Midwest IPO: Check price band, lot size, objectives, key dates and more

Midwest IPO: Telangana-based Midwest Ltd's initial public offering will be open for subscription from Wednesday, October 15, to Friday, October 17. The price band has been fixed at ₹1,014 to ₹1,065 per share.

The ₹451 crore initial share sale is a mix of a fresh issue of shares valued at ₹250 crore and an offer-for-sale (OFS) of ₹201 crore by promoters Kollareddy Rama Raghava Reddy and Guntaka Ravindra Reddy.

Of the fresh issue, ₹130.3 crore will be allocated for Phase II expansion of its quartz facility under subsidiary Midwest Neostone, ₹25.7 crore for electric dump trucks and ₹3.2 crore for solar energy integration at select mines.

The company will use ₹56.2 crore to repay borrowings and the remainder for general corporate purposes.

Midwest IPO lot size

A lot consists of 14 shares and in multiples thereafter. Half of the net offer has been reserved for qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional investors.

Midwest IPO: Allotment and listing dates

With more than four decades in the natural stone industry, the firm has expanded beyond granite into quartz processing through its Phase I unit, catering to the engineered stone and solar glass segments. It is further diversifying into heavy mineral sands exploration as well as the processing of rare earth elements.

Midwest operates 16 granite mines across Telangana and Andhra Pradesh, producing premium Black Galaxy, found exclusively in a single village in Andhra Pradesh, and Absolute Black granite, both widely used in global real estate projects.

For FY25, net profit stood at ₹133.3 crore, while revenue was ₹626.2 crore.

DAM Capital Advisors, Motilal Oswal Investment Advisors, and Intensive Fiscal Services are the book-running lead managers, and KFin Technologies is the registrar.

Midwest is expected to make its stock market debut on October 24.