Midwest Limited Link 
Allotment
Midwest’s IPO will open on October 15, 2025, and close on October 17, 2025. It is a book-built issue aimed at raising approximately ₹451 crore, which includes a fresh issue of ₹250 crore and an offer for sale of up to 18,87,323 equity shares with a face value of ₹5 each.
The price band for the IPO is set between ₹1,014 and ₹1,065 per share. The IPO allocation is structured as follows: 35% for retail investors, 50% for qualified institutional buyers (QIBs), and 15% for high net-worth individuals (HNIs). The shares are set to be listed on BSE and NSE on October 24, 2025, with the allotment date on October 20, 2025.
Financial Performance:
Revenue increased to ₹643.14 crore in 2025 from ₹603.33 crore in 2024.
Profit rose to ₹133.30 crore in 2025 from ₹100.32 crore in 2024.
Considering the company’s consistent revenue and profit growth, investors are advised to consider the Midwest IPO for long-term investment.
₹1065
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Open
₹1065
HIgh - Low
₹1065
Previous Close
₹1065
Total Traded Value
0
52 Weeks High
₹1065
52 Weeks Low
₹1065
Updates On
Oct 10, 2025
IPO. Open
Oct 15, 2026
IPO. Close
Oct 17, 2026
IPO. Price
₹1065.00
IPO Market price
₹3,851.02 Cr
IPO Details
| IPO Date | 24 Oct |
| IPO Listing Date | 24 Oct |
| IPO Face Value | ₹5.00 per share |
| IPO Price Range | ₹1065.00 |
| IPO Issue Size | 42,35,724 shares |
| IPO Sale Type | Fresh Capital-cum-Offer for Sale |
| Employee Discount | ₹101.00 |
| IPO Issue Type | Book Building IPO |
| IPO Listing | BSE, NSE Platform |
| hare Holding Pre Issue | 3,38,12,415 shares |
IPO Timeline
| IPO Open Date | 15 Oct |
| IPO Close Date | 17 Oct |
| IPO Allotment (Tentative) | 20 Oct |
| Refunds | 23 Oct |
| Credit to Demat Account | 23 Oct |
| IPO Listing Date | 24 Oct |
IPO Reservation
| Category | Offer |
|---|---|
| QIB Shares Offered | 8,87,572 Shares |
| NII (HNI) Shares Offered | 6,65,681 Shares |
| Retail Shares Offered | 15,53,255 Shares |
IPO Lot Size
Investors can apply for a minimum of 14 shares and in multiples of 14 thereafter.
| Application | Lots | Share | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 14 | ₹14,910 |
| Retail (Max) | 13 | 182 | ₹1,93,830 |
| S-HNI (Min) | 14 | 196 | ₹2,08,740 |
| S-HNI (Max) | 67 | 938 | ₹9,98,970 |
| B-HNI (Min) | 68 | 952 | ₹10,13,880 |
Midwest Limited, incorporated in 1981, is a leading company engaged in the exploration, mining, processing, marketing, distribution, and export of natural stones. The company is particularly known for producing and exporting Black Galaxy Granite, a unique granite variety distinguished by its sparkling golden flakes.
Operations & Facilities:
Granite Mines: 16 operational mines across 6 locations in Telangana and Andhra Pradesh, producing a variety of granites, including Black Galaxy, Absolute Black, and Tan Brown.
Processing Facilities: One granite processing facility in each of Telangana and Andhra Pradesh, enabling large-scale processing and finishing of granite products.
Resource Base: 25 identified locations across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu for future mining operations, ensuring long-term resource sustainability.
Global Presence & Export Market:
Midwest Limited has a strong global footprint, exporting to 17 countries across five continents, with key markets in China, Italy, and Thailand. Major international customers include:
MP STENEKO AB (Sweden)
GI-MA STONE SRL (Italy)
Quanzhou Xingguang Stone Co., Ltd. (China)
The Xiamen Group (China)
King Marble and Granite Co. Ltd. (Thailand)
Workforce:
As of June 30, 2025, the company employed 1,326 personnel, consisting of:
475 permanent employees
822 contract workers
29 consultants
Competitive Strength & Expansion Plans:
Well-established operational mines and processing facilities for high-quality granite production.
Strong resource base with 25 identified locations for future mining, ensuring sustainability and long-term growth.
Global customer base and export network across multiple continents.
Company Financials (Consolidated)
| Assets | 1,082.81 | 1,058.70 | 757.12 |
| Total Income | 146.47 | 643.14 | 603.33 |
| Profit After Tax | 24.38 | 133.3 | 100.32 |
| EBITDA | 38.97 | 171.78 | 151.44 |
| NET Worth | 577.03 | 553.69 | 421.93 |
| Reserves and Surplus | 625.6 | 602.26 | 484.86 |
| Total Borrowing | 270.11 | 236.61 | 120.48 |
Key Performance Indicator (KPI)
| ROE | 56.77% |
| ROCE | 27.23% |
| Debt/Equity | 1.61 |
| RoNW | 56.77% |
| PAT Margin | 6.43% |
| EBITDA Margin | 15.13% |
| Price to Book Value | 4.47 |
IPO Objects of the Issue
| S.No. | Objects of the ipo Resources Detail | IPO Amount |
|---|---|---|
| 1 | Funding capital expenditure requirements for the purchase of equipment/machineries | - |
| 2 | To meet out the expenses of Working Capital Requirement | - |
| 3 | To meet out the General Corporate Purposes; | 9.08 |
| 4 | Offer for Sale (OFS) | - |
Contact Details
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/
Detail Registrar
IPO Registrar
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: midwest.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Midwest IPO was a book-built issue worth about ₹451 crore, comprising a fresh issue of ₹250 crore along with an offer for sale of 18.87 lakh equity shares.
The IPO opened for subscription on October 15, 2025, and closed on October 17, 2025, with the basis of allotment finalized on October 20, 2025.
The IPO price band was fixed between ₹1,014 and ₹1,065 per share, with a minimum application lot size of 14 shares and bids allowed in multiples thereafter.
Retail investors could apply with a minimum investment of ₹14,910 for 14 shares, while HNI investors required a minimum investment of ₹2,08,740 for 196 shares.
Midwest shares were listed on both BSE and NSE on October 24, 2025, following the completion of allotment, refunds, and demat credit processes.
IPO proceeds were used for subsidiary investment, capacity expansion, solar energy integration, repayment of borrowings, and meeting general corporate requirements of the company.
Midwest reported revenue of ₹643.14 crore and profit after tax of ₹133.30 crore in FY2025, reflecting steady revenue growth and strong profitability compared to FY2024.
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