Midwest IPO

About the company

Midwest Limited is engaged in mining and processing of natural stone in India with over four decades of experience in exploration, mining, processing, and export of dimensional stones. The company is the largest producer and exporter of Black Galaxy Granite, holding around 64% of India’s FY25 export market share, with exports totalling 44,992 cubic meters. It is also among the top producers of Absolute Black Granite, contributing 15.7% to India’s overall black granite production. The company currently operates 20 mines across Telangana and Andhra Pradesh, including 16 granite mines that produce Granite varieties such as Black Galaxy, Absolute Black, Tan Brown, along with one Granite processing facility in each of the states, three quartz mines, and one marble mine. Further, Midwest has built a resource base that spans 25 locations across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu. The company’s clientele spans 17 countries across five continents, with key markets in China, Italy, and Thailand, and its natural stones have been used in landmark projects such as the CSSC Power Tower in Shanghai and the Shenyang MaoYe Centre in China. Black Galaxy and Absolute Black Granite accounted for 95.97% of the company's revenue as of FY25, with the other segments contributing 5.94%. Exports of Black Galaxy Granite accounted for 54.47% of total FY25 revenue. It produced 14,963 cubic meters of Black Galaxy Granite and 8,317 cubic meters of Absolute Black Granite, recording sales of 14,587 cubic meters and 8,712 cubic meters, respectively. As of June 2025, the company achieved an average realisation of ₹0.07 million per cubic meter for Black Galaxy Granite and ₹0.04 million per cubic meter for Absolute Black Granite. Midwest has also diversified into the manufacturing of Diamond Wire, a precision cutting tool used in mining and construction, through its facility in Hyderabad. In FY26, the company began producing quartz powder and grit for use in the production of solar glass and engineered stone through its subsidiary Midwest Neostone. To further diversify, the company is developing new lines in ‘Laza Grey Marble’ and ‘Celestia Quartzite’, which target the premium domestic and European markets, and has initiated heavy mineral sand mining operations in Sri Lanka through subsidiaries. Granite production is projected to grow to 26,375-27,643 KT in FY30, logging a CAGR of 6.0-7.0% between FY25 and FY30. The production is expected to be driven by increased domestic demand as well as exports of granite. In FY30, the share for black granite is expected to be approximately 16-18% of overall domestic granite production, increasing at a CAGR of approximately 8-11%. The company is well-positioned to take advantage of this opportunity, as the company’s black granite production accounted for 15.7% of overall black granite production during FY25 in India. Further, the domestic demand for quartz logged a significant CAGR of 15.0%. Midwest Ltd is also expanding its product portfolio through the development of capabilities in heavy mineral sand mining and processing. The company intend to explore, develop and extract minerals such as Rutile, Ilmenite, Zircon, Garnet, Sillimanite and Monazite. It also intends to further increase its operations in the diamond wire segment. Now, Midwest Limited is launching its initial public offering (IPO), which consists of a fresh issue of ₹250 crore and an offer for sale of ₹201 crore. The total issue size of the IPO is ₹451 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   15 Oct 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   17 Oct 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   20 Oct 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   23 Oct 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   23 Oct 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   24 Oct 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.