Midwest IPO

₹14,196/14 shares

Minimum Investment

IPO Details

Open Date

15 Oct 25

Close Date

17 Oct 25

Minimum Investment

₹14,196

Lot Size

Price Range

₹1,014 to ₹1,065

Listing Exchange

NSE, BSE

Issue Size

₹451 Cr

Listing Date

24 Oct 25

Open Free Demat Account

Midwest IPO Timeline

Bidding Start

15 Oct 25

Bidding Ends

17 Oct 25

Allotment Finalisation

20 Oct 25

Refund Initiation

23 Oct 25

Demat Transfer

23 Oct 25

Listing

24 Oct 25

Midwest Limited IPO

Incorporated in 1981, Midwest Limited engages in the exploration, mining, processing, marketing, and export of natural stones. The company is a leading producer of Black Galaxy Granite, renowned for its golden specks. Operating 16 mines across Telangana and Andhra Pradesh, it manages two granite processing facilities in these states. Midwest exports to 17 countries, including China, Italy, and Thailand, serving reputed global clients. With 1,326 personnel and resources in 25 locations, the company ensures sustained expansion and long-term growth.

Midwest Limited IPO Overview

Midwest Ltd. IPO is a book-built issue aggregating ₹451.00 crores, comprising a fresh issue of 0.23 crore shares worth ₹250.00 crores and an offer for sale of 0.19 crore shares worth ₹201.00 crores. The IPO opened for subscription on 15 October 2025 and will close on 17 October 2025, with allotment expected to be finalised on 20 October 2025. The shares are proposed to be listed on BSE and NSE on 24 October 2025. The price band is set at ₹1,014 to ₹1,065 per share, with a lot size of 14 shares. For retail investors, the minimum investment is ₹14,910 based on the upper price. The lot size for sNII investors is 14 lots (196 shares) amounting to ₹2,08,740, while for bNII investors, it is 68 lots (952 shares) amounting to ₹10,13,880. Additionally, up to 10,373 shares are reserved for employees at a discount of ₹101 per share. Dam Capital Advisors Ltd. is the book running lead manager, and Kfin Technologies Ltd. is the registrar of the issue.

Midwest Limited IPO Details

Particulars	Details
IPO Date	15 October 2025 to 17 October 2025
Listing Date	24 October 2025
Face Value	₹5 per share
Issue Price Band	₹1,014 to ₹1,065 per share
Lot Size	14 shares
Total Issue Size	42,34,740 shares (aggregating up to ₹451.00 Cr)
Fresh Issue	23,47,417 shares (aggregating up to ₹250.00 Cr)
Offer for Sale	18,87,323 shares (aggregating up to ₹201.00 Cr)
Issue Type	Bookbuilding IPO
Listing At	BSE, NSE
Share Holding Pre Issue	3,38,12,415 shares
Share Holding Post Issue	3,61,59,832 shares

Midwest Limited IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of the Net Issue
Retail	Not less than 35% of the Net Issue
NII (HNI)	Not less than 15% of the Net Issue

Midwest Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	1	14	₹14,910
Retail (Max)	13	182	₹1,93,830
HNI (Min)	14	196	₹2,08,740

Midwest Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	95.83%
Post-Issue	84.39%

Midwest Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹39.42 (Pre-Issue), ₹26.97 (Post-Issue)
Price/Earnings (P/E) Ratio	27.01x (Pre), 39.49x (Post)
Return on Net Worth (RoNW)	22.11%
Net Asset Value (NAV)	₹163.75 per share
Return on Equity	19.42%
Return on Capital Employed (ROCE)	18.84%
EBITDA Margin	27.43%
PAT Margin	17.17%
Debt to Equity Ratio	0.43

Objectives of the Proceeds

Fund capital expenditure at Midwest Neostone for Phase II Quartz Plant – ₹1,270.49 million

Purchase electric dump trucks for operations – ₹257.55 million

Integrate solar energy at select mining sites – ₹32.56 million

Repay or prepay certain borrowings of company and subsidiary – ₹538.00 million

General corporate purposes – balance amount

Key Financials (in ₹ lakhs)

Particulars	30 Jun 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	1,082.81	1,058.70	757.12	656.00
Total Income	146.47	643.14	603.33	522.23
Profit After Tax	24.38	133.30	100.32	54.44
Reserves & Surplus	625.60	602.26	484.86	408.88
Total Borrowing	270.11	236.61	120.48	149.08

SWOT Analysis of Midwest IPO

Strength and Opportunities

Experienced promoters with deep industry expertise
Strong domestic and international client base
Integrated mining and processing operations
Proven export presence across 17 countries

Risks and Threats

Heavy dependence on granite and quartz export demand
Fluctuations in commodity and currency prices
High capital expenditure and debt obligations
Regulatory and environmental compliance challenges

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About Midwest Limited

Midwest IPO Strengths

Midwest controls around 64% of India’s Black Galaxy Granite export market, ensuring stable demand and pricing power.

Revenue grew from ₹502 crore in FY23 to ₹626 crore in FY25, with profit after tax nearly doubling to ₹107 crore.

EBITDA margin improved from 17.8% to 27.4%, earning ₹27 operating profit for every ₹100 in sales.

Interest Coverage Ratio of 13.37 indicates strong ability to service interest costs.

Debt-to-equity ratio of 0.43× shows low dependence on borrowings.

Peer Group Comparison

Midwest Ltd. peer comparison with similar listed entities (As on March 31, 2025)

Company Name	EPS (Basic)	EPS (Diluted)	NAV (₹ per share)	P/E (x)	RoNW (%)	P/BV Ratio
Midwest Limited	39.42	39.42	163.75	—	22.11	—
Peer Group
Pokarna Ltd.	60.49	60.49	250.93	12.73	24.11	3.08

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