Midwest IPO
Midwest Limited
Minimum investment
Midwest IPO Details
Bidding date
15 Oct - 17 Oct 2025
Price range
₹1,014 - ₹1,065
Minimum quantity
14
Minimum investment
₹14,196
Issue size
₹451 Cr.
IPO doc (link)
RHP docs
Listing exchange
NSE/BSE
Midwest IPO Dates & Timeline
Midwest IPO Subscription Status
Category | Subscription |
|---|---|
Qualified Institutional Buyers | 120.55x |
Retail Individual Investor | 16.4x |
Non-Institutional Investor | 119.47x |
Others | - |
Total | 16.40x |
About Midwest IPO: Company Overview
Midwest Limited, established in 1981, is one of India’s leading natural stone exploration and mining companies. The company is engaged in the exploration, mining, processing, marketing, distribution, and export of premium granite varieties. It is the exclusive producer and exporter of Black Galaxy Granite, a globally renowned stone recognized for its distinct golden sparkle. Midwest currently operates 16 granite mines across Telangana and Andhra Pradesh, producing a variety of granite types such as Black Galaxy, Absolute Black, and Tan Brown. The company also has two granite processing facilities, one each in Telangana and Andhra Pradesh, enabling large-scale, high-quality finishing and value addition. With a strong focus on resource expansion, Midwest has identified 25 additional mining locations across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu to ensure sustainable long-term operations.
Global Presence
Midwest has built a solid export network, serving customers across 17 countries on five continents. Its primary export destinations include China, Italy, and Thailand, with notable clients such as MP Steneko AB (Sweden), GI-MA Stone SRL (Italy), Quanzhou Xingguang Stone Co. Ltd. (China), and King Marble & Granite Co. Ltd. (Thailand).
As of June 30, 2025, the company employed 1,326 personnel, including 475 permanent employees, 822 contract workers, and 29 consultants reflecting a robust operational capacity. Financially, the company has showcased consistent growth, with revenue rising by 7% and PAT increasing by 33% in FY25 compared to FY24. Midwest’s strong financials, sustainable mining model, and global reputation make it one of the key players in India’s granite export industry.
Strengths & Risks of Midwest IPO
Strong Market Leadership: Midwest Limited is one of India’s leading producers and exporters of Black Galaxy Granite, a globally popular natural stone known for its premium quality and aesthetic appeal.
Diverse Global Client Base: The company serves customers across 17 countries spanning five continents, ensuring diversified revenue streams and reduced dependence on any single market.
Consistent Profitability and Margins: Midwest has demonstrated steady financial growth, with an EBITDA margin of 27.43% in FY25, supported by efficient operations and increased export demand.
Healthy Financial Position: The company maintains a robust balance sheet with declining debt levels, a net worth of Rs. 553.69 crore, and strong liquidity, reflecting financial stability and operational strength.
Sustainability and Renewable Focus: Midwest is integrating solar energy solutions across its mining operations, aligning with sustainable practices and reducing operational costs in the long run.
Export Dependency Risk: A major portion of revenue comes from international markets, exposing the company to currency exchange fluctuations and global demand variations.
Regulatory and Environmental Approvals: Mining operations are subject to stringent environmental and government regulations, and delays in approvals could impact expansion plans.
Commodity Price Volatility: The profitability of the company can be affected by fluctuations in granite and natural stone prices, influenced by global demand-supply dynamics.
Competitive Industry Landscape: Midwest faces competition from domestic as well as international granite producers, which could impact pricing and market share.
Operational and Environmental Risks: As a mining company, Midwest is exposed to natural hazards, operational delays, and environmental compliance challenges, which could affect production continuity.
Midwest Financials: Revenue, Profit & EBITDA
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How to Apply for Midwest IPO: Step-by-Step Guide
- Research the IPO:Review the prospectus and company details.
- Open accounts:Ensure you have a demat and trading account.
- Check dates:Note the IPO opening and closing dates.
- Apply online:Log in to your brokerage account and complete the IPO application form.
- Make payment:Pay through your linked bank account.
- Submit application:Confirm and submit your application.
- Track status:Monitor the allotment status and check for shares in your demat account upon listing.
FAQs: Midwest IPO
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