Midwest IPO is all set to open for subscription on October 15, 2025, and will close on October 17, 2025. It is a Book Built Issue, aiming to raise approximately ₹451 crores. The IPO consists of a fresh issue of ₹250 crores and an offer for sale of up to 18,87,323 equity shares, each with a face value of ₹5.
The Midwest IPO price band has been fixed between ₹1014 and ₹1065 per share. The retail investor quota stands at 35%, while Qualified Institutional Buyers (QIBs) have 50% and High Net-Worth Individuals (HNIs) have 15% allocation. The IPO allotment date is scheduled for October 20, 2025, and the listing is expected on both BSE and NSE on October 24, 2025.
In terms of financial performance, Midwest showcased solid growth, reporting a revenue of ₹643.14 crores in 2025, up from ₹603.33 crores in 2024. The net profit also increased to ₹133.30 crores in 2025 from ₹100.32 crores in 2024. Based on these strong financials and consistent performance, the Midwest IPO appears to be a promising opportunity for long-term investors.
Table of contents
- Midwest IPO Date & Price Band Details
- Midwest IPO Market Lot
- Midwest IPO Reservation
- Midwest IPO Anchor Investors
- Midwest IPO Allotment & Listing Dates
- Midwest IPO: Promoters and Holding Pattern
- Objects of the Issue & Utilisation of proceeds – Midwest IPO
- Midwest IPO Company Financial Report
- Midwest IPO Valuation – FY2025
- Midwest IPO Peer Group Comparison
- Midwest Company Overview, Key Points, Strengths, and Risks
- Midwest IPO Registrar
- IPO Lead Managers aka Merchant Bankers
- Midwest Company Address
- FAQs about Midwest IPO
Midwest IPO Date & Price Band Details
Midwest IPO will open on October 15, 2025, and close on October 17, 2025. It’s a Book Built Issue with an issue size of ₹451 crores, including a fresh issue of ₹250 crores. The price band is ₹1014–₹1065 per share with a ₹101 employee discount, and it will list on BSE, NSE.
IPO Details | Details |
---|---|
IPO Open Date | October 15, 2025 |
IPO Close Date | October 17, 2025 |
Face Value | ₹5 Per Equity Share |
IPO Price Band | ₹1014 to ₹1065 Per Share |
Employee Discount | ₹101 Per Share |
Issue Size | Approx ₹451 Crores |
Fresh Issue | Approx ₹250 Crores |
Offer for Sale: | Approx 18,87,323 Equity Shares |
Issue Type | Book Built Issue |
IPO Listing | BSE, NSE |
DRHP Draft Prospectus | Click Here |
RHP Draft Prospectus | Click Here |
Midwest IPO Market Lot
The Midwest IPO lot size is 14 shares per lot, with a minimum investment of ₹14,910 for retail investors. The retail maximum is 13 lots (182 shares) worth ₹1,93,830, while S-HNI and B-HNI investors can apply for a minimum of ₹2,08,740 and ₹10,13,880, respectively.
Application | Lot Size | 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 |
The Midwest IPO Subscription Status will be updated after the bidding process begins on October 15, 2025.
Midwest IPO Reservation
In the Midwest IPO, the retail investor quota is 35%, while Qualified Institutional Buyers (QIBs) are allocated 50% (excluding anchors). The Non-Institutional Investors (NII) share stands at 15%. The anchor investor portion will be finalized before the IPO opens for subscription.
Investor Category | Share Offered | -% Shares |
---|---|---|
Anchor Investor | – Shares | -% |
QIB (Ex. Anchor) | – Shares | 50% |
NII Shares Offered | – Shares | 15% |
Retail Shares Offered | – Shares | 35% |
Midwest IPO Anchor Investors
The Midwest IPO anchor bidding date is set for October 14, 2025. The anchor investors list will be available in PDF format after allotment. The anchor size and shares offered will be disclosed soon. The lock-in period ends on November 19, 2025 (50% shares) and January 18, 2026 (remaining 50%).
Anchor Event | Details |
---|---|
Anchor Bidding Date | October 14, 2025 |
Anchor Investors List | Click Here |
Shares Offered | [.] Shares |
Anchor Size | [.] Cr. |
lock-in period end date 50% shares (30 Days) | November 19, 2025 |
lock-in period end date 50% shares (90 Days) | January 18, 2026 |
Midwest IPO Allotment & Listing Dates
The Midwest IPO will open on October 15, 2025, and close on October 17, 2025, with a bidding cut-off time of 5 PM. The basis of allotment is scheduled for October 20, 2025, while refunds and credit to Demat accounts will occur on October 23, 2025. The listing date is October 24, 2025.
Event | Date |
---|---|
IPO Open Date: | October 15, 2025 |
IPO Close Date: | October 17, 2025 |
Basis of Allotment: | October 20, 2025 |
Refunds: | October 23, 2025 |
Credit to Demat Account: | October 23, 2025 |
IPO Listing Date: | October 24, 2025 |
IPO Bidding Cut-off Time: | October 17, 2025 – 5 PM |
Midwest IPO: Promoters and Holding Pattern
The promoters of Midwest Limited are Mr. Kollareddy Rama Raghava Reddy, Mr. Kollareddy Ramachandra, Mrs. Kukreti Soumya, and Mrs. Uma Priyadarshini Kollareddy. The promoter holding pre-issue stands at 95.83% (3,38,12,415 shares), which will reduce to 84.39% (3,61,59,832 shares) post-issue, reflecting strong promoter confidence in the company.
Particular | Shares | % Share |
---|---|---|
Promoter Holding Pre Issue | 3,38,12,415 | 95.83% |
Promoter Holding Post Issue | 3,61,59,832 | 84.39% |
Objects of the Issue & Utilisation of proceeds – Midwest IPO
The Midwest IPO proceeds will be strategically utilized to strengthen operations and support future growth. Around ₹127.05 crores will fund capital expenditure for Phase II Quartz Processing Plant under Midwest Neostone. Another ₹25.76 crores will go toward purchasing electric dump trucks, and ₹3.26 crores will be used for solar energy integration at company mines. Additionally, ₹53.8 crores will be allocated for loan repayment and pre-payment, while the remaining funds will be used for general corporate purposes.
Purpose | Crores |
---|---|
Funding capital expenditure by Midwest Neostone, the wholly owned subsidiary, towards the Phase II Quartz Processing Plant. | 127.05 |
Capital expenditure for purchase of Electric Dump Trucks to be used by the Company and APGM, our Material Subsidiary | 25.76 |
Capital expenditure for integration of solar energy at certain Mines of the Company | 3.26 |
Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company and APGM | 53.8 |
General Corporate Purpose | – |
Midwest IPO Company Financial Report
The financial performance of Midwest Limited reflects consistent growth over the years. The company’s revenue increased from ₹522.23 crores in 2023 to ₹643.14 crores in 2025, showing strong business momentum. The profit after tax (PAT) also rose significantly from ₹54.44 crores in 2023 to ₹133.30 crores in 2025, highlighting improved profitability. As of June 2025, the company recorded a revenue of ₹146.47 crores and PAT of ₹24.38 crores, with total assets reaching ₹1,082.81 crores, reflecting a robust financial position.
Period Ended | Revenue | Expense | PAT | Assets |
---|---|---|---|---|
2023 | ₹522.23 | ₹443.54 | ₹54.44 | ₹656.00 |
2024 | ₹603.33 | ₹465.53 | ₹100.32 | ₹757.12 |
2025 | ₹643.14 | ₹490.92 | ₹133.30 | ₹1,058.70 |
June 2025 | ₹146.47 | ₹113.60 | ₹24.38 | ₹1,082.81 |
Midwest IPO Valuation – FY2025
The key performance indicators (KPI) of Midwest Limited highlight its strong financial health and operational efficiency. The company reported a Return on Equity (ROE) of 19.42% and a Return on Capital Employed (ROCE) of 18.84%, reflecting effective capital utilization. Its EBITDA margin stands at 27.43%, while the PAT margin is 17.17%, showcasing solid profitability. With a debt-to-equity ratio of 0.43, the company maintains a stable leverage position. The Earnings Per Share (EPS) is ₹39.42 (basic), and the Return on Net Worth (RoNW) is 22.11%, supported by a Net Asset Value (NAV) of ₹163.75.
KPI | Values |
---|---|
ROE: | 19.42% |
ROCE: | 18.84% |
EBITDA Margin: | 27.43% |
PAT Margin: | 17.17% |
Debt to equity ratio: | 0.43 |
Earning Per Share (EPS): | ₹39.42 (Basic) |
Price/Earning P/E Ratio: | N/A |
Return on Net Worth (RoNW): | 22.11% |
Net Asset Value (NAV): | ₹163.75 |
Midwest IPO Peer Group Comparison
In the peer group comparison, Pokarna Limited stands as a key competitor to Midwest Limited. Pokarna has shown strong financial performance with an EPS of ₹60.49, a P/E ratio of 12.73, and a Return on Net Worth (RoNW) of 24.11%. The company’s Net Asset Value (NAV) is ₹250.93, and its total income stands at ₹930.13 crores, reflecting a solid market presence in the same sector.
Company | EPS | PE Ratio | RoNW % | NAV | Income |
---|---|---|---|---|---|
Pokarna Limited | 60.49 | 12.73 | 24.11% | 250.93 | 930.13 Cr. |
Midwest Company Overview, Key Points, Strengths, and Risks
Company Overview and Key Points
- Primary Business: Exploration, mining, processing, marketing, distribution, and export of natural stones, primarily granite (especially Black Galaxy and Absolute Black), quartz, and increasingly, heavy mineral sands and diamond wire manufacturing.
- Market Leader: India’s largest producer and exporter of Black Galaxy Granite, a premium and rare variety, holding a dominant share of national exports for this product (around 64% in FY25).
- Vertical Integration: Operates a “mine-to-market” strategy, controlling the entire value chain from quarrying (16 active mines) to processing, in-house diamond tool manufacturing, and export logistics.
- Geographical Concentration (Operations): Operations (mines and processing units) are concentrated in the states of Telangana and Andhra Pradesh, India.
- Global Presence: Exports products to over 17 countries, with significant revenue generated from markets like China (a major global granite hub), Europe, and the US.
- Financial Performance: Demonstrated consistent financial growth, with revenue and profit after tax (PAT) showing strong Compound Annual Growth Rates (CAGR) in recent fiscals (FY23-FY25).
Key Strengths
- Market Dominance in Premium Segment: Clear market leadership in the production and export of high-value Black Galaxy Granite, a product with high price realization.
- Strong Resource Base and Integration: Access to substantial granite reserves (41 locations, 16 operational), coupled with a vertically integrated business model (mining, processing, in-house tool manufacturing) that ensures consistent quality, cost efficiency, and supply chain reliability.
- Expansion and Diversification: Strategic diversification into high-growth segments like quartz processing (used in solar glass and engineered stone) and, potentially, heavy mineral sands, reducing reliance on the cyclical granite/construction market.
- Technological and Operational Efficiency: Utilizes mechanized mining, modern processing equipment (from Italy/Japan), and digital process control, which leads to better yield and quality control.
- Robust Financial Track Record: Consistent growth in revenue and PAT, healthy EBITDA margins, and a controlled debt-to-equity ratio in recent years.
- Sustainability Focus: Initiatives like solar energy integration and the purchase of electric dump trucks address sustainability, which can enhance international market access.
Key Risks
- Product and Revenue Concentration: A major portion of its revenue (around 70% in recent periods) is derived from a single product, Black Galaxy Granite, making the company vulnerable to market shifts specific to this stone.
- Customer and Geographical Concentration: High reliance on a handful of key customers (Top 10 clients contribute over 50% of revenue) and significant dependence on the Chinese export market (over 50% of revenue), exposing it to trade policy changes and geopolitical risks.
- Cyclical Demand: Demand for granite and quartz is linked to the performance of the global real estate, construction, and infrastructure sectors, which are cyclical.
- Regulatory and Environmental Risks: Mining operations are highly regulated and subject to strict environmental clearances and state-level mining policies; any adverse change or non-compliance could disrupt operations.
- Execution Risk: Ongoing expansion projects (e.g., Phase II quartz plant, mineral sands) are capital-intensive and subject to potential execution delays and cost overruns.
- Commodity Price and FX Volatility: Revenues are exposed to fluctuations in natural stone prices, freight costs, and foreign exchange rates, particularly the US Dollar/Indian Rupee, given its high export volume.
Midwest IPO Registrar
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: midwest.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
IPO Lead Managers aka Merchant Bankers
- Dam Capital Advisors Ltd.
- Intensive Fiscal Services Pvt.Ltd.
- Motilal Oswal Investment Advisors Ltd
Midwest Company Address
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/
FAQs about Midwest IPO
The Midwest IPO opens for subscription on October 15, 2025, and closes on October 17, 2025.
The price band for the Midwest IPO is fixed between ₹1014 and ₹1065 per equity share.
The minimum lot size for retail investors is 14 shares, requiring a minimum investment of ₹14,910 at the upper price band.
The total issue size is approximately ₹451 crores. This includes a fresh issue of ₹250 crores and an Offer for Sale (OFS) of up to 18,87,323 equity shares.
The Midwest IPO is expected to be listed on the BSE and NSE on October 24, 2025.
Key strengths include market dominance in the premium Black Galaxy Granite segment, a vertically integrated “mine-to-market” model, and strategic diversification into high-growth quartz processing.
The promoters of Midwest Limited are Mr. Kollareddy Rama Raghava Reddy, Mr. Kollareddy Ramachandra, Mrs. Kukreti Soumya, and Mrs. Uma Priyadarshini Kollareddy.
The fresh issue proceeds will primarily be used to fund capital expenditure for the Phase II Quartz Processing Plant (₹127.05 crores), purchase electric dump trucks, integrate solar energy at mines, and repay certain outstanding borrowings (₹53.8 crores).
In FY2025, the company reported a revenue of ₹643.14 crores and a net profit (PAT) of ₹133.30 crores.
The reservation is: 35% for Retail Investors, 50% for Qualified Institutional Buyers (QIBs), and 15% for Non-Institutional Investors (NIIs).
Disclaimer: This content is provided strictly for educational and informational purposes only. The securities or investments mentioned are based on publicly available information and should not be construed as investment advice or recommendations. Investors are advised to consult with their financial advisor before making any investment decisions.