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+91
Midwest IPO
Mainboard
Open Date
15 Oct 2025
Close Date
17 Oct 2025
Open Date
15 Oct 2025
Close Date
17 Oct 2025
Min Investment
₹ 14,196
Lot Size
14
Issue Size
₹ 451.00 Cr
Price Range
₹ 1,014 - ₹ 1,065
Subscribed
87.32 x
IPO Timeline
IPO Offer Start
15 Oct 2025
IPO Offer Ends
17 Oct 2025
Allotment Finalisation
20 Oct 2025
Refund Initialisation
23 Oct 2025
Non-Institutional Buyers (sHNI)
23 Oct 2025
Listing of Shares
24 Oct 2025
IPO Subscription Details as on 12 Nov 2026, 07:31 PM
Qualified Instituational Buyers (QiB)
139.87 x
Qualified Instituational Buyers (QiB)
139.87 x
Retail
23.32 x
Retail
23.32 x
Employees
23.91 x
Employees
23.91 x
Total
87.32 x
Total
87.32 x
Non-Institutional Buyer (bHNI)
192.06 x
Non-Institutional Buyer (bHNI)
192.06 x
Non-Institutional Buyer (sHNI)
118.69 x
Non-Institutional Buyer (sHNI)
118.69 x
Note: This information is provided for general guidance only. Dates may be subject to change.
About the Company
Midwest Limited is a company with a legacy of more than four decades in the dimensional natural stone industry, engaged in exploration, development and operation of mines, stone processing and fabrication, sales, distribution and marketing of various types of natural stone with an emphasis on sustainability. The company is India's largest producer and exporter of Black Galaxy Granite, holding approximately 64% of the Indian export market for Black Galaxy Granite in Fiscal 2025, exporting 44,992 cubic meters during that period. The company is also the largest producer of Absolute Black Granite in India, accounting for 15.7% of overall black granite production in India during Fiscal 2025. The company operates across two main segments: the Natural Stone Segment, which primarily comprises extracting and processing Dimensional Granite, particularly Black Galaxy and Absolute Black varieties, and the Diamond Wire Segment, which manufactures Diamond Wire used as precision cutting tools in the natural stone and construction industries. The company currently operates 16 operational Granite Mines across 6 locations in Telangana and Andhra Pradesh, along with two mechanized processing facilities. The company has established a resource base comprising 25 locations across Andhra Pradesh, Telangana, Karnataka and Tamil Nadu. The company serves customers comprising processors and distributors located across 17 countries and five continents, with China, Italy and Thailand being primary export markets. The company has expanded into emerging businesses including Quartz processing, with Phase I of the Quartz Processing Plant having an installed capacity of 303,600 metric tonnes per annum and commencing operations during the quarter ended September 30, 2025. The company is also developing capabilities in Heavy Mineral Sand mining through subsidiaries in Sri Lanka and has obtained four exploration licenses for minerals such as Rutile, Ilmenite, Zircon, Garnet, Sillimanite and Monazite. The company places emphasis on decarbonizing operations through mechanized mining operations incorporating advanced engineering and process optimization, aided by vertical integration of key operational components such as customized Diamond Wires.
Founded In
1981
CEO
Mr. Kollareddy Ramachandra
Financials of Midwest IPO
Total Income
Total Expenses
Total Profit
| Key Performance Indicators | Mar 2024 | Mar 2025 | Jun 2025 |
|---|---|---|---|
| Operating Revenue | 58,562.40 | 62,618.20 | 14,226.50 |
| Other Income | 1,770.60 | 1,696.00 | 420.00 |
Total Income | 60,333.00 | 64,314.20 | 14,646.50 |
Total Expenses | 46,552.50 | 49,092.40 | 11,359.80 |
| Profit Before Tax | 13,780.50 | 17,800.60 | 3,286.70 |
Total Profit | 10,032.40 | 13,329.90 | 2,438.00 |
All figures are in lakhs (₹)
Utilisation of Proceeds
All figures are in lakhs (₹)
| Purpose | Amount |
|---|---|
| The company proposes to invest in Midwest Neostone, its wholly owned subsidiary, by way of a loan, towards funding capital expenditure for Phase II of the quartz grit and powder processing plant. This investment aims to expand the installed capacity by a further metric tonnes per annum during Phase II, thereby creating a total installed capacity of metric tonnes. Phase II will allow the company to produce products for the solar industry and expand the product line to include grit suitable for production of solar glass as well as ultra-high purity Quartz powder, which is a pre-cursor for production of crucibles, optical glass and semi-conductors. | 13,030 |
| The company proposes capital expenditure for purchase of electric dump trucks to be used by the company and investment in Andhra Pradesh Granite (Midwest) Private Limited, its Material Subsidiary, by way of a loan, for purchase of Electric Dump Trucks. This initiative is expected to help in reducing fossil fuel usage and carbon footprint, reduce per kilometer costs leading to reduced fuel costs, reduce maintenance costs, and increase operational efficiency. The deployment aims to replace existing diesel-based dump trucks as they reach the end of their useful life. | 2,576 |
| The company proposes capital expenditure for integration of solar energy at certain Mines to reduce dependence on conventional sources of electricity. The company intends to establish two additional solar power facilities at Mines operated at Kodad and Arpanapally with a total generating capacity of MW. This initiative is part of the company's strategy to improve efficiency and sustainability of operations by utilizing more renewable energy sources. | 326 |
| The company proposes pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company and investment in APGM, by way of a loan, for pre-payment/re-payment of, in part or full, certain outstanding borrowings of APGM. The repayment/pre-payment of such loans will help reduce outstanding indebtedness, debt servicing costs, improve financial position, performance and debt-to-equity ratio and enable utilization of internal accruals for further investment in the growth and expansion of business. Additionally, a reduction of outstanding indebtedness will improve the ability to raise further resources in the future to fund potential business development opportunities. | 5,622 |
| The company proposes to deploy the balance Net Proceeds towards general corporate purposes and business requirements as approved by the Board, from time to time, subject to such amount not exceeding percent of the Net Proceeds. The general corporate purposes include meeting ongoing general corporate contingencies, expenses incurred in ordinary course of business, funding growth opportunities, establishment of new office locations and costs ancillary thereto, IT and networking equipment, procurement of mining equipment, vehicles for office use and any other purpose as may be approved by the Board or a duly appointed committee from time to time. | - |
- India's largest producer and exporter of Black Galaxy Granite, a premium variety of Granite: The company is India's largest producers and exporters of Black Galaxy Granite. The company has produced 66,548 cubic meters of Black Galaxy Granite during Fiscal 2025, and held a share of approximately 64% of the Indian export market for Black Galaxy block Granite during Fiscal 2025. The company operates 3 Black Galaxy Granite Mines which allowed the company to export 44,992 cubic meters during Fiscal 2025. According to data from the Mining and Geology Department, Government of Andhra Pradesh, the sale price for Black Galaxy Granite ranges between ₹50,000-100,000 per cubic meter while the sale price for black Granite ranges between ₹30,000-75,000 per cubic meter. Among all the granite categories available in India, average realizations are the highest for Black Galaxy Granite.
- Presence across the entire Dimensional Granite value chain with mine to distribution capabilities: The company's mine to distribution capabilities span across the Dimensional Granite value chain and allow the company to effectively cater to customers' requirements. Through the company's 16 operational Granite Mines, the company is able to extract and supply dressed dimensional Granite blocks in varieties such as Black Galaxy, Absolute Black and Tan Brown to customers. The company also operates two processing facilities where smaller Granite blocks are cut and polished. The company's presence across the Dimensional Granite value chain allows the company to cater to the requirements of customers more effectively, thereby creating enhanced customer value.
- Emphasis on Research and Development ('R&D') and Technology Integration: The company places emphasis on R&D, which primarily comprises tracing, identifying and establishing new mineral deposits to expand the company's resource portfolio; and developing methods to increase operational efficiency, reduce costs and improve the quality of products. The company has a dedicated R&D and Exploration team, comprising 8 personnel, including 6 geologists, 1 quality control specialist and 1 chemist who have, on average, 16.10 years of industry experience. The company's R&D team has enabled the company to undertake various business initiatives including exploration of new mines, electric squaring and dressing stations, electric dump trucks, phasing-out usage of explosives, and quartz laboratory facility.
- Significant establishment costs with a long gestation period benefitting established players: The company has 20 operational Mines, comprising 16 Granite Mines, 3 Quartz Mines and 1 Marble Mine, and a resource base across the Indian states of Telangana, Andhra Pradesh, Karnataka and Tamil Nadu. The company held a share of approximately 64% of the Indian export market for Black Galaxy Granite in Fiscal 2025. The company's Mines are operated using modern equipment and an advanced fleet of machines which includes 77 excavators, 58 dump trucks, 95 wire saws and 33 mechanical drills, as of June 30, 2025. The company paid the highest royalties between Fiscals 2020 and 2024, with a notable contribution of ₹349 million in Fiscal 2025, accounting for 26.67% of the total royalty paid for Black Galaxy Granite during Fiscal 2025.
- Proven track record of financial and operational performance: The company has a proven track record of financial and operational performance, which positions the company well for growth and diversification. Between Fiscals 2025 and 2023, the company's revenue from operations, EBITDA and profit after tax grew at a CAGR of 11.63%, 38.47% and 40.53% respectively. The company maintains a stringent credit policy when compared with the industry trend, refraining from extending open credit to customers. The company's customer contracts have also been able to generate cashflow allowing the company to maintain a healthy working capital cycle without excessive dependence on external financing to meet working capital requirements.
- Experienced Promoters and professional management team with deep industry experience and track record: The company's senior management team has considerable experience in the mining and natural stone industries and has been instrumental in developing and implementing business strategies and driving business operations. The company's management team has experience across technology, mining and finance. Mr. Kollareddy Rama Raghava Reddy, the company's Founder and President, has more than 40 years of experience in the mining industry. Kollareddy Ramachandra, the company's Whole-time Director and Chief Executive Officer, has more than 20 years of experience in the mining industry. Uma Priyadarshini Kollareddy, one of the company's Whole-time Directors, has over 18 years of experience, including in investment banking in New York, United States.
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