Midwest IPO

Midwest Ltd. IPO is a book-built issue worth Rs 451.00 crores, comprising a fresh issue of 0.23 crore shares aggregating to Rs 250.00 crores and an Offer for Sale of 0.19 crore shares worth Rs 201.00 crores. The IPO opens on October 15, 2025, and closes on October 17, 2025. Allotment is expected on October 20, 2025, with listing on BSE and NSE slated for October 24, 2025. The price band is Rs 1,014–1,065 per share, and the lot size is 14 shares, requiring a retail investment of Rs 14,910. sNII investment totals Rs 2,08,740, while bNII requires Rs 10,13,880. DAM Capital Advisors Ltd. is the lead manager.

Midwest IPO Details

Check out the issue details for Midwest IPO as disclosed in SEBI.

Price Band

₹ 1014 - 1065

Issue Size

451 Cr.

Issue Type

Book Built

Open

2025-10-15

Close

2025-10-17

Listing Date

2025-10-24

Midwest News

Midwest coming with an IPO to raise upto Rs 474 crore13 Oct 2025, 4:52PM Midwest gets SEBI's nod to raise Rs 650 crore via IPO 13 Feb 2025, 2:33PM

Company Financials

You can get the following financial statements of Midwest as of now.

Company Name

Midwest

Exchange

NSE: MIDWESTLTD

  Profit Loss
  Balance Sheet
  Quarterly
  Shareholding
  Cash Flow

Midwest IPO Details

The details about the Midwest IPO are as follows:

  • The issue size of the IPO is Rs 451.00 Cr.
  • The price band for Midwest IPO is Rs 1014 to Rs 1065.
  • The shares of Midwest IPO will list on BSE and NSE.
  • The latest tentative GMP of Midwest IPO is Rs 175.
  • The shares of Midwest IPO are subscribed 3.44 Times.

 

Midwest IPO Valuation

The approximate valuation of Midwest IPO based on its price band and RHP is:

Particulars Value
Upper Price Band Rs 1065
Existing Shares (Qty) 3.38 Cr
Fresh Issue Rs 250.00 Cr
Market Cap Rs 3849.7 Cr
EPS (FY25) Rs 39.42
PE Ratio 27.01x
Industry PE 12.73x

 

Midwest IPO Issue Size

Midwest IPO issue size is Rs 451.00 Cr.

Issue Amount
Fresh Issue Rs 250.00 Cr
Offer For Sale Rs 201.00 Cr

 

Midwest IPO Market Lot

An individual can apply for a minimum of 1 lot of 14 shares and a maximum of 13 lots (182 shares). Find the details below:

Application Lot Shares Amount
Retail Minimum 1 14 Rs 14,910
Retail Maximum 13 182 Rs 1,93,830

 

Midwest IPO Share Offer

The shares of Midwest IPO are subscribed 3.44 Times. The category-wise shares offered are as follows:

Category % Offered
Qualified Institutional Not more than 50%
Non-Institutional Not less than 15%
Retail Individual Not less than 35%

 

Midwest IPO GMP (Grey Market Premium)

As on GMP (Tentative)
15 October 2025 Rs 130
16 October 2025 Rs 175

Midwest IPO GMP is purely for informational purposes. Invest in an IPO after thoroughly researching on your own.

Midwest IPO Dates

Find below the dates for Midwest IPO

Schedule Date
Basis of Allotment 20 Oct 2025
Refunds 23 Oct 2025
Credit to Demat Account 23 Oct 2025
IPO Listing Date 24 Oct 2025

Profit & Loss (All Figures in Cr. Adjusted EPS in Rs.)

PARTICULARS Mar 2022 Mar 2023 Mar 2024
Net Sales 330.86 309.97 342.07
Total Expenditure 252.84 246.48 247.11
Operating Profit 78.02 63.5 94.95
Other Income 9.13 18.96 21.94
Interest 6.25 6.72 6.69
Depreciation 12.6 14.82 15.09
Exceptional Items 0 0 0
Profit Before Tax 68.3 60.92 95.11
Provision for Tax 17.38 15.7 22.46
Net Profit 50.92 45.22 72.65
Adjusted EPS (Rs.) 1.51 1.34 2.15

Balance Sheet (All Figures are in Crores.)

Particulars Mar 2022 Mar 2023 Mar 2024
Equity and Liabilities
Share Capital 0.74 0.74 9.66
Total Reserves 299.69 345.08 395.1
Borrowings 30.38 37.42 35.7
Other N/C liabilities 1.56 1.87 18.57
Current liabilities 144.42 108.84 110.12
Total Liabilities 476.79 493.95 569.15
Assets
Net Block 181.51 198.32 197.11
Capital WIP 8.48 0.86 7.05
Intangible WIP 0 0 0
Investments 79.13 89.33 92.86
Loans & Advances 29.5 25.58 65.1
Other N/C Assets 9.44 11.01 7.94
Current Assets 168.74 168.85 199.09
Total Assets 476.79 493.95 569.15
* Other Non-current Liabilities include Net deferred Liabilities

Cash Flows (All Figures are in Crores.)

PARTICULARS Mar 2022 Mar 2023 Mar 2024
Profit from operations 68.3 60.92 95.11
Adjustment 21.09 11.36 12.06
Changes in Assets & Liabilities 19.66 -83.37 21.6
Tax Paid -21.53 -12.17 -23.25
Operating Cash Flow 87.53 -23.26 105.53
Investing Cash Flow -78.15 -0.49 -64.72
Financing Cash Flow -7.77 20.88 -40.26
Net Cash Flow 1.61 -2.87 0.55

Midwest IPO: Date, Price Band, & Details

Midwest Ltd., a Telangana-based natural stone and quartz processor, is launching its Initial Public Offering (IPO) on October 15, 2025. The public issue, which will close on October 17, 2025, aims to raise approximately Rs 451 crore through a combination of a fresh issue and an offer for sale.?

About Midwest Ltd.

Incorporated in 1981, Midwest has over four decades of experience in the exploration, mining, processing, and export of natural stones. The company is a key producer and exporter of premium granites, including the exclusive Black Galaxy Granite, and has recently diversified its operations.?

Key Business Highlights

  • Granite Mining: The company operates 16 granite mines across Telangana and Andhra Pradesh, producing high-demand stones like Black Galaxy and Absolute Black granite, which are used in global real estate projects.?

  • Quartz Processing: Midwest has expanded into the high-value quartz processing sector through its subsidiary, Midwest Neostone. It caters to the engineered stone and solar glass industries.?

  • Diversification: The company is further diversifying into the exploration of heavy mineral sands and the processing of rare earth elements.?

Midwest IPO Details (2025)

  • IPO Open Date: October 15, 2025?

  • IPO Close Date: October 17, 2025?

  • Listing Date: October 24, 2025 (Tentative)?

  • Price Band: Rs 1,014 – Rs 1,065 per share?

  • Issue Size: Rs 451 crore?

  • Fresh Issue: Rs 250 crore?

  • Offer for Sale (OFS): Rs 201 crore?

  • Lot Size: 14 Shares?

  • Minimum Investment (Retail): Rs 14,910?

IPO Structure & Utilisation

  • Offer for Sale: The OFS component will see promoters Kollareddy Rama Raghava Reddy and Guntaka Ravindra Reddy offloading their shares.?

  • Reservation: The issue has a reservation of 50% for Qualified Institutional Buyers (QIBs), 35% for retail investors, and 15% for Non-Institutional Investors (NIIs).?

  • Use of Proceeds: The funds raised from the fresh issue will be utilised for:?

    • The Phase II expansion of its quartz facility (Rs 130.3 crore).

    • Repayment of borrowings (Rs 56.2 crore).

    • Purchase of electric dump trucks.

    • Integration of solar energy at select mines.

    • General corporate purposes.

Financial Highlights

For the fiscal year ending March 31, 2025, Midwest reported solid financial growth:?

  • Revenue: Rs 626.18 crore, an increase of nearly 7% year-on-year.

  • Net Profit: Rs 107.5 crore, a 7% rise from the previous year.

Key Dates & Timeline

  • Anchor Investor Bidding: October 14, 2025?

  • IPO Opening: October 15, 2025?

  • IPO Closing: October 17, 2025?

  • Allotment Finalisation: October 20, 2025 (Tentative)?

  • Listing on BSE & NSE: October 24, 2025 (Tentative)?

Frequently Asked Questions (FAQs) about Midwest IPO

Q1: What are the key dates for the Midwest IPO?
The IPO is open for subscription from October 15 to October 17, 2025. The tentative listing date is October 24, 2025.?

Q2: What is the price band for the Midwest IPO?
The price band has been set at Rs 1,014 to Rs 1,065 per share.?

Q3: What will the funds raised be used for?
The proceeds from the fresh issue will be used for the expansion of its quartz facility, repayment of debt, purchase of electric trucks, and other corporate purposes.?

Q4: Who are the book-running lead managers for the IPO?
The book-running lead managers are DAM Capital Advisors, Intensive Fiscal Services, and Motilal Oswal Investment Advisors. The registrar for the issue is Kfin Technologies.

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