Midwest was incorporated on December 11, 1981. The company specializes in the exploration, mining, processing, marketing, distribution, and export of natural stones, emphasizing sustainability. With over four decades of experience in the dimensional natural stone industry, it has expertise in mine exploration, stone processing, and the sales and distribution of various types of natural stone
| Bidding Dates |
|---|
| 15 Oct 2025 - 17 Oct 2025 |
| Subscription |
|---|
| 87.89x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,196 | 1 | 13 | 14 | 4.2 M | ₹1014 - ₹1065 | 84.39 % | ₹4294.0 M - ₹4510.0 M | RHP DOC |
Midwest IPO SUBSCRIPTION STATUS
17 Oct '25Midwest IPO overall subscription rate was 87.89 times the total available shares
Midwest IPO retail subscription rate was 24.26 times in the retail segment
Midwest IPO non-institutional investor subscription rate was 168.07 times in the non-institutional investor category
Midwest IPO Qualified Institutional Bidder subscription rate was 139.87 times the available shares for Qualified Institutional Bidder
Midwest IPO Employees subscription rate was 24.44 times in the Employees category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 34.91% | 14.96% | 49.88% | 0.24% |
17 Oct 2025 (Day 3) | 24.26x | 168.07x | 139.87x | 24.44x |
16 Oct 2025 (Day 2) | 8.19x | 33.2x | 1.84x | 9.12x |
15 Oct 2025 (Day 1) | 1.6x | 4.17x | 0.5x | 2.54x |
Midwest FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| Q1FY26 | 142.3 | 24.4 | 28.4 | -27.2 | 27.4% |
| FY25 | 626.2 | 133.3 | 87.3 | -88.2 | 27.4% |
| FY24 | 585.6 | 100.3 | 127.9 | 81.2 | 25.9% |
| FY23 | 502.5 | 54.4 | -51.9 | -86.2 | 17.8% |
Midwest IPO SUBSCRIPTION STATUS DETAILS
Midwest had 4.2 M shares on offer
Midwest IPO offer price was in the range ₹1014 - ₹1065
Midwest IPO minimum Investment was ₹14196
Midwest IPO issue size was ₹ 4294.0 M - ₹ 4510.0 M
Midwest had a minimum lot size of 14 Shares per application
Midwest NUMBER OF SHARES ON OFFER
Midwest IPO IMPORTANT DATES
| Issue Open Date | 15 Oct 2025 |
| Issue close Date | 17 Oct 2025 |
| Allotment Date | 20 Oct 2025 |
| Refund Date | 23 Oct 2025 |
| Demat Account Credit Date | 23 Oct 2025 |
| Listing Date | 24 Oct 2025 |
| Listing on Exchange(s) | NSE and BSE |
| Midwest Allotment Status | Exchange/ Registrar |
Midwest IPO subscription opened on 15 Oct 2025, and closed on 17 Oct 2025
IPO allotment for Midwest was finalized on Monday, 20 Oct 2025
IPO listing for Midwest was on NSE and BSE on Friday, 24 Oct 2025
Midwest IPO LISTING GAINS
| Issue Price (adjusted) | 1065.0 |
| Listing Open Price | 1165.0 |
| Listing Close Price | 1140.5 |
| Listing Gain% | 9.4% |
| Current Gain% | 12.4% |
Midwest Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Midwest Ltd. | 1197 | 4328.3 | 41.3 | -2.9 | 6.7 | 10.9 | 7.7 | 659.8 | 2.6 | 104.8 | -14.4 | 29 | -14.4 |
| Shankara Buildpro Ltd. | 1336.2 | 3240.2 | 24.7 | 0.2 | 0.5 | 23.4 | 8 | 6827.1 | 29.6 | 127.7 | 63.4 | 54.1 | 114.3 |
| Pokarna Ltd. | 986.6 | 3058.9 | 32.2 | -0.7 | 5.2 | 9.4 | 5 | 593.7 | -37.6 | 80.6 | -57 | 30.6 | -48.1 |
| Ramco Industries Ltd. | 339.6 | 2949.6 | 9.6 | 0.1 | 1.7 | 6.8 | 6.2 | 1807.3 | 7.9 | 306.3 | 69.3 | 35.3 | 69.3 |
| Arisinfra Solutions Ltd. | 132.4 | 1083.1 | 16.3 | 0 | 0.9 | 7.1 | 5.1 | 1080 | 38.1 | 52.7 | 2452.3 | 8.1 | 9720.6 |
| Sejal Glass Ltd. | 718.4 | 819 | 26 | 0.2 | 1.9 | 23 | 6.1 | 401.4 | 63.8 | 28.7 | 162.2 | 27.6 | 125.9 |
Midwest INFORMATION ON IPO ISSUE
About Midwest
Midwest was incorporated on December 11, 1981. The company specializes in the exploration, mining, processing, marketing, distribution, and export of natural stones, emphasizing sustainability. With over four decades of experience in the dimensional natural stone industry, it has expertise in mine exploration, stone processing, and the sales and distribution of various types of natural stone
Object of the Issue
- Funding capital expenditure by Midwest Neostone, its wholly owned subsidiary, towards Phase II of the quartz grit and powder processing plant
- Capital expenditure for the purchase of electric dump trucks to be used by the company and Andhra Pradesh Granite (Midwest) Private Limited (“APGM”), their material subsidiary
- Capital expenditure for integration of solar energy at certain mines of the company
- Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the company and APGM
- General corporate purposes
Midwest - PROMOTERS
| Name |
|---|
| Kollareddy Rama Raghava Reddy |
| Kollareddy Ramachandra |
| Kukreti Soumya |
| Uma Priyadarshini Kollareddy |
Midwest - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Rana Som | Chairman & Independent Director |
| Kollareddy Ramachandra | Whole-time Director & Chief Executive Officer |
| Kukreti Soumya | Whole-time Director |
| Uma Priyadarshini Kollareddy | Whole-time Director |
| Duvva Pavan Kumar | Independent Director |
| Smita Amol Lahoti | Independent Director |
Midwest Book Running Lead Manager
DAM Capital Advisors Limited
midwest.ipo@damcapital.in
Intensive Fiscal Services Private Limited
Midwest.ipo@intensivefiscal.com
Midwest Registrar to the Offer
KFin Technologies Limited
midwest.ipo@kfintech.com
Midwest Strengths
Largest producer and exporter
Black galaxy granite is found in only one village in Andhra Pradesh, making it unique worldwide (Source: CRISIL Report). The company is India's largest producer and exporter of black galaxy granite, producing 57,519 cubic meters in FY24 and capturing approximately 23% of the Indian export market for black galaxy block granite
Comprehensive dimensional granite value chain
Mine-to-distribution capabilities cover the entire dimensional granite value chain, allowing us to meet customer requirements effectively. The company's processing facilities enhance recovery from extracted granite blocks by salvaging rejects to create marketable products. It uses third-party logistics providers exclusively for transporting dressed granite blocks and slabs to ports, primarily Chennai, Krishnapatnam, and Kakinada in Andhra Pradesh
Focus on R&D and technology integration
The company emphasizes R&D to trace and establish new mineral deposits to enhance operational efficiency, reduce costs, and improve product quality. Its dedicated R&D and exploration team consists of 9 personnel, including 7 geologists, 1 quality control specialist, and 1 chemist, with an average of 14.5 years of industry experience
Midwest Risks
Natural stone reserve estimates
The company's estimates of natural stone reserves in its mines may significantly differ from the actual quantity and quality recoverable. Additionally, estimates of mine life could be inaccurate, and fluctuations in market prices or changes in operating and capital costs may render some or all reserves uneconomical to exploit
Depend on key customers
The company relies on key customers for a significant portion of its revenue, with the top 10 customers contributing 48.4%, 53.5%, and 59.7% in FY24, FY23, and FY22, respectively. A decline in revenue from these customers could negatively affect its business, operational results, cash flows, and financial condition
Substantial revenue from exports
The company derives a significant portion of its revenue from outside India, with over 50% coming from customers in China, a key global distribution hub for the granite industry. Adverse developments in these markets or China's role could negatively impact its business and results
IPO FAQs
This IPO consists of an offer for sale of up to Rs 201.0 crore, of 1,887,323 shares. It also consists of a fresh issue of Rs 250.0 crore.
The promoters of the company are Kollareddy Rama Raghava Reddy, Kollareddy Ramachandra, Kukreti Soumya and Uma Priyadarshini Kollareddy.
The category allocation of qualified institutional buyers is 49.9%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 34.9%.
The price band of the IPO is Rs 1014.0 - 1065.0.
The IPO application opens on Oct 15, 2025 and closes on Oct 17, 2025.
The minimum lot size for the IPO is 14. The maximum lot size for the IPO is 182.
For all category investors, the minimum application amount for this IPO is Rs. 14,196.0, the maximum value for this IPO is Rs 193,830.0.
This IPO will be allotted on Oct 20, 2025.
The refund will be credited to your account on Oct 23, 2025.
The allotted shares will be credited to your demat on Oct 23, 2025.
Midwest Ltd.’s shares listed on the stock exchanges on Oct 24, 2025.