Midwest IPO opens for subscription on October 15, 2025, and will close on October 17, 2025. This is a Book Built Issue through which the company aims to raise about ₹451 crores. The IPO includes a fresh issue of ₹250 crores along with an offer for sale of 18,87,323 equity shares, each having a face value of ₹5. The price band for the issue is ₹1,014 to ₹1,065 per share, and the IPO will be listed on both BSE and NSE on October 24, 2025. The basis of allotment is scheduled for October 20, 2025.
Midwest has shown consistent financial growth over the last three years. The company reported revenue of ₹643.14 crores in FY 2025, compared to ₹603.33 crores in FY 2024. Profit also increased to ₹133.30 crores in FY 2025 from ₹100.32 crores in FY 2024. Considering this financial performance, the IPO may be more suitable for long-term investors.
Contents
Midwest IPO Details
| IPO Open Date | October 15, 2025 |
|---|---|
| IPO Close Date | October 17, 2025 |
| Face Value | ₹5 Per Equity Share |
| IPO Price Band | ₹1014 to ₹1065 Per Share |
| Employee Discount | ₹101 Per Share |
| Issue Size | Approx ₹451 Crores |
| Fresh Issue | Approx ₹250 Crores |
| Offer for Sale | Approx 18,87,323 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Midwest IPO
Open: 15-17 Oct 2025
Issue Size: ₹451.00 Cr.
Objective: Fund expansion, clear debt, and modernize for better operations.
Exchange: NSE and BSE
Midwest IPO Review
Midwest’s IPO presents a promising opportunity backed by stable financial performance and steady growth in recent years. The company aims to strengthen its operations and expand market presence using the IPO proceeds, focusing on improving efficiency and scaling its core business.
With a reasonable valuation and clear business strategy, the Midwest IPO may appeal to investors seeking long-term value, though careful review of financials and market conditions is advised.
Midwest IPO Market Lot
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 14 | ₹14,910 |
| Retail Maximum | 13 | 182 | ₹1,93,830 |
| S-HNI Minimum | 14 | 196 | ₹2,08,740 |
| S-HNI Maximum | 67 | 938 | ₹9,98,970 |
| B-HNI Minimum | 68 | 952 | ₹10,13,880 |
The minimum investment for retail investors is one lot of 14 shares costing ₹14,910. A retail investor can apply for up to 13 lots. Above is the complete market lot table:
IPO Reservation
| Investor Category | Share Offered | % Shares |
|---|---|---|
| Anchor Investor | 12,67,605 Shares | –% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
Midwest IPO Anchor Investors
| Detail | Information |
|---|---|
| Anchor Bidding Date | October 14, 2025 |
| Anchor Investors List | View PDF |
| Shares Offered | 12,67,605 Shares |
| Anchor Size | ₹135 Cr |
| Lock-in end (50% – 30 Days) | November 19, 2025 |
| Lock-in end (50% – 90 Days) | January 18, 2026 |
Midwest IPO Dates
Here are the complete IPO timelines:
| Event | Date |
|---|---|
| IPO Open | October 15, 2025 |
| IPO Close | October 17, 2025 |
| Basis of Allotment | October 20, 2025 |
| Refunds | October 23, 2025 |
| Credit to Demat | October 23, 2025 |
| IPO Listing Date | October 24, 2025 |
| Bidding Cut-off | October 17, 2025 – 5 PM |
Promoters and Shareholding
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 3,38,12,415 | 95.83% |
| Promoter Holding Post Issue | 3,61,59,832 | 84.39% |
Objects of the Issue
The funds from the Midwest IPO will be used for several key capital expenditure projects. A major portion of ₹127.05 crores will be directed towards Midwest Neostone, the company’s wholly owned subsidiary, for setting up the Phase II Quartz Processing Plant. T
he company will also invest ₹25.76 crores for purchasing Electric Dump Trucks for Midwest and APGM, its material subsidiary. Another ₹3.26 crores will go towards integrating solar energy at certain mine locations. The IPO proceeds will further be utilized for partial or full repayment of specific borrowings of the company and APGM, amounting to ₹53.8 crores. The rest of the amount will be used for general corporate purposes.
About Midwest IPO
Midwest Limited, established in 1981, is one of India’s leading natural stone companies engaged in exploration, mining, processing, distribution, and export of granite and other stones. With over four decades of industry experience, the company is the largest producer and exporter of Black Galaxy Granite, Absolute Black Granite, and Tan Brown Granite in India.
The company operates 16 active granite mines across Telangana and Andhra Pradesh and exports to 17 countries including China, Italy, and Thailand. Some of its largest clients include MP STENEKO AB (Sweden), GI-MA STONE SRL (Italy), Quanzhou Xingguang Stone (China), and King Marble & Granite (Thailand). Midwest Limited has 1,326 employees as of June 2025.
- Also Read: Jayesh Logistics IPO
Midwest IPO Company Financial Report (All figures ₹ in crores)
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹522.23 | ₹443.54 | ₹54.44 | ₹656.00 |
| 2024 | ₹603.33 | ₹465.53 | ₹100.32 | ₹757.12 |
| 2025 | ₹643.14 | ₹490.92 | ₹133.30 | ₹1,058.70 |
| June 2025 | ₹146.47 | ₹113.60 | ₹24.38 | ₹1,082.81 |
Midwest IPO Valuation – FY 2025
| KPI | Value |
|---|---|
| ROE | 19.42% |
| ROCE | 18.84% |
| EBITDA Margin | 27.43% |
| PAT Margin | 17.17% |
| Debt-to-Equity | 0.43 |
| EPS (Basic) | ₹39.42 |
| P/E Ratio | N/A |
| RoNW | 22.11% |
| NAV | ₹163.75 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Pokarna Limited | 60.49 | 12.73 | 24.11% | 250.93 | 930.13 Cr |
IPO Lead Managers
Dam Capital Advisors Ltd.
Intensive Fiscal Services Pvt. Ltd.
Motilal Oswal Investment Advisors Ltd.
Company Address
Midwest Ltd.
8-2-684/3/25 & 26,
Road No.12, Banjara Hills,
Hyderabad, Telangana – 500034
Phone: +91 40 2330 5194
Email: cs@midwest.in
Website: www.midwest.in
IPO Registrar
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: midwest.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Midwest IPO FAQs
What is Midwest IPO?
Midwest IPO is a Mainboard IPO through which the company plans to raise ₹451 crores. The price band is ₹1,014 to ₹1,065 per share, and the shares will list on BSE and NSE.
When does Midwest IPO open?
It opens on October 15, 2025, and closes on October 17, 2025.
What is the investor allocation?
QIB 50%, NII 15%, Retail 35%.
How can I apply for the Midwest IPO?
You can apply via ASBA through your bank or UPI applications via your stockbroker.
What is the lot size?
Minimum lot size is 14 shares (₹14,910).
What is the allotment date?
October 20, 2025.
What is the listing date?
October 24, 2025.
Expert Comment
Midwest Limited has a long and established presence in the natural stone industry, supported by strong export demand and a healthy revenue base. The margins are stable, and the company’s valuation appears moderate given the industry standards.
However, the sector remains cyclical and depends heavily on global construction demand. Investors with a long-term horizon and a higher risk appetite may consider subscribing after evaluating market conditions.
