Telangana-based Midwest Ltd has set a price range of ₹1,014 to ₹1,065 per share for its upcoming initial public offering (IPO), which is valued at ₹451 crore. The public offering is scheduled to open for subscription on October 15 and will close on October 17, with the anchor book set to open a day prior, on October 14, according to the company’s official announcement.
This IPO consists of a fresh issue of shares amounting to ₹250 crore and an offer-for-sale (OFS) of ₹201 crore. Specifically, from the fresh issue, ₹130.3 crore will finance the Phase II expansion of its quartz facility under its subsidiary, Midwest Neostone. Other allocations include ₹25.7 crore for the acquisition of electric dump trucks and ₹3.2 crore for the integration of solar energy at selected mining sites. Additionally, the company plans to use ₹56.2 crore to repay existing borrowings, while the remaining funds will serve general corporate purposes.
As of June 2025, Midwest’s consolidated borrowings totaled ₹270.1 crore. With over four decades in the natural stone industry, Midwest has diversified beyond granite, delving into quartz processing through its Phase I plant, catering to engineered stone and solar glass markets. The company is also exploring heavy mineral sands and processing rare earth elements.
Midwest operates 16 granite mines across Telangana and Andhra Pradesh, producing premium Black Galaxy, exclusively sourced from a particular village in Andhra Pradesh, along with Absolute Black granite, which is widely utilized in global real estate projects. For the fiscal year 2025, the company’s net profit reached ₹133.3 crore, while its revenue stood at ₹626.2 crore.
DAM Capital Advisors, Motilal Oswal Investment Advisors, and Intensive Fiscal Services are serving as book-running lead managers for this IPO, with KFin Technologies acting as the registrar. The stock market debut for Midwest is anticipated on October 24.
Published on October 10, 2025.
