Midwest IPO Description – Midwest is a leading Indian company with over four decades of legacy in the dimensional natural stone industry. The company specializes in exploration, mining, processing, marketing, and export of natural stones with a strong focus on sustainability. In Fiscal 2025, Midwest held approximately 64% of India’s Black Galaxy Granite export market, exporting 44,992 cubic meters, and accounted for 15.7% of national Absolute Black Granite production. With 16 operational granite mines across Telangana and Andhra Pradesh and two state-of-the-art processing facilities, Midwest manages an integrated value chain from mine to distribution, serving customers in 17 countries across five continents.
The company also operates a Diamond Wire manufacturing facility in Hyderabad, supporting both captive and market needs in mining and construction. In September 2025, Midwest launched Phase I of its Quartz Processing Plant at Annangi Village, Andhra Pradesh, with a capacity of 303,600 metric tonnes per annum, and plans to double it under Phase II to reach 6,06,600 MTPA. As of June 2025, Midwest employed 1,326 personnel and maintained enduring relationships with key international clients, including firms in China, Italy, Sweden, and Thailand.
Promoters of Midwest– Mr. Kollareddy Rama Raghava Reddy, Mr. Kollareddy Ramachandra, Mrs. Kukreti Soumya, and Mrs. Uma Priyadarshini Kollareddy
Table of Contents
Midwest Limited IPO Details
| Midwest IPO Dates | 15 – 17 October 2025 |
| Midwest Issue Price | INR 1,014 – 1,065 per share Employee Discount – INR 101 per share |
| Fresh issue | INR 250 crore |
| Offer For Sale | INR 201 crore |
| Total IPO size | INR 451 crore |
| Minimum bid (lot size) | 14 shares (INR 14,910) |
| Face Value | INR 5 per share |
| Retail Allocation | 35% |
| Listing On | NSE, BSE |
Midwest Financial Performance
| FY 2023 | FY 2024 | FY 2025 | Q1 FY 2026 | |
| Revenue | 502.52 | 585.62 | 626.18 | 142.27 |
| Expenses | 443.54 | 465.53 | 490.92 | 113.60 |
| Net income | 54.44 | 100.32 | 133.30 | 24.38 |
| Margin (%) | 10.83 | 17.13 | 21.29 | 17.14 |
Midwest Offer News
Midwest Valuations & Margins
| FY 2023 | FY 2024 | FY 2025 (Pre Issue) | FY 2025 (Post-Issue)* | |
| EPS | 16.10 | 29.67 | 39.42 | 36.88 |
| PE Ratio | – | – | 25.72 – 27.02 | 27.5 – 28.88 |
| FY 2023 | FY 2024 | FY 2025 | |
| RONW (%) | 16.15 | 22.88 | 22.11 |
| NAV | 99.05 | 124.79 | 163.75 |
| ROCE (%) | 14.39 | 25.00 | 18.84 |
| EBITDA (%) | 17.83 | 25.86 | 27.43 |
| Debt/Equity | 0.45 | 0.29 | 0.43 |
Midwest IPO GMP Today (Daily Trend)
| Date | Day-wise IPO GMP | Subject to Sauda |
| 24 October 2025 | 115 | 1,200 |
| 21 October 2025 | 115 | 1,200 |
| 18 October 2025 | 115 | 1,200 |
| 17 October 2025 | 150 | 1,500 |
| 16 October 2025 | 175 | 2,000 |
| 15 October 2025 | 120 | 1,300 |
| 14 October 2025 | 20 | 900 |
| 13 October 2025 | 20 | 900 |
| 11 October 2025 | 20 | 900 |
Midwest IPO Objectives
The company proposes to utilize the Net Proceeds from the Fresh Issue towards funding the following objects:
- Investment in Midwest Neostone (“Midwest Neostone”), its wholly owned subsidiary, by way of a loan, towards funding capital expenditure for Phase II of the quartz grit and powder processing plant (the “Phase II Quartz Processing Plant”) – INR 130.30 crore
- Capital expenditure for purchase of electric dump trucks (“Electric Dump Trucks”) to be used by the company and investment in Andhra Pradesh Granite (Midwest) (“APGM”), its Material Subsidiary, by way of a loan, for purchase of Electric Dump Trucks – INR 25.76 crore
- Capital expenditure for integration of solar energy at certain Mines of the company– INR 3.26 crore
- Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the company and APGM– INR 56.22 crore
- General corporate purposes
Midwest IPO Subscription – Live Updates
| Category | QIB | NII | Retail | Emp | Total |
|---|---|---|---|---|---|
| Shares Offered | 8,87,572 | 6,65,681 | 15,53,255 | 10,952 | 31,17,460 |
| 17 Oct 2025 | 139.87 | 168.05 | 24.21 | 24.42 | 87.86 |
| 16 Oct 2025 | 1.84 | 33.20 | 8.19 | 9.12 | 11.73 |
| 15 Oct 2025 | 0.50 | 4.17 | 1.60 | 2.54 | 1.84 |
12,67,605 shares allotted to anchor investors are not included in these calculations.
Midwest – Comparison With Listed Peers
| Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
| Midwest | 28.88 | 36.88 | 22.11 | 163.75 | 626.18 |
| Pokarna | 12.73 | 60.49 | 24.11 | 250.93 | 930.13 |
Midwest IPO Allotment Status
Midwest IPO allotment status is now available on the KFin Tech website. Click on this link to get the allotment status.
Midwest IPO Dates & Listing Performance
| IPO Opening Date | 15 October 2025 |
| IPO Closing Date | 17 October 2025 |
| Finalization of Basis of Allotment | 20 October 2025 |
| Initiation of refunds | 23 October 2025 |
| Transfer of shares to demat accounts | 23 October 2025 |
| Midwest IPO Listing Date | 24 October 2025 |
| Opening Price on NSE | INR 1,165 per share (up 9.39%) |
| Closing Price on NSE | INR 1,140.50 per share (up 7.09%) |
Midwest IPO Reviews – Subscribe or Avoid?
Angel One –
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Capital Market –
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Hem Securities –
Hensex Securities –
HDFC Securities –
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KR Choksey –
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Motilal Oswal –
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Reliance Securities –
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SBI Securities – Neutral
SMC Global – 2/5
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Midwest Offer Lead Manager
DAM CAPITAL ADVISORS LIMITED
One BKC, Tower C, 15th Floor, Unit No.1511,
Bandra Kurla Complex, Bandra (East), Mumbai 400051
Phone: +912242022500
Email: [email protected]
Website: www.damcapital.in
Midwest Offer Registrar
KFIN TECHNOLOGIES LIMITED
Selenium Tower – B, Plot 31 & 32, Gachibowli,
Financial District, Nanakramguda, Serilingampally,
Hyderabad – 500 032, Telangana
Tel: +91 40 6716 2222
E-mail: [email protected]
Website: www.kfintech.com
Midwest Contact Details
MIDWEST LIMITED
8-2-684/3/25 & 26, Road No.12, Banjara
Hills, Hyderabad 500 034, Telangana, India
Phone: +91 40 2330 5194
Email: [email protected]
Website: www.midwest.in
Midwest IPO FAQs
How many shares in Midwest IPO are reserved for HNIs and retail investors?
The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%.
How to apply for Midwest Public Offer?
The best way to apply for the Midwest public offer is through Internet banking ASBA (know all about ASBA here). You can also apply online through your stock broker using UPI. If you prefer to make paper applications, fill up an offline IPO form and deposit the same to your broker.
What is Midwest IPO GMP today?
Midwest IPO GMP today is INR 115 per share.
What is Midwest kostak rate today?
Midwest kostak rate today is INR NA per application.
What is the Midwest Subject to Sauda rate today?
Midwest Subject to Sauda rate today is INR 1,200 per application.
What is kostak and sauda