west IPO is a book-built issue with a total size of ₹451 Crore. The entire issue consists of a fresh issue of 0.23 crore shares aggregating to ₹250.00 crores and offer for sale of 0.19 crore shares, aiming to raise funds for the company’s business needs. The IPO opens for subscription on October 15, 2025, and will close on October 17, 2025.
The basis of allotment is expected to be finalised on October 20, 2025, and the shares are likely to be listed on NSE and BSE on October 24, 2025. The price band for the issue is set between ₹1,014 and ₹1,065 per share, offering investors an entry at different levels.
The minimum application size is 14 shares, making the minimum investment for retail investors ₹14,910 at the upper band. For HNI investors, the minimum lot size is 14 lots, equivalent to 196 shares, amounting to ₹2,08,740.
Dam Capital Advisors Limited is acting as the book running lead manager, while Kfin Technologies Limited has been appointed as the registrar to the issue.
Midwest IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Funds will be used for funding capital expenditure by Midwest Neostone, the wholly owned subsidiary, towards the Phase II Quartz Processing Plant.
- Capital expenditure for purchase of Electric Dump Trucks to be used by the Company and APGM, our Material Subsidiary.
- Capital expenditure for integration of solar energy at certain Mines of the Company.
- Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company and APGM.
- Remaining funds will be used for general corporate purposes.
About Midwest Limited
M Midwest Limited is engaged in the exploration, mining, processing, marketing, distribution, and export of natural stones, with a focus on sustainable operations. Incorporated in 1981, the company has over four decades of experience in the dimensional natural stone industry, covering the entire value chain from exploration and development of mines to stone processing, fabrication, and sales.
The company is a significant producer and exporter of Black Galaxy Granite, a variety of granite with distinctive golden-hued flakes. In Fiscal 2024, Midwest held approximately 23% of India’s Black Galaxy Granite export market, exporting 48,249 cubic meters. It is also among the larger producers of Absolute Black Granite, which accounted for 10.8% of India’s total black granite production during the same period. Both varieties cater to consistent domestic and international demand.
Midwest emphasises decarbonising its operations and improving overall sustainability. Its mining activities are mechanised, incorporating advanced engineering and process optimisation. Vertical integration forms a key part of the operational strategy, including the use of customised Diamond Wires to improve efficiency.
The company’s core business lies in extracting and processing dimensional granite, primarily Black Galaxy and Absolute Black varieties. Alongside its natural stone operations, Midwest also manufactures Diamond Wire, a precision cutting tool used in the stone and construction industries. Initially developed for internal use to support mining operations, the Diamond Wire segment has expanded to serve external market demand in India’s mining and construction sectors.
Midwest leverages its industry experience and integrated operations to maintain organised business practices in a traditionally fragmented sector.
Industry Outlook
- The construction sector is expected to grow by 7 to 9% in fiscal 2025, supported by infrastructure expansion and the progress of government initiatives such as the National Infrastructure Pipeline, the National Monetisation Pipeline and the PM Gatishakti programme.
- Construction capital expenditure increased by 13% year-on-year to ₹12,000 million in fiscal 2024, driven by higher central and state allocations to meet infrastructure development targets.
- Overall construction investment is expected to rise by 60% to ₹75,000 million over fiscals 2025 to 2029 compared with fiscals 2020 to 2024, with the share of infrastructure projects projected to grow to around 70%.
- Investment growth in the construction sector is projected at a compound annual growth rate of 6 to 8% between fiscals 2025 and 2029, led by infrastructure segments while building construction and industrial sectors expand at slower rates.
- Roads and railways are expected to play a central role in driving infrastructure growth over the medium term, supported primarily by public sector funding.
- Investments in building construction are projected to grow by 4 to 6% in fiscal 2025, mainly led by urban affordable housing, which represents around a quarter of incremental urban additions but is expected to slow as targets are reached.
- Total construction spending at current prices is expected to rise by approximately 1.4 times to between ₹18,000 million and ₹18,500 million over fiscals 2025 to 2029 compared with ₹13,000 million over fiscals 2020 to 2024.
How To Apply for the Midwest IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Midwest IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Midwest IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Midwest Limited
Registered office: 8-2-684/3/25 & 26, Road No.12, Banjara Hills Hyderabad, Telangana, 500034.
Phone:+91 402330 5194
E-mail:cs@midwest.in
Midwest IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares | 21,12,184 (49.88%) |
| NII (HNI) Shares | 6,33,655 (14.96%) |
| Retail Shares | 14,78,529 (34.91%) |
| Employee Shares Offered | 10,373 (0.24%) |
Midwest IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 1 | 14 | ₹14,910 |
| Individual investors (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 Promoter Holding
The promoters of the company include Mr. Kollareddy Rama Raghava Reddy, Mr. Kollareddy Ramachandra, Mrs. Kukreti Soumya and Mrs. Uma Priyadarshini Kollareddy.
| Share Holding Pre-Issue | 95.83% |
| Share Holding Post Issue | 84.39 |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Midwest IPO Anchor Investors Details
| 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 19, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | January 18, 2026 |
Key Performance Indicators for Midwest IPO
| KPI | Value |
| ROE (%) | 19.42 |
| RoCE (%) | 18.84 |
| Debt/Equity | 0.43 |
| RoNW (%) | 22.11 |
| EBITDA Margin (%) | 27.43 |
Midwest IPO Prospectus
Midwest IPO Registrar and Lead Managers
Midwest IPO Lead Managers
- Dam Capital Advisors Limited
- Intensive Fiscal Services Private Limited.
- Motilal Oswal Investment Advisors Limited.
Registrar for Midwest IPO
Kfin Technologies Limited
- Contact Number: +04067162222
- Email Address: midwest.ipo@kfintech.com
- Midwest IPO Registrar: https://ipostatus.kfintech.com/
Financial Performance of Midwest Limited
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 | Year ending on March 31, 2022 |
| Revenue from Operations (in ₹ million) | 5,856.24 | 5,025.17 | 5,252.37 |
| EBITDA (in ₹ million) | 1,514.43 | 895.87 | 1,057.41 |
| EBITDA Margin (%) | 25.86 | 17.83 | 20.13 |
| Profit After Tax (PAT) (in ₹ million) | 1,003.24 | 544.36 | 670.93 |
| Net Profit Margin (%) | 17.13 | 10.83 | 12.77 |
| Cashflow from operations (in ₹ million) | 1,279.07 | -519.46 | 1,433.12 |
| Total Assets (in ₹ million) | 7,571.22 | 6,560.00 | 6,037.52 |
Midwest Limited Peer Comparison
| Company Name | Revenue FY 2023-24 (₹ million) | EBITDA Margin (%) | ROCE (%) | PAT FY 2023-24 (₹ million) |
| Midwest Limited | 5,856.24 | 25.86 | 25 | 1,003.24 |
| Pokarna Limited | 6,876.14 | 30.49 | 18.31 | 873.63 |
Strengths and Opportunities of Midwest Limited
- Considerable global presence across Asia, Africa, Europe, and the Americas with 42 years of experience in mining, processing, and distribution.
- Largest producer and exporter of Black Galaxy Granite and significant producer of Absolute Black Granite.
- Lower manufacturing costs due to operational efficiencies, including captive solar power and pilot electric dump trucks.
- Strong distribution network with long-term contracts and interest-free advances.
- Captive quarries of premium Black Galaxy Granite ensuring supply of high-demand, high-margin products.
- Advanced ERP and digital monitoring systems (SAP integration) improving operational efficiency and reducing manual intervention.
- Strong R&D, manufacturing technology, and backward integration supporting environmentally friendly diamond tools.
- Superior market positioning with pricing power, high barriers to entry for new players, and 100% renewal of mining leases ensuring growth potential.
Risks and Threats of Midwest Limited
- Heavy dependence on key customers, with top 10 customers contributing nearly 50–60% of revenue.
- Revenue concentration from international markets, especially China, increasing exposure to regional disruptions.
- Limited diversification in product portfolio compared to competitors offering engineered or synthetic alternatives.
- High capital intensity and reliance on mining lease renewals and statutory approvals.
- Vulnerability to fluctuations in raw material and logistics costs.
- Dependence on operational efficiency initiatives for cost reduction, which may have execution risks.
- Limited presence in alternative high-growth markets outside core granite products.
- Sensitivity to workforce availability and skilled labor for mining and production operations.
