The IPO is a combination of a fresh issue of shares worth ₹250 crore and an offer-for-sale (OFS) of ₹201 crore.
| Photo Credit:
Ildo Frazao
Telangana-based Midwest Ltd on Friday fixed a price band of ₹1,014 to 1,065 per share for its ₹451-crore upcoming initial public offering (IPO).
The public issue will open for subscription on October 15 and conclude on October 17, with the anchor book opening on October 14, the company said in a statement.
The IPO is a combination of a fresh issue of shares worth ₹250 crore and an offer-for-sale (OFS) of ₹201 crore.
Of the fresh issue, ₹130.3 crore will go towards Phase II expansion of its quartz facility under subsidiary Midwest Neostone, ₹25.7 crore for electric dump trucks, and ₹3.2 crore for solar energy integration at select mines.
Additionally, ₹56.2 crore will be used to repay borrowings, with the remainder earmarked for general corporate purposes.
As of June 2025, the company’s consolidated borrowings stood at ₹270.1 crore.
With over four decades in the natural stone industry, the company has expanded beyond granite into quartz processing through its Phase I plant, catering to the engineered stone and solar glass segments. It is further diversifying into heavy mineral sands exploration as well as the processing of rare earth elements.
Midwest operates 16 granite mines across Telangana and Andhra Pradesh, producing premium Black Galaxy found exclusively in a single village in Andhra Pradesh and Absolute Black granite, both widely used in global real estate projects.
For FY 2025, net profit stood at ₹133.3 crore, while revenue was ₹626.2 crore.
DAM Capital Advisors, Motilal Oswal Investment Advisors, and Intensive Fiscal Services are the book-running lead managers, and KFin Technologies is the registrar.
Midwest is expected to make its stock market debut on October 24.
Published on October 10, 2025
