Bookbuilding IPO | ₹451 Cr | Listed at BSE, NSE | Wed, Oct 15, 2025 - Fri, Oct 17, 2025
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 ₹1,065 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 Open
Wed, Oct 15, 2025
IPO Close
Fri, Oct 17, 2025
Issue Price
₹1065 per share
Market Cap (Pre-IPO)
₹3,851.02 Cr
| IPO Date | 15 to 17 Oct, 2025 |
| Listed on | Fri, Oct 24, 2025 |
| Face Value | ₹5 per share |
| Price Band | ₹1014 to ₹1065 |
| Issue Price | ₹1065 per share |
| Lot Size | 14 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹101.00 |
| Total Issue Size | 42,35,724 shares (agg. up to ₹451 Cr) |
| Fresh Issue | 23,48,401 shares (agg. up to ₹250 Cr) |
| Offer for Sale | 18,87,323 shares of ₹5 (agg. up to ₹201 Cr) |
| Share Holding Pre Issue | 3,38,12,415 shares |
| Share Holding Post Issue | 3,61,60,816 shares |
| BSE Script Code / NSE Symbol | 544587 / MIDWESTLTD |
| ISIN | INE0XAD01024 |
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 | Max 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%) |
Investors can bid for a minimum of 14 shares and in multiples thereof.
| 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 |
Midwest IPO raises ₹135.00 crore from anchor investors. Midwest IPO Anchor bid date is October 14, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Tue, Oct 14, 2025 |
| Shares Offered | 12,67,605 |
| Anchor Portion (₹ Cr.) | 135.00 |
| Anchor lock-in period end date for 50% shares (30 Days) | Tue, Nov 18, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sat, Jan 17, 2026 |
| 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 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 | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 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 |
| KPI | Mar 31, 2025 |
|---|---|
| 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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 39.42 | 26.97 |
| P/E (x) | 27.01 | 39.49 |
| Promoter Holding | 88.07% | 77.13% |
| Market Cap | ₹3,851.02 Cr. |
The Midwest IPO is subscribed 92.36 times on October 17, 2025 5:04:35 PM (Day 3). The public issue subscribed 25.52 times in the retail category, 146.99 times in the QIB category, and 176.57 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB (Ex Anchor) | 146.99 | 8,44,579 | 12,41,48,388 |
| NII | 176.57 | 6,33,655 | 11,18,81,350 |
| bNII (bids above ₹10L) | 201.77 | 4,22,437 | 8,52,34,128 |
| sNII (bids below ₹10L) | 126.16 | 2,11,218 | 2,66,47,222 |
| Retail | 25.52 | 14,78,529 | 3,77,34,270 |
| Employee | 25.80 | 10,373 | 2,67,666 |
| Total | 92.36 | 29,67,136 | 27,40,31,674 |
Total Application : 23,08,152
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to the BRLM and commissions (including underwriting commission, brokerage and selling commission) | 21.29 |
| 2 | Selling commission payable to SCSBs for Bids directly procured by them and processing fees payable to SCSBs for Bids (other than Bids submitted by UPI Bidders using the UPI Mechanism) procured by the members of the Syndicate, the Registered Brokers, CRTAs or CDPs and submitted to SCSBs for blocking, Bankers to the Offer, fees payable to the Sponsor Bank for Bids made by RIBs | 1.65 |
| 3 | Fees payable to Registrar to the Offer | 0.00 |
| 4 | Printing and stationery expenses | 1.52 |
| 5 | Advertising and marketing expenses | 2.61 |
| 6 | Listing fees, SEBI fees, BSE and NSE processing fees, bookbuilding software fees, and other regulatory expenses | 4.79 |
| 7 | Fees payable to the other parties to the Offer, including, Statutory Auditors, Independent Chartered Accountant, practicing company secretary, industry expert and legal counsels | 7.74 |
| 8 | Miscellaneous | 6.15 |
| 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 IPO is a main-board IPO of 42,35,724 equity shares of the face value of ₹5 aggregating up to ₹451 Crores. The issue is priced at ₹1065 per share. The minimum order quantity is 14.
The IPO opens on Wed, Oct 15, 2025, and closes on Fri, Oct 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 Wed, Oct 15, 2025 and closes on Fri, Oct 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 Thu, Oct 23, 2025. Check the Midwest IPO allotment status.
The Midwest IPO listing date is on Fri, Oct 24, 2025.
