Midwest Limited IPO

IPO date

15th – 17th Oct 2025

Listing date

24 Oct 2025

Price range

₹1014 – ₹1065

Lot size 14 - ₹14910

Issue size

451cr

Schedule of Midwest

Issue open date	15 Oct 2025
Issue close date	17 Oct 2025
UPI mandate deadline	17 Oct 2025 (5 PM)
Allotment finalization	20 Oct 2025
Refund initiation	23 Oct 2025
Share credit	23 Oct 2025
Listing date	24 Oct 2025
Mandate end date	01 Nov 2025
Lock-in end date for anchor investors (50%)	19 Nov 2025
Lock-in end date for anchor investors (remaining)	18 Jan 2026

About Midwest

Established in 1981 and headquartered in Hyderabad, Midwest is a natural stone company specializing in the exploration, mining, processing, and export of premium granites and quartz-based materials. The company is India’s largest producer and exporter of Black Galaxy Granite, accounting for approximately 23% of the nation’s exports in this category during FY2024. With a diversified product portfolio that includes Absolute Black Granite, Quartzite, and Laza Grey Marble, Midwest serves clients across the construction, interior design, and renewable energy sectors. The company operates a fully integrated mine-to-market model and is expanding into high-value materials like heavy mineral sands and quartz grit to support industries such as semiconductors and titanium-based manufacturing.

Financials of Midwest

Issue size

Funds Raised in the IPO	Amount
Overall	₹451 crores
Fresh Issue	₹250 crores
Offer for sale	₹201 crores

Utilisation of proceeds

Purpose	INR crores (%)
Capital expenditure for Phase II Quartz Plant (Subsidiary)	127.05 (50.8%)
Capital expenditure for Electric Dump Trucks	25.76 (10.3%)
Capital expenditure for integration of solar energy	3.26 (1.3%)
Repayment of borrowings	53.8 (21.5%)
General corporate purposes	40.13 (16.1%)

Strengths

• Over four decades of experience in the natural stone industry with a strong global presence.

• Market leadership in Black Galaxy Granite exports, holding a 23% share of India’s exports in FY2024.

• Diversified product portfolio catering to multiple industries, including construction and renewable energy.

• Integrated operations from mining to distribution, enhancing operational efficiency.

• Strategic expansion into high-value materials like quartz grit and heavy mineral sands.

Risks

• High dependency on export markets, making revenues susceptible to global economic fluctuations.

• Exposure to raw material price volatility impacts production costs.

• Intense competition in the natural stone industry could affect market share.

• Regulatory changes in environmental policies may necessitate operational adjustments.

• Currency exchange rate fluctuations could impact profitability from exports.

Category	Reserved (lakhs)	Applied (lakhs)	Subscription (X times)
Institutional	8.45	16.33	1.93x
NII	6.34	221.06	34.89x
Retail	14.79	127.60	8.63x
Employees	0.10	0.99	9.64x
Total	29.67	366.00	12.34x