Midwest IPO
Bookbuilding IPO | ₹451.10 Cr | Listing at BSE, NSE
IPO Open
Wed, Oct 15, 2025
IPO Close
Fri, Oct 17, 2025
Price Band
₹1,014.00 to ₹1,065.00
Market Cap (Pre-IPO)
₹3,851.02 Cr
IPO Details
| IPO Date | Oct 15, 2025 to Oct 17, 2025 |
| Listing Date | Tentative: Oct 20, 2025 |
| Face Value | ₹5.00 per share |
| Price Band | ₹1,014.00 to ₹1,065.00 |
| Lot Size | 14 Shares (Minimum: ₹14,910.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹451.10 Crores |
| Total Shares Offered | 4,235,724 shares |
| Fresh Issue | 2,348,401 shares |
| Offer For Sale | 1,887,323 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 146.99x |
| NII | 504.50x |
| RII | 25.52x |
| Total | 92.36x |
Midwest IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 21,12,675 (49.88%) |
| Retail Shares Offered | 14,78,873 (34.91%) |
| NII Shares Offered | 6,33,803 (14.96%) |
Midwest IPO Lot Size
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 | ₹193,830 |
| S-HNI (Min) | 14 | 196 | ₹208,740 |
| S-HNI (Max) | 67 | 938 | ₹998,970 |
| B-HNI (Min) | 68 | 952 | ₹1,013,880 |
Midwest Financial Information (Restated Consolidated)
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 ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 19.42% |
| ROCE (Return on Capital Employed) | 18.84% |
| Debt/Equity | 0.43 |
| RoNW (Return on Net Worth) | 22.11% |
| PAT Margin (Profit After Tax Margin) | 17.17% |
| EBITDA Margin | 27.43% |
| Price to Book Value | 6.50 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 39.42 | 26.97 |
| P/E (x) | 27.01 | 39.49 |
| Promoter Holding | 88.07% | 77.13% |
Company Promoters
- Mr. Kollareddy Rama Raghava Reddy
- Mr. Kollareddy Ramachandra
- Mrs. Kukreti Soumya and Mrs. Uma Priyadarshini Kollareddy are the company promoters.
Company Overview
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.
Global Presence and Export Market
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:
- MP STENEKO AB (Sweden), GI-MA STONE SRL (Italy), Quanzhou Xingguang Stone Co., Ltd. (China), The Xiamen Group (China), King Marble and Granite Co. Ltd. (Thailand) and more.
Workforce
As of June 30, 2025, Midwest Limited employed a total of 1,326 personnel, consisting of:
- 475 permanent employees
- 822 contract workers
- 29 consultants
Company Strengths
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.
Use of Proceeds
| 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 |
Objectives
The Company Midwest IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
Midwest IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Midwest Limited | 39.42 | 39.42 | 163.75 | - | 22.11 | - | Consolidated |
| Pokarna Ltd. | 60.49 | 60.49 | 250.93 | 12.73 | 24.11 | 3.08 | Consolidated |
Quick Info
| Sector | Natural Stone Mining & Processing |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹3,851.02 Cr |
Important Dates
| IPO Open | Oct 15, 2025 |
| IPO Close | Oct 17, 2025 |
| Credit to Demat | Dec 23, 2025 |
| Listing Date | Tentative: Oct 20, 2025 |
Lead Manager(s)
Dam Capital Advisors Ltd.
Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
Description
- 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.