. The shares are expected to list on both the BSE and NSE on October 24. Midwest Limited IPO opens October 15–17, with a price band of ₹1,014–₹1,065
Offer Structure & Price Band
The IPO is a fully book-built issue comprising:
- A fresh issue of up to ₹250 crore
- An offer for sale (OFS) of up to ₹201 crore by existing promoters / selling shareholders
The price band is fixed at ₹1,014 to ₹1,065 per share (face value ₹5).
A retail investor will need to bid for at least 14 shares, which at the upper end comes to ₹14,910.
The allocation among investor categories follows SEBI norms:
- Qualified Institutional Buyers (QIBs): up to 50%
- Non-Institutional Investors (NIIs)
- Retail Individual Investors: at least 15% (or as disclosed in the RHP)
Use of Proceeds
Midwest has disclosed that proceeds from the fresh issue will be used for:
- Expansion (Phase II) of its quartz processing plant at subsidiary Midwest Neostone
- Purchase of electric dump trucks
- Integration of solar energy systems at selected mines
- Partial repayment or pre-payment of existing borrowings
- General corporate purposes
As of June 2025, the company’s consolidated borrowings stood at approximately ₹270.1 crore.
About Midwest Limited
Founded in 1992, Midwest Limited is a leading player in granite mining, natural stones, and quartz processing. The company operates 16 mining leases across Telangana, Andhra Pradesh, and Tamil Nadu and exports products to over 35 countries, including the USA, Japan, and European markets.
It is widely known for its Black Galaxy Granite, which has become a premium export brand globally. The company has also ventured into engineered quartz manufacturing under the subsidiary Midwest Neostone, targeting both residential and industrial applications.
Objectives of the IPO
According to the company’s Red Herring Prospectus (RHP), the net proceeds from the IPO will be used for:
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Expansion of quartz manufacturing capacity (Phase II project)
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Purchase of advanced mining and transportation equipment
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Setting up of solar energy systems for sustainable operations
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Repayment of borrowings and working capital needs
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General corporate purposes
The strategic focus on renewable integration and capacity enhancement signals a long-term sustainability and export-led growth model.
Midwest Limited Financial Performance
| Financial Year | Revenue (₹ Cr) | Net Profit (₹ Cr) | EBITDA Margin | Debt (₹ Cr) |
|---|---|---|---|---|
| FY23 | 565.7 | 107.9 | 19.6% | 290 |
| FY24 | 598.4 | 122.1 | 20.3% | 278 |
| FY25 | 626.2 | 133.3 | 21.4% | 270 |
The company has demonstrated steady growth in both revenue and profitability, with margins improving year-on-year. Strong demand from export markets and diversification into quartz have bolstered its performance.
In FY25, Midwest reported revenue of ~₹626.2 crore and net profit of ₹133.3 crore. The company operates 16 granite mines across Telangana and Andhra Pradesh, producing high-value varieties such as Black Galaxy and Absolute Black granite.
Midwest has expanded into quartz processing (serving the engineered stone and solar glass markets), and is exploring entry into heavy mineral sands and rare earth elements processing.
Midwest Limited IPO Key Dates & Process
- Anchor investors subscription: October 14, 2025
- IPO opens: October 15, 2025
- IPO closes: October 17, 2025
- Price Band ₹1,014–₹1,065
- Allotment basis/finalization: October 20, 2025 (tentative)
- Refunds & credit to demat accounts: Expected around October 23
- Expected listing: October 24, 2025 (both BSE & NSE)
Investment Considerations & Risks
Strengths/positives
- Established presence in premium granite (Black Galaxy) with export potential
- Diversification into quartz processing and exploration of mineral sands and rare earths
- Use of funds directed toward expansion, debt reduction, and green initiatives
Risks/challenges
- Cyclical nature of the commodity and construction sectors
- Dependence on regulatory approvals (mining licenses, environmental clearances)
- Sensitivity to global demand, input costs, power / raw material volatility
- Execution risk for expansion projects
Analysts and retail investors will closely monitor the subscription trend, grey market premium (GMP), and post-listing performance to gauge market sentiment.
Grey Market Premium (GMP) & Investor Sentiment
As per market trackers, the Midwest IPO GMP (as of October 12, 2025) stands around ₹130–₹145, indicating a strong listing sentiment of 12–14% premium over the upper price band. Analysts expect robust subscription from both institutional and retail categories due to consistent profitability and strong export visibility.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by experts are their own. Investors are advised to consult certified financial advisors before making any investment decisions.)
