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HomeIPOMidwest Limited

About Midwest Limited

Midwest Limited, a company which was established in 1981, is involved in exploration, mining, processing, marketing, distribution, and export of natural stones. The company is a producer and exporter of the unusual granite variety known as Black Galaxy Granite for its shining golden flakes.Midwest Limited has 16 granite quarries spread over 6 Telangana and Andhra Pradesh locations that yield a variety of granites, such as:Black Galaxy, Absolute Black and Tan Brown.The firm also operates a single granite processing unit in both the Telangana and Andhra Pradesh states, which allows for large-scale granite product processing and finishing. Apart from the operating mines, Midwest Limited has established a robust resource base of 25 places in Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu for future operations of mining.

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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
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Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
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Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Midwest Limited

Midwest Limited

Open Date

15 Oct 2025

Close Date

17 Oct 2025

listed

Min Investment

₹14910

Lot Size

14 Shares

Issue Size

₹451 Cr

Price Range

₹1014 - ₹1065

Listing Date

Oct 24, 2025

IPO Doc

RHP PDF

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹102(+9.58%)GMP
9.58%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Midwest Limited IPO - Issue Objectives

₹130.29 cr will be invested in Midwest Neostone for the Phase II quartz processing plant. ₹25.76 cr for electric trucks and solar at mines. It will utilise ₹56.22 crore towards repayment of certain outstanding borrowings. Part of the IPO proceeds will be used for general corporate purposes

Investment in subsidiary

52.1%

Capital Expenditure

11.6%

Repayment of loans

22.4%

General corporate purposes

13.7%

1

Investment in subsidiary

₹130.29 cr will be invested in Midwest Neostone for the Phase II quartz processing plant.

52.10%
2

Capital Expenditure

₹25.76 cr for electric trucks and solar at mines.

11.60%
3

Repayment of loans

It will utilise ₹56.22 crore towards repayment of certain outstanding borrowings.

22.40%
4

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes

13.70%

IPO Subscription Status

QIB
146.99x
NII
176.57x
Individual
25.49x
Total
92.34x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Midwest Limited

In Cr.

Key Performance Indicator30-Jun-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue146.47643.14603.33522.23
EBITDA38.97171.78151.4489.59
Expenses
Profit After Tax24.38133.30100.3254.44
Assets1082.811058.70757.12656.00
Net Worth577.03553.69421.93334.92
Reserves625.60602.26484.86408.88
Borrowing270.11236.61120.48149.08

Midwest Limited - Promoter(s)

Kollareddy Ramachandra Mrs

Kukreti Soumya Mrs

Pre Issue Share Holding

N/A

Post Issue Share Holding

N/A

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Market Leadership in Black Galaxy Granite

The company is India’s largest producer and exporter of Black Galaxy Granite, accounting for approximately 64% of India’s export market share in FY25. The company produced 66,548 cubic meters and exported 44,992 cubic meters of this premium stone, which commands the highest average realisation among all granite categories in India, between ₹50,000–100,000 per cubic meter. Exclusive mining rights over reserves in Chimakurthy, Andhra Pradesh, give it a competitive edge in a globally scarce mineral available in only one village worldwide.

02

Mine to distribution capabilities

The company operates 16 granite mines and two processing facilities, giving it a presence across the entire dimensional granite value chain. The processing facilities enable it to enhance the recovery from extracted granite blocks of commercial quality. With its own logistics network and stockyard at Krishnapatnam port, Midwest efficiently serves export markets such as China and Italy. The company also adopts flexible supply chain models to meet the requirements of its customers and distributors.

03

Strong R&D capabilities

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Customer concentration risk

The company depends on key customers, with its top 10 customers contributing 63.22% of revenue as of June 2025, 51.21% in FY25, and 48.37% in FY24. Contracts are typically short-term (2–3 years) and can be terminated without notice. The loss of one or more major clients or any reduction in order volumes could lead to a significant drop in cash flows and earnings visibility.

02

Geographic concentration in overseas markets

It derived 63.66% of revenue from outside India, with 55.10% of total revenue from China as of June 2025. As China acts as a global distribution hub for granite, any trade restrictions, geopolitical tensions, or policy shifts affecting China could disrupt the company’s export operations.

Registrar Contact Details

Kfin Technologies Ltd.

8-2-684/3/25 & 26, Road No.12, Banjara Hills, Hyderabad, Telangana, 500034

+91402330519404067162222
midwest.ipo@kfintech.com
http://www.midwest.in/

Midwest Limited IPO - FAQs

Midwest Limited IPO is a Mainboard IPO. The issue is priced at ₹1014-1065 per equity share. The minimum order quantity is 14 Shares. The IPO opens on 15 Oct, and closes on 17 Oct. Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2025-10-13
  • Bidding Starts2025-10-15
  • Bidding Ends2025-10-17
  • Allotment Finalisation2025-10-20
  • Release of Funds2025-10-23
  • Demat Transfer2025-10-23
  • Listing2025-10-24

Midwest invests in R&D to boost operational efficiency and sustainability. Its dedicated team of 8 specialists has driven initiatives such as electric dump trucks, solar-powered operations (0.66 MW planned), and the replacement of explosives with expanding chemical powder. The company’s Quartz laboratory enables it to design process parameters and arrive at yields without depending on the use of third-party facilities.

04

Decades of experience

Granite mining demands significant capital investment, long gestation periods, and multiple regulatory approvals. Midwest’s 40+ years of experience, 20 operational mines across four states, and a modern fleet of over 77 excavators, 58 dump trucks, and 95 wire saws give it a clear advantage over new entrants. In FY25, it also contributed ₹34.9 crore in royalties, the highest in the Black Galaxy segment.

03

Heavy reliance on Black Galaxy Granite

The company derives a significant portion of its revenue from Black Galaxy Granite, with 69.77% of revenue on June 30, 2025, 69.55% in FY25 and 72.35% in FY24. All production comes from three mines in Chimakurthy, Andhra Pradesh, making the company highly vulnerable to regional disruptions, environmental constraints, or regulatory halts.

04

Highly regulated operations

Mining operations are heavily regulated and require multiple approvals from both Central and State authorities. Its revenue attributable to the natural stone segment decreased by 3.78% in FY23 due to a temporary stoppage of production at certain Black Galaxy Granite mines in the quarter ended March 31, 2023, due to delays in making applications for renewal of regulatory licenses and applications for an increase in authorised production levels, resulting in reduced production in that year.

05

Regulatory Notice and Reputation Risk

CBI investigations involving promoter Mr Kollareddy Rama Raghava Reddy and an alleged fund diversion of ₹11.0 crore may lead to future regulatory action and legal proceedings, potentially impacting management focus, company reputation, and business results.