Midwest IPO
ListedMainboardOpens 15 October 2025Closes 17 October 2025
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…
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.
Show moreShow less
Key ratios
As per RHP / filingsTimeline
IPO Opens
15 Oct
IPO Closes
17 Oct
Allotment
20 Oct
Listing
24 Oct
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 15 October 2025 |
| IPO Close Date | 17 October 2025 |
| Allotment Date | 20 October 2025 |
| Listing Date | 24 October 2025 |
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/
Frequently Asked Questions
See live numbers on GMP, Subscription, and Allotment pages.
Midwest IPO News & Updates
Follow the latest updates for Midwest IPO, including grey market moves and allotment news.
Midwest IPO IPO Pages
Open related pages for this IPO: details, GMP, subscription, allotment, review, FAQ, registrar, timeline, and news.
Midwest IPO Details
Issue size, price, financials, and company info
Midwest IPO GMP
Live grey market premium and listing estimate
Midwest IPO Subscription
QIB, NII, Retail, SHNI and BHNI subscription
Midwest IPO Allotment
Allotment date, chances, and check by PAN
Midwest IPO Review
SWOT, strengths, risks, and IPO review
Midwest IPO FAQ
Common questions on dates, GMP, and allotment
Midwest IPO Registrar
Registrar website and how to check allotment
Midwest IPO Timeline
Open, close, allotment, and listing dates
Midwest IPO News
Updates, blogs, and latest IPO news
Sources
We match Midwest IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- Kfin Technologies Ltd.Official site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.