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Midwest IPO
87.35xsubscribed

Midwest IPO

Mining & Minerals
listed
₹14,196Min. investment

Midwest Limited IPO Details

SectorMining & Minerals
Price range₹1,014 – ₹1,065
IPO type
Regular
Lot size14 shares
Issue size₹451Cr
Red Herring Prospectus
Read
Market cap
₹3,851CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹626.1CrLower than sector avg
Growth rate3Y CAGR
11.63%

Midwest IPO Subscription Status

Date
QIB
NII
Retail
Total
15-Oct-25
0.53 times (X)
4.13 times (X)
1.64 times (X)
1.86 times (X)
16-Oct-25
1.91X
32.66X
8.28X
11.75X
17-Oct-25
122.86X
163.8X
23.73X
87.35X

As on 15-Oct-25, 5:30 PM

Midwest IPO Timeline

  1. Pre-apply
    13 Oct 2025
  2. Bid start
    15 Oct 2025
  3. Bid end
    17 Oct 2025
  4. Allotment
    20 Oct 2025
  5. Release of funds
    23 Oct 2025
  6. Demat transfer
    23 Oct 2025
  7. Listing
    24 Oct 2025

About Midwest Limited

Midwest Limited is engaged in mining and processing of natural stone in India with over four decades of experience in exploration, mining, processing, and export of dimensional stones. The company is the largest producer and exporter of Black Galaxy Granite, holding around 64% of India’s FY25 export market share, with exports totalling 44,992 cubic meters. It is also among the top producers of Absolute Black Granite, contributing 15.7% to India’s overall black granite production.
The company currently operates 20 mines across Telangana and Andhra Pradesh, including 16 granite mines that produce Granite varieties such as Black Galaxy, Absolute Black, Tan Brown, along with one Granite processing facility in each of the states, three quartz mines, and one marble mine. Further, Midwest has built a resource base that spans 25 locations across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu. The company’s clientele spans 17 countries across five continents, with key markets in China, Italy, and Thailand, and its natural stones have been used in landmark projects such as the CSSC Power Tower in Shanghai and the Shenyang MaoYe Centre in China.
Black Galaxy and Absolute Black Granite accounted for 95.97% of the company's revenue as of FY25, with the other segments contributing 5.94%. Exports of Black Galaxy Granite accounted for 54.47% of total FY25 revenue.
It produced 14,963 cubic meters of Black Galaxy Granite and 8,317 cubic meters of Absolute Black Granite, recording sales of 14,587 cubic meters and 8,712 cubic meters, respectively. As of June 2025, the company achieved an average realisation of ₹0.07 million per cubic meter for Black Galaxy Granite and ₹0.04 million per cubic meter for Absolute Black Granite.
Midwest has also diversified into the manufacturing of Diamond Wire, a precision cutting tool used in mining and construction, through its facility in Hyderabad. In FY26, the company began producing quartz powder and grit for use in the production of solar glass and engineered stone through its subsidiary Midwest Neostone.
To further diversify, the company is developing new lines in ‘Laza Grey Marble’ and ‘Celestia Quartzite’, which target the premium domestic and European markets, and has initiated heavy mineral sand mining operations in Sri Lanka through subsidiaries.
Granite production is projected to grow to 26,375-27,643 KT in FY30, logging a CAGR of 6.0-7.0% between FY25 and FY30. The production is expected to be driven by increased domestic demand as well as exports of granite. In FY30, the share for black granite is expected to be approximately 16-18% of overall domestic granite production, increasing at a CAGR of approximately 8-11%. The company is well-positioned to take advantage of this opportunity, as the company’s black granite production accounted for 15.7% of overall black granite production during FY25 in India. Further, the domestic demand for quartz logged a significant CAGR of 15.0%.
Midwest Ltd is also expanding its product portfolio through the development of capabilities in heavy mineral sand mining and processing. The company intend to explore, develop and extract minerals such as Rutile, Ilmenite, Zircon, Garnet, Sillimanite and Monazite. It also intends to further increase its operations in the diamond wire segment.
Now, Midwest Limited is launching its initial public offering (IPO), which consists of a fresh issue of ₹250 crore and an offer for sale of ₹201 crore. The total issue size of the IPO is ₹451 crore. Its shares will be listed on the NSE and BSE.

Checklist

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Strength and Weakness

Market Leadership in Black Galaxy Granite

The company is India’s largest producer and exporter of Black Galaxy Granite, accounting for approximately 64% of India’s export market share in FY25. The company produced 66,548 cubic meters and exported 44,992 cubic meters of this premium stone, which commands the highest average realisation among all granite categories in India, between ₹50,000–100,000 per cubic meter. Exclusive mining rights over reserves in Chimakurthy, Andhra Pradesh, give it a competitive edge in a globally scarce mineral available in only one village worldwide.

Mine to distribution capabilities

The company operates 16 granite mines and two processing facilities, giving it a presence across the entire dimensional granite value chain. The processing facilities enable it to enhance the recovery from extracted granite blocks of commercial quality. With its own logistics network and stockyard at Krishnapatnam port, Midwest efficiently serves export markets such as China and Italy. The company also adopts flexible supply chain models to meet the requirements of its customers and distributors.

Strong R&D capabilities

Midwest invests in R&D to boost operational efficiency and sustainability. Its dedicated team of 8 specialists has driven initiatives such as electric dump trucks, solar-powered operations (0.66 MW planned), and the replacement of explosives with expanding chemical powder. The company’s Quartz laboratory enables it to design process parameters and arrive at yields without depending on the use of third-party facilities.

Decades of experience

Granite mining demands significant capital investment, long gestation periods, and multiple regulatory approvals. Midwest’s 40+ years of experience, 20 operational mines across four states, and a modern fleet of over 77 excavators, 58 dump trucks, and 95 wire saws give it a clear advantage over new entrants. In FY25, it also contributed ₹34.9 crore in royalties, the highest in the Black Galaxy segment.

Objectives of Midwest Limited IPO

Investment in subsidiary
52.10%
₹130.29 cr will be invested in Midwest Neostone for the Phase II quartz processing plant.
Repayment of loans
22.40%
It will utilise ₹56.22 crore towards repayment of certain outstanding borrowings.
General corporate purposes
13.70%
Part of the IPO proceeds will be used for general corporate purposes
Capital Expenditure
11.60%
₹25.76 cr for electric trucks and solar at mines.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹626.1Cr11.63%₹133.3Cr₹3,851Cr27.020.43
This sector (avg.)₹6,992.52Cr---₹1,665.83Cr₹21,125.66Cr117.630.33
₹1,43,368.92Cr---₹35,302.1Cr₹2,71,622.3Cr8.700.09
₹23,905.52Cr---₹6,539.75Cr₹71,398.35Cr10.160.14
₹590.53Cr----₹204.58Cr₹21,930.7Cr---0.11

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Midwest IPO Contact Details

Company NameMidwest Limited

How to apply for Midwest IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Midwest Limited IPO FAQs

Investors can apply for the Midwest IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Midwest IPO is 451 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Midwest IPO will be open between 2025-10-15 and 2025-10-17.
Midwest IPO allotment date is 2025-10-23. For Midwest IPO allotment status check, you can visit the website of the registrar of the IPO.
For Midwest IPO, the IPO registrar is KFin Technologies Limited. You can check Midwest IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Midwest IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Midwest IPO lot size is 14 and minimum order quantity is 14.
Midwest IPO has set the price band for its IPO at 1065 per equity share with a face value of 5.