Midwest Limited, which is a leading company in the processing and mining of natural stone, is bringing its initial public offering (IPO) to the market in October 2025. This IPO has attracted plenty of market interest, particularly considering the company’s leadership in the granite exports business and plans in quartz processing. Herein, we dissect all major details, advantages & disadvantages, and what to look out for as an investor.
Key IPO Details
| Parameter | Details |
| IPO Open Date | 15 October 2025 |
| IPO Close Date | 17 October 2025 |
| Price Band | ₹1,014 to ₹1,065 per equity share (face value ₹5) |
| Total Issue Size | ₹451 crore |
| Fresh Issue | ₹250 crore |
| Offer for Sale (OFS) | ₹201 crore |
| Number of Shares (Approx) | Fresh: ~ 2,347,418 shares; OFS: ~ 1,887,324 shares ([IPO Premium] |
| Minimum Lot Size | 14 shares (i.e. ~₹14,910 at upper band) |
| Retail Portion | 35% of net offer |
| QIB (Qualified Institutional Buyers) | Up to 50% |
| NII / HNI Portion | 15% |
| Listing Date (Tentative) | 24 October 2025 |
| Allotment Date | 20 October 2025 |
| Refund / Credit Date | Refunds & credit to demat on 23 October 2025 |
| Lock-in for Anchor Investors | 50% locked for 30 days; remaining for 90 days |
| Registrar | Kfin Technologies Ltd |
About Midwest Limited & Business
- Incorporated in 1981, with headquarters in Hyderabad, Telangana.
- Core business: exploration, mining, processing, marketing, and export of natural stones including granite and quartz
- Uses a vertical integration model (mine → process → export) to retain value.
- It operates 16 granite mines across Telangana and Andhra Pradesh.
- Revenue & profit growth: For FY25, revenue ₹626.18 crore and net profit ₹133.30 crore.
- Midwest claims to be a leading exporter of Black Galaxy Granite (among its product lines)
Strengths & Risks
Strengths / Pros
- Niche Market Leadership: Leadership position in high-end natural stone exports, particularly Black Galaxy Granite.
- Integrated Operations: Mining, processing, and distribution control supports margin grasp and quality control.
- Growth of Quartz / High-Value Materials: Investment in quartz and processing to access growing markets.
- Debt Reduction: Repayment of debt using proceeds can enhance financial health.
Risks / Cons
- Commodity / Export Dependency: Exposed to trends in world demand, trade policies, and competition.
- Geological / Operational Risks: Results of mining are based on assumptions; there’s always exploration risk.
- Regulatory / Environmental Risks: Permits, environmental clearances needed for mining operations that can cause delays.
- Valuation Risk: IPO pricing aggressive relative to historic financials — listing gains are likely or unlikely to occur.
- Concentration Risk: High exposure to stone / export industry; relatively less diversified into unrelated industries.
How to Apply & Important Steps
- Make Sure You Have a Demat Account & ASBA/UPI Setup
- Choose Number of Lots (minimum = 14 shares)
- Place Bids through your broker / bank during 15–17 Oct window
- Approval of Mandate / Block Funds (in case of using ASBA / UPI)
- Check Allotment Status on or after 20 October
- Refunds / Credit by 23 October, listing expected 24 October Business Standard