Midwest IPO ends with 87.89 times subscription

The offer received bids for 27.39 crore shares as against 31.17 lakh shares on offer.

The initial public offer of Midwest received bids for 27,39,83,920 shares as against 31,17,460 shares on offer. The issue was subscribed 87.89 times.

The Qualified Institutional Buyers (QIB) category was subscribed 166.51 times, the Non-Institutional Investors category was subscribed 22.45 times and the Retail Individual Investors category was subscribed 3.55 times.

The issue opened for bidding on 15 October 2025 and it closed on 17 October 2025. The price band of the IPO is fixed between Rs 1,014 and 1,065 per share.

The IPO consists of a fresh issue of Rs 250 crore and offer for sale of Rs 201 crore.

The selling shareholders had included Kollareddy Rama Raghava Reddy, who had offloaded 1,699,531 equity shares at the upper price band, aggregating Rs 181 crore, and Guntaka Ravindra Reddy, who had offloaded 187,793 equity shares at the upper price band, aggregating Rs 20 crore.

Out of the proceeds from the fresh issue, Rs 130.2 crore used to make investment in Midwest Neostone, the company?s wholly owned subsidiary, by way of a loan, towards funding capital expenditure for the phase II quartz processing plant, Rs 25.76 crore towards purchase of electric dump trucks, Rs 3.2 crore towards integration of solar energy at certain mines of the company, Rs 56.2 crore towards prepayment of certain loans and the balance for general corporate purposes.

Midwest (ML) is engaged in the exploration, mining, processing, marketing, distribution, and export of natural stones. The company is a producer and exporter of black galaxy granite, a unique granite variety known for its sparkling golden flakes.

ML operates 16 granite mines across 6 locations in Telangana and Andhra Pradesh, producing a wide range of granite varieties, including black galaxy, absolute black, and tan brown.

During the quarter ended September 30, 2025, ML commenced operations in its quartz processing business through operating phase I of its quartz processing plant, located at the APIIC Growth Center at Annangi Village, Prakasam District, Andhra Pradesh.

Ahead of the IPO, Midwest, on 14 October 2025, raised Rs 134.99 crore from anchor investors. The board allotted 12.67 lakh shares at Rs 1,065 each to 10 anchor investors.

The firm reported a consolidated net profit of Rs 23.21 crore and sales of Rs 142.27 crore for the three months ended on 30th June 2025.

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