Midwest IPO: Check IPO Date, Live Subscription and Key Details
Midwest Ltd. is a four-decade-old natural stone industry specialist, India’s largest producer and exporter of Black Galaxy Granite (holding around 64% of India’s export market share in FY25) and also the largest producer of Absolute Black Granite. The company's core business involves exploration, mining, processing, and export of these premium dimensional stones from its 16 captive granite mines across Telangana and Andhra Pradesh. Additionally, it manufactures **Diamond Wire** cutting tools and, as of September 2025, has commenced operations at its new **Quartz Processing Plant** for diversification. Midwest operates across the entire value chain from mine to distribution, serving 17 countries globally, including China, Italy, and Sweden.
Price Range
₹1014.0 - ₹1065.0
Issue Size
₹451 Crore
Lot Size
14 shares
IPO Type
Mainboard
GMP
₹115(+10.80%)
Est. Listing Price
₹1,180
Invisible
-
Invisible
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Key Metrics
Check Live GMP
Face Value
₹5
EPS
26.97
P/E Ratio
39.49
RoNW
22.11%
ROE
19.42%
Debt to Equity
0.43
Timeline
IPO Opens
15 Oct
IPO Closes
17 Oct
Allotment
20 Oct
Listing
24 Oct
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 15 October 2025 | Subscription starts |
| IPO Close Date | 17 October 2025 | Subscription ends |
| Allotment Date | 20 October 2025 | Allotment |
| Listing Date | 24 October 2025 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,910 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,93,830 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,08,740 |
SHNI (Max)Below ₹10,00,000 | 67 | ₹9,98,970 |
BHNIAbove ₹10,00,000 | 68 | ₹10,13,880 |
IPO Objectives
- Funding capital expenditure by Midwest Neostone, the wholly owned subsidiary, towards the Phase II Quartz Processing Plant (₹127.05 Cr).
- Capital expenditure for purchase of Electric Dump Trucks to be used by the Company and APGM, our Material Subsidiary (₹25.76 Cr).
- Capital expenditure for integration of solar energy at certain Mines of the Company (₹3.26 Cr).
- Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company and APGM (₹53.8 Cr).
- General corporate purposes.
Strengths
- The company is the market leader and largest exporter of Black Galaxy Granite, giving it a near monopoly in a high-value, premium segment.
- It is vertically integrated, covering the entire value chain from mining to distribution, which ensures cost control and high quality.
- The business shows a strong financial track record, with rapid profit growth (40.53% PAT CAGR) and high profitability (27.43% EBITDA margin).
- It focuses on R&D and sustainability, integrating solar energy and electric dump trucks for responsible mining.
- The company has a large resource base of 25 sites and is expanding into quartz processing, diversifying its future business.
Weaknesses
- There is high revenue concentration on Black Galaxy Granite (about 70%) and a dependence on a single local area (Chimakurthy) for its reserves.
- The business has high customer and export concentration, with over 50% of revenue coming from China, exposing it to geopolitical and trade risks.
- The IPO is priced at a high P/E ratio of ~39.49x, which is significantly higher than its peer and may leave limited room for investor gains.
- The mining and processing business is capital-intensive, requiring significant, continuous investment, which is funded partly by moderate debt.
Financial Performance
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 1,082.81 | 1,058.7 | 757.12 | 656 |
| Revenue (₹ Cr.) | 146.47 | 643.14 | 603.33 | 522.23 |
| PAT (₹ Cr.) | 24.38 | 133.3 | 100.32 | 54.44 |
| Net Worth (₹ Cr.) | 577.03 | 553.69 | 421.93 | 334.92 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Midwest Limited | 6.5 | 39.49 | 19.42% | 577.03 |
| Pokarna Ltd. | 2.87 | 12.22 | 24.11% | 778 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.52x | 1.93x | 146.99x |
| NII | 4.39x | 34.89x | 176.57x |
| S-HNI | 4.72x | 33.37x | 126.16x |
| B-HNI | 4.22x | 35.65x | 201.77x |
| RII | 1.69x | 8.63x | 25.52x |
| EMP | 2.69x | 9.64x | 25.8x |
| Total | 1.94x | 12.34x | 92.36x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 8,44,579 | 12,41,48,388 | 13,221.8 |
| NII | 6,33,655 | 11,18,81,350 | 11,915.36 |
| Small NII | 2,11,218 | 2,66,47,222 | 2,837.93 |
| Big NII | 4,22,437 | 8,52,34,128 | 9,077.43 |
| RII | 14,78,529 | 3,77,34,270 | 4,018.7 |
| EMP | 10,373 | 2,67,666 | 28.51 |
| Total | 29,67,136 | 27,40,31,674 | 29,184.37 |
Company Details
- Midwest Ltd.
- 8-2-684/3/25 & 26, Road No.12, Banjara Hills, Hyderabad, Telangana-500034
- +91 402330 5194
- cs@midwest.in
- http://www.midwest.in/
Registrar Details
- Kfin Technologies Ltd.
- 04067162222, 04079611000
- midwest.ipo@kfintech.com
- https://ipostatus.kfintech.com/