Midwest Ltd IPO Details

 

Introduction :-

Founded in 1981, Midwest Ltd has evolved into a natural stone powerhouse specializing in the mining, processing, and export of dimensional granites and quartz. The company is a market leader in Black Galaxy granite—a variety unique to Chimakurthy, Andhra Pradesh, and highly coveted worldwide for luxury and infrastructure projects. Midwest’s strong verticals, from 16 captive mines and two state-of-the-art processing plants to in-house logistics, provide a holistic value chain reaching global customers in 17 countries.

IPO Details & Timeline

• IPO Subscription: October 15–17, 2025
• Issue Size: ₹451 crore (Fresh ₹250 crore; OFS ₹201 crore)
• Price Band: ₹1,014–₹1,065 per share
• Lot Size: 14 shares (min. investment: ₹14,910)
• Tentative Listing: October 24, 2025 (NSE, BSE)
• Book Running Lead Managers: DAM Capital Advisors, Intensive Fiscal Services, Motilal Oswal Investment Advisors.

Company Financials :-

Midwest Ltd. Financial Information

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

 

Objective of the Issue (Midwest IPO Objectives)

The Company Midwest IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:

S.No.	Objects of the Issue	Expected Amount (in Millions)
1	Funding capital expenditure by Midwest Neostone, the wholly owned subsidiary, towards the Phase II Quartz Processing Plant.	1,270.49
2	Capital expenditure for purchase of Electric Dump Trucks to be used by the Company and APGM, our Material Subsidiary	257.55
3	Capital expenditure for integration of solar energy at certain Mines of the Company	32.56
4	Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company and APGM	538
5	General corporate purposes.

Core Business & Innovations

• Granite Leadership: With 64% market share in Black Galaxy granite exports (FY25) and multiple granite variants like Absolute Black and Tan Brown, Midwest is the cornerstone of India’s dimensional stone exports.
• Full Value Chain Control: 16 operational mines, resource bases for expansion, and two processing units ensure quality and control from quarry to port.
• Sustainability & Tech: Midwest’s R&D embraces green tech—solar-powered mining, electric dump trucks, and chemical (non-explosive) extraction. In addition, an advanced quartz processing plant launched in Annangi, AP, strengthens the non-granite vertical.
• Client Base: Midwest exports to major buyers in China, Italy, Sweden, Thailand, and more, maintaining long-term contracts and deep international relationships.

Competitive Strengths

• Exclusive mining rights in India’s only Black Galaxy reserve
• Broad export footprint, premium price realization
• Strong distribution network, supported by ERP integration and interest-free advances
• In-house diamond wire production and logistics at Krishnapatnam porti
• Trusted global reputation built over decades

How To Apply for the Online?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email.

 

Final Thoughts :-

Midwest Ltd stands as a benchmark for India’s natural stone industry, blending legacy, R&D, sustainability, and global distribution. For those considering a stake in India’s premium mining and granite export story, leveraging research from trusted advisors like JM Financial Services ensures well-rounded investment perspectives.

FAQs

Q: When and where is Midwest Ltd’s IPO listing?
October 24, 2025, on NSE & BSE.

Q: What are Midwest’s main products?
Premium Black Galaxy, Absolute Black, and Tan Brown granite; engineered quartz; diamond cutting wires.

Q: Who are Midwest’s key customers?
Major stone importers in China, Italy, Sweden, Thailand, and prestigious real estate/infrastructure projects worldwide.

Q: What makes Midwest Ltd unique?
Integrated control over India's rarest granite, sustainability initiatives, extensive export network, and multi-decade industry expertise.

Q: How is the IPO being structured?
₹250 crore fresh issue to support expansion, sustainability, and debt reduction; ₹201 crore offer for sale by existing stakeholders.

Q: How can investors get research and advisory on this IPO?
Market experts at JM Financial Services regularly publish reports comparing sector peers and IPO prospects, ideal for both retail and institutional investors.