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Midwest IPO

  • Status: Closed
  • RHP:
  • ₹ 14,196 / 14 shares

    Minimum Investment

IPO Listing Details

  • Listing Date

    24 Oct 2025

  • Listing Price

    ₹1,165.10

  • Listing Change

    9.40%

  • Last Traded Price

    ₹1,470.20

Midwest IPO Details

  • Open Date

    15 Oct 2025

  • Close Date

    17 Oct 2025

  • Listing Date

    24 Oct 2025

  • IPO Price Range

    ₹ 1014 to ₹1065

  • IPO Size

    ₹ 451 Cr

  • Listing Exchange

    BSE NSE

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Timeline Financials SWOT FAQ Contacts

Midwest IPO Timeline

Midwest IPO Subscription Status

Last Updated: 27 October 2025 3:35 PM by 5paisa

Midwest Limited, launching a ₹451 Cr IPO, is focused on the dimensional natural stone industry. The company covers exploration, mining, processing, sales, distribution, marketing and export of natural stones. The customer base of Midwest spread across 17 countries and five continents. Founded in 1981, Midwest began with a focus on natural stones, particularly Granite. It has now grown into the producer and exporter of Black Granite. It mines over 1.38 million cubic meters (CBM) of granite per annum (average of fiscals 2023, 2024 and 2025, including saleable product and waste granite. 

Established in: 1981 

Managing Director: Kollareddy Raghava Reddy 

Peers: 

Metric Pokarna Limited Midwest Ltd
Revenue from Operations for Financial Year 2025 (₹ cr) 9,30.128 5,02.51
Face Value (₹ per share) 2 5
Closing price on October 6, 2025 (₹) 769.75 -
EPS Basic (₹) 60.49 39.42
EPS Diluted (₹) 60.49 39.42
P/E 12.73 -
RoNW (%) 24.11 22.11
NAV (₹ per share) 250.93 163.75

Midwest Objectives

The company aims to fund Phase II Quartz Processing Plant with ₹127.05 Cr. 

Capital expenditure for electric dump trucks for Company and APGM of ₹25.76 Cr. 

Capital expenditure for integrating solar energy at certain mines of ₹ 3.26 Cr. 

Pre-payment or repayment of loans of Company and APGM of ₹53.8 Cr. 

Remaining funds will be used for general corporate purposes. 

Midwest IPO Size

Types Size
Total IPO Size ₹451 Cr 
Offer For Sale ₹201 Cr 
Fresh Issue ₹250 Cr 

Midwest IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 14 14,196 
Retail (Max) 13 182  1,93,830 
S-HNI (Min) 14 256  2,59,584 
S-HNI (MAX) 67 938  9,98,970
B-HNI (Min) 68 952  10,13,880 

Midwest IPO Reservation

Investors Category Subscription (times) Shares Offered Shares bid for Total Amount (Cr.)*
QIB (Ex Anchor) 1.96 8,44,579 16,55,570 176.318
NII (HNI) 51.48 6,33,655 3,26,21,400 3,474.179
bNII (bids above ₹10L) 55.20 4,22,437 2,33,19,492 2,483.526
 sNII (bids below ₹10L) 44.04 2,11,218 93,01,908 990.653
Retail Investors 10.64 14,78,529 1,57,28,272 1,675.061
Employees 11.19 10,373 1,16,074 12.362
Total** 16.89 29,67,136 5,01,21,316 5,337.920

 

*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.

Profit and Loss

Balance Sheet

Particulars FY23 FY24 FY25
Revenue (₹ Crores) 5,02.51 5,85.62 6,26.18
EBITDA (₹ Crores) 89.58 151.44 171.78
PAT (₹ Crores) 54.43 100.32 133.29
Particulars FY23 FY24 FY25
Total Assets (₹ Crores) 6,59.53 760.41 1058.70
Share Capital (₹ Crores) 0.743 9.66 16.90
Total Borrowing (₹ Crores) 61.38 56.64 137.74
Cash Flows (₹ Crores) FY23 FY24 FY25
Net Cash Generated From / (used in) Operating Activities -51.94 127.90 87.31
Net Cash Generated From / (used in) Investing Activities -17.45 -63.58 -201.04
Net Cash Generated From / (used in) Financing Activities 44.81 49.87 102.49
Net Increase (Decrease) in Cash and Cash Equivalents -24.59 14.44 -11.23


Strengths

1. India’s largest black galaxy granite exporter. 
2. Advanced mining technology and operations. 
3. Skilled team of geologists and engineers. 
4. Large 23.3 million tonne quartz reserve. 
 

Weaknesses

1. Environmental impact from mining activities. 
2. Noise and air pollution from heavy machinery. 
3. Noise and air pollution from heavy machinery. 
4. Labour-intensive mining operations.

Opportunities

1. Rising global construction industry demand.
2. Rising global construction industry demand. 
3. Rising global construction industry demand. 
4. Growing quartz demand from solar, semiconductor sectors
5. Increasing global demand for heavy mineral sands

Threats

1. Substitutes like engineered slabs and tiles.  
2. Stringent environmental norms and approvals. 
3. Stringent environmental norms and approvals.  
4. Slow state adoption of mining-friendly policies.

1. Strong foothold in premium black granite exports. 
2. Expanding quartz business with global potential. 
3. Robust financial growth and profit margins. 
4. Focus on sustainable, energy-efficient mining operations. 

Midwest Ltd, India’s leading black granite producer, operates across mining, processing, and global exports of natural stones. With a growing presence in 17 countries and expansion into quartz processing, the company is well positioned to capitalise on rising demand from the construction, solar, and semiconductor industries. Strong revenue growth, technological efficiency, and sustainability initiatives signal solid long-term potential. 

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FAQs

Midwest Ltd IPO opens from October 15, 2025 to October 17, 2025. 

The size of Midwest Ltd IPO is ₹451 Cr. 

The price band of  Midwest Ltd IPO is fixed at ₹1014 to ₹1065 per share.  

 

To apply for Midwest Ltd IPO, follow the steps given below: 

●    Login to your 5paisa demat account and select the issue in the current IPO section     

●    Enter the number of lots and the price at which you wish to apply for the Midwest Ltd IPO.     

●    Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.     

You will receive a mandate notification to block funds in your UPI app. 

The minimum lot size of Midwest Ltd IPO is of 14 shares and the investment required is ₹14,910. 

The share allotment date of Midwest Ltd IPO is October 20, 2025 

The Midwest Ltd IPO will likely be listed on October 24, 2025. 

The book running lead managers for Midwest Ltd IPO are: 

  • DAM Capital Advisors Limited 
  • Intensive Fiscal Services Private Limited 
  • Motilal Oswal Investment Advisors Limited 

Midwest Ltd IPO plans to utilise the raised capital from the IPO for: 

The company aims to fund Phase II Quartz Processing Plant  with ₹127.05 Cr. 

  • Capital expenditure for electric dump trucks for Company and APGM  of ₹25.76 Cr. 
  • Capital expenditure for integrating solar energy at certain mines of ₹ 3.26 Cr. 
  • Pre-payment or repayment of loans of Company and APGM of ₹53.8 Cr. 
  • Remaining funds will be used for general corporate purposes.