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Midwest IPO is a book build issue of ₹451.10 crores. The issue is a combination of fresh issue of 0.23 crore shares aggregating to ₹250.10 crores and offer for sale of 0.19 crore shares aggregating to ₹201.00 crores.
Midwest IPO bidding started from Oct 15, 2025 and ended on Oct 17, 2025. The allotment for Midwest IPO was finalized on Oct 20, 2025. The shares got listed on BSE, NSE on Oct 24, 2025.
Midwest IPO price band is set at ₹1065.00 per share . The lot size for an application is 14. The minimum amount of investment required by an retail is ₹14,910 (14 shares) (based on upper price). The lot size investment for sNII is 14 lots (196 shares), amounting to ₹2,08,740, and for bNII, it is 68 lots (952 shares), amounting to ₹10,13,880.
The issue includes a reservation of up to 10,373 shares for employees offered at a discount of ₹101.00 to the issue price.
Dam Capital Advisors Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to Midwest IPO RHP for detailed Information.
| IPO Date | October 15, 2025 to October 17, 2025 |
| Listing Date | October 24, 2025 |
| Face Value | ₹5 per share |
| Issue Price Band | ₹1014 to ₹1065 per share |
| Issue Price Final | ₹1065 per share |
| Lot Size | 14 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 42,35,724 shares (aggregating up to ₹451.10 Cr) |
| Fresh Issue | 23,48,401 shares (aggregating up to ₹250.10 Cr) |
| Offer for Sale | 18,87,323 shares of ₹5 (aggregating up to ₹201.00 Cr) |
| Employee Discount | ₹101.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 3,38,12,415 shares |
| Share Holding Post Issue | 3,61,60,816 shares |
Midwest IPO offers total 42,35,724 shares. Out of which 21,12,675 (49.88%) allocated to QIB, 8,45,070 (19.95%) allocated to QIB (Ex- Anchor), 6,33,803 (14.96%) allocated to NII 14,78,873 (34.91%) allocated to RII and 12,67,605 (29.93%) allocated to Anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 21,12,675 (49.88%) | NA |
| − Anchor Investor Shares Offered | 12,67,605 (29.93%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 8,45,070 (19.95%) | NA |
| NII (HNI) Shares Offered | 6,33,803 (14.96%) | NA |
| − bNII > ₹10L | 4,22,535 (9.98%) | 2,155 |
| − sNII < ₹10L | 2,11,268 (4.99%) | 1,077 |
| Retail Shares Offered | 14,78,873 (34.91%) | 1,05,633 |
| Employee Shares Offered | 10,373 (0.24%) | NA |
| Total Shares Offered | 42,35,724 (100.00%) |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Up to Rs 5 Lakhs | Yes |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Midwest IPO raises ₹135.00 crore from anchor investors. Midwest IPO Anchor bid date is October 14, 2025. Midwest IPO Anchor Investors list
| Bid Date | October 14, 2025 |
| Shares Offered | 12,67,605 |
| Anchor Portion Size (In Cr.) | 135.00 |
| Anchor lock-in period end date for 50% shares (30 Days) | November 18, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | January 17, 2026 |
Midwest IPO opens on October 15, 2025, and closes on October 17, 2025.
| IPO Open Date | Wed, Oct 15, 2025 |
| IPO Close Date | Fri, Oct 17, 2025 |
| Tentative Allotment | Mon, Oct 20, 2025 |
| Initiation of Refunds | Thu, Oct 23, 2025 |
| Credit of Shares to Demat | Thu, Oct 23, 2025 |
| Tentative Listing Date | Fri, Oct 24, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Oct 17, 2025 |
Investors can bid for a minimum of 14 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 14 | ₹14,910 |
| Retail (Max) | 13 | 182 | ₹1,93,830 |
| S-HNI (Min) | 14 | 196 | ₹2,08,740 |
| S-HNI (Max) | 67 | 938 | ₹9,98,970 |
| B-HNI (Min) | 68 | 952 | ₹10,13,880 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
Midwest Limited, incorporated in 1981, is engaged in the business of exploration, mining, processing, marketing, distribution, and export of natural stones. The company is a producer and exporter of Black Galaxy Granite, a unique granite variety known for its sparkling golden flakes.
Midwest Limited operates 16 granite mines across 6 locations in Telangana and Andhra Pradesh, producing a wide range of granite varieties, including: Black Galaxy, Absolute Black and Tan Brown.
The company also has one granite processing facility in each of the states of Telangana and Andhra Pradesh, enabling large-scale processing and finishing of granite products. In addition to the operational mines, Midwest Limited has built a strong resource base comprising 25 locations across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu for future mining operations.
Midwest Limited has established a strong global presence, exporting its products to 17 countries across five continents, with China, Italy, and Thailand being the primary export markets. The company's key customers include:
As of June 30, 2025, Midwest Limited employed a total of 1,326 personnel, consisting of:
Apart from the current operational mines, Midwest Limited has identified 25 resource locations across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu, ensuring long-term sustainability.
Midwest Ltd.'s revenue increased by 7% and profit after tax (PAT) rose by 33% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 1,082.81 | 1,058.70 | 757.12 | 656.00 |
| Total Income | 146.47 | 643.14 | 603.33 | 522.23 |
| Profit After Tax | 24.38 | 133.30 | 100.32 | 54.44 |
| EBITDA | 38.97 | 171.78 | 151.44 | 89.59 |
| NET Worth | 577.03 | 553.69 | 421.93 | 334.92 |
| Reserves and Surplus | 625.60 | 602.26 | 484.86 | 408.88 |
| Total Borrowing | 270.11 | 236.61 | 120.48 | 149.08 |
| Amount in ₹ Crore | ||||
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| ROE | 19.42% |
| ROCE | 18.84% |
| Debt/Equity | 0.43 |
| RoNW | 22.11% |
| PAT Margin | 17.17% |
| EBITDA Margin | 27.43% |
| Price to Book Value | 6.50 |
| Market Capitalization | 3851.02 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 39.42 | 26.97 |
| P/E (x) | 27.01 | 39.49 |
The Company Midwest IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Investment in Midwest Neostone, the wholly owned subsidiary, by way of a loan, towards funding capital expenditure for the Phase II Quartz Processing Plant | 130.30 |
| 2 | Capital expenditure for purchase of Electric Dump Trucks to be used by the Company and APGM, the Material Subsidiary | 25.76 |
| 3 | Capital expenditure for integration of solar energy at certain Mines of the Company | 3.26 |
| 4 | Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company and APGM | 56.22 |
| 5 | General corporate purposes. | 9.08 |
[Dilip Davda] ML is the largest Indian company producing Absolute Black Granite and Black Galaxy Granite with around 70% exports earnings. It also enjoys 16 granite mining rights in 6 locations of various states of India. The company marked steady growth in its top and bottom lines. It has virtual monopoly in the segment of its business. Based on its recent financial data, the issue appears aggressively priced. Well-informed/cash surplus/risk seekers may park funds for medium to long term. Read detail review...
| Listing Date | October 24, 2025 |
| BSE Script Code | 544587 |
| NSE Symbol | MIDWESTLTD |
| ISIN | INE0XAD01024 |
| Final Issue Price | ₹1065 per share |
| NSE Listing Group | EQ (Rolling) |
| BSE Listing Group | B (Rolling) |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹1,065.00 | ₹1,065.00 |
| Open | ₹1,165.10 | ₹1,165.00 |
| Low | ₹1,123.60 | ₹1,129.10 |
| High | ₹1,189.50 | ₹1,190.00 |
| Last Trade | ₹1,141.10 | ₹1,140.50 |
Midwest Ltd.
8-2-684/3/25 & 26,
Road No.12,
Banjara Hills
Hyderabad, Telangana, 500034
Phone: +91 402330 5194
Email: cs@midwest.in
Website: http://www.midwest.in/
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: midwest.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Midwest IPO is a main-board IPO of 42,35,724 equity shares of the face value of ₹5 aggregating up to ₹451.10 Crores. The issue is priced at ₹1065 per share. The minimum order quantity is 14.
The IPO opens on October 15, 2025, and closes on October 17, 2025.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Midwest IPO using UPI as a payment gateway. Zerodha customers can apply in Midwest IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Midwest IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Midwest IPO opens on October 15, 2025 and closes on October 17, 2025.
Midwest IPO lot size is 14, and the minimum amount required for application is ₹14,910.
You can apply in Midwest IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Midwest IPO will be done on Monday, October 20, 2025, and the allotted shares will be credited to your demat account by Thursday, October 23, 2025. Check the Midwest IPO allotment status.
The Midwest IPO listing date is on Friday, October 24, 2025.
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