- Issue price
- ₹1,065per share
- Issue size
- ₹451 Cr42,35,724 shares
- Face value
- ₹5per equity share
- Lot size
- 14 sharesMin. ₹14,910 at the upper price
- Anchor biddingTue, 2025
- OpensWed, 2025
- ClosesFri, 2025
- AllotmentThu, 2025Refunds and Demat credit same day
- ListingFri, 2025
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue and offer for sale
- Fresh issue
- 23,48,401 shares (₹250 Cr)
- Offer for sale
- 18,87,323 shares (₹201 Cr)
- Total issue
- 42,35,724 shares (₹451 Cr)
- Face value
- ₹5
- Listing at
- NSE, BSE
- Promoter holding
- 78.65% → 68.83%
Source: ProspectusUpdated
Reservation
Share of the total issue- Retail35.3%
- Anchor30.2%
- QIB ex-anchor19.1%
- Big NII10.1%
- Small NII5.0%
- Employees0.2%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 14,78,873 | 35.27% | 35% |
| Non-institutional investors (NII) | 6,33,803 | 15.11% | 15% |
| Small NII (₹2–10 lakh) | 2,11,268 | 5.04% | — |
| Big NII (above ₹10 lakh) | 4,22,535 | 10.08% | — |
| Qualified institutional buyers (QIB) | 21,12,675 | 50.38% | 50% |
| QIB, excluding anchor | 8,02,816 | 19.14% | — |
| Anchor investors | 12,67,605 | 30.23% | — |
| Employees | 10,373 | 0.25% | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹1,065 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 1 | 14 | ₹14,910 |
Source: ProspectusUpdated
Special quotas
- Employees
- ₹101 discount per share
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2024-25, pre-issue- EPS (basic)
- ₹39.42
- EPS (diluted)
- ₹39.42
- P/E (FY 2024-25 at upper price band)
- 27.02×
- NAV per share (After offer at offer price)
- ₹222.25
- RoNW
- 22.11%
- ROCE
- 18.84%
- Debt to equity
- 0.43
- EBITDA margin
- 27.43%
- PAT margin
- 17.17%
Source: ProspectusUpdated
Financials
Consolidated, restated · ₹ crore| Period ended | 30 Jun 20253 months | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|---|
| Revenue from operations | 142.27 | 626.18 | 585.62 | 502.52 |
| Total income | 146.47 | 643.14 | 603.33 | 522.23 |
| EBITDA | 38.97 | 171.78 | 151.44 | 89.59 |
| Profit after tax | 24.38 | 133.30 | 100.32 | 54.44 |
| Net worth | 577.03 | 553.69 | 421.93 | 334.92 |
| Total assets | 1,082.81 | 1,058.70 | 760.41 | 659.54 |
| Total borrowing | 270.11 | 236.61 | 120.48 | 149.08 |
FY 2024-25 vs FY 2023-24: revenue +6.9%, profit after tax +32.9%. Periods shorter than 12 months are shown as reported and are not annualised.
Source: ProspectusUpdated
About the company
The company mines, processes, markets and exports natural stones, mainly Black Galaxy and Absolute Black granite, and also makes diamond wire used in mining. It is developing a quartz grit and powder processing business through a subsidiary.
- Incorporated
- 1981
- Industry
- Natural Stone Mining
- Sector
- Metals and Mining
- CIN
- U14102TG1981PLC003317
- Website
- midwest.in
Source: ProspectusUpdated
Promoters and shareholders
| Name | Type | Before issue | After issue | Shares offered |
|---|---|---|---|---|
| Mr. Kollareddy Rama Raghava Reddy | Promoter | 73.58% | 64.10% | 16,99,530 |
| Mrs. Uma Priyadarshini Kollareddy | Promoter | 1.15% | 1.07% | — |
| Mrs. Kukreti Soumya | Promoter | 1.00% | 0.93% | — |
| Mr. Kollareddy Ramachandra | Promoter | 0.94% | 0.88% | — |
| Mr. Deepak Kukreti | Promoter group | 1.15% | 1.07% | — |
| Mrs. Kollareddy Ranganayakamma | Promoter group | 0.83% | 0.78% | — |
| Mrs. Nallapareddy Tara Rani | Promoter group | 0.00% | 0.00% | — |
| Mr. Guntaka Ravindra Reddy | Selling shareholder | 9.42% | 8.29% | 1,87,793 |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Investment in wholly owned subsidiary Midwest Neostone by loan for Phase II quartz processing plant capex | 130.30 |
| Capex for electric dump trucks and loan to APGM for same | 25.76 |
| Capex for solar energy integration at mines | 3.26 |
| Pre-payment or repayment of borrowings of the company and APGM | 56.22 |
| General corporate purposes | 9.08 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Midwest LimitedIssuer | ₹39.42 | — | 22.11% | ₹163.75 |
| Pokarna Limited | ₹60.49 | 12.73× | 24.11% | ₹250.93 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Largest producer and exporter of Black Galaxy Granite in India, with about 64% of the Indian export market in Fiscal 2025.
- Mine-to-distribution presence across the dimensional granite value chain.
- Long operating history of more than four decades in natural stone.
- Experienced promoters and management team.
- Diversification into quartz processing and diamond wire manufacturing.
Risks
- A CBI notice and a dispute with BEML Limited relating to a subsidiary could affect the company and promoter reputation.
- Reserve estimates may differ from actual recoveries, affecting mine life and economics.
- Mining operations depend on renewals and approvals, and a temporary production stoppage occurred in Fiscal 2023.
- Possible state taxes on minerals with retrospective effect could raise costs.
- Significant pending litigation and contingent liabilities exist, including tax and GST disputes.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹1,065) appear here after the shares list on NSE and BSE.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Midwest IPO open and close?
According to the Prospectus, the issue opens on Wednesday, 15 October 2025 and closes on Friday, 17 October 2025.
What is the Midwest IPO price band?
The final issue price is ₹1,065 per share.
What is the lot size of the Midwest IPO?
One lot is 14 shares, which is ₹14,910 at ₹1,065 per share.
Where will Midwest shares list?
On NSE and BSE. The tentative listing date is Friday, 24 October 2025.
Who is the registrar of the issue?
KFin Technologies Limited (SEBI registration INR000000221). Allotment status is checked on the registrar's website.
How do I check the Midwest IPO allotment status?
The basis of allotment is expected to be finalised on Thursday, 23 October 2025. After that, search by PAN, application number or DP/client ID on the registrar's website (KFin Technologies Limited), the NSE website or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹130.3 Cr for investment in wholly owned subsidiary Midwest Neostone by loan for Phase II quartz processing plant capex, ₹25.76 Cr for capex for electric dump trucks and loan to APGM for same, ₹3.26 Cr for capex for solar energy integration at mines, ₹56.22 Cr for pre-payment or repayment of borrowings of the company and APGM, ₹9.08 Cr for general corporate purposes.
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Spotted something wrong?
Our data comes from official offer documents, but mistakes can slip through. Report an error and tell us which figure looks wrong and where you saw the correct one (the offer-document page number helps). For anything else, see Contact.