Midwest Ltd began trading on the BSE and NSE on October 24, 2025, at ₹1,165, marking a premium of 9.4% over the issue price of ₹1,065. Post-listing, the stock edged higher intraday, underscoring a steady start for the quartz and natural stone player.
The Offer
- Total size: ₹451 crore
- Structure: Fresh issue ₹250 crore + Offer for Sale ₹201 crore
- Price band: ₹1,014–₹1,065 per share
- Lot size: 14 shares (retail entry at the top band was ₹14,910)
Subscription Snapshot
Investor interest was emphatic. On the final day, the issue was subscribed about 87.89 times overall, led by deep institutional and HNI demand:
- NIIs: 168.07x
- QIBs: 139.87x
- Retail: 24.26x
How the Proceeds Will Be Used
Midwest has outlined a clear capex and balance-sheet roadmap:
- ₹130.3 crore for Phase II expansion of the quartz processing facility under Midwest Neostone (via loan).
- ₹25.8 crore for electric dump trucks and support to material subsidiary APGM (via loan) for vehicle purchases.
- ₹3.3 crore to integrate solar power at select mines.
- ₹56.2 crore for prepayment/repayment of certain borrowings (Midwest and APGM).
- The balance is allocated to general corporate purposes.
Anchor Book and Key Parties
Ahead of the offer, Midwest raised ₹135 crore from nine anchor investors, allotting 12,67,605 shares at ₹1,065. Notably, four domestic mutual funds together received around 6.1 lakh shares.
- Book-running lead manager: DAM Capital Advisors
- Registrar: KFin Technologies
About Midwest
Founded in 1981, Midwest operates 16 granite mines across Telangana and Andhra Pradesh, producing premium stones such as Black Galaxy, Absolute Black, and Tan Brown. Black Galaxy, in particular, is sourced from a single village in Andhra Pradesh. Beyond granite, Midwest has moved into quartz processing (Phase I already operational), serving the engineered stone and solar glass segments, and is diversifying into heavy mineral sands exploration and rare-earth processing.
Financial Performance (FY25)
Midwest has delivered resilient numbers:
- Revenue: ₹643 crore (+7% YoY)
- Profit after tax: ₹133 crore (+33% YoY)
- PAT margin: 17.2%
- EBITDA margin: 27.4%
- Debt-to-equity: 0.43
Conclusion
Midwest’s debut near the top of its price band—paired with a near-88x subscription and a disciplined capex plan—signals confidence in its premium product mix, export-led positioning, and expansion into quartz and allied adjacencies. With clear capital deployment priorities and stable operating metrics, the listing sets a constructive tone for the company’s next phase of growth.
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