Midwest Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹1,065
Per ShareLot Size
14 Shares
Minimum Investment
₹14,910
Issue Size
₹451 Cr
Face Value
₹5
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Midwest Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
95.83%
Promoter Holding (Post-Issue)
84.39%
Issue Type
Book Building
ISIN
INE0XAD01024
About the Company
We are engaged in the business of exploration, mining, processing, marketing, distribution and export of natural stones, with an emphasis on sustainability. We are India's largest producer and exporter of Black Galaxy Granite, a premium variety of Granite, and held a share of approximately 64% of the Indian export market for Black Galaxy Granite in Fiscal 2025 (Source: CRISIL Report), exporting 44,992 cubic meters of Black Galaxy Granite during Fiscal 2025. We are also the largest producers in Absolute Black Granite in India, both of which have high demand. Our Absolute Black Granite production accounted for 15.7% of the overall black granite production in India during Fiscal 2025.
Industry Overview
In India, the granite industry is valued at US$40 billion and it holds the potential to create semi-skilled employment, particularly in rural areas. While granite is considered costly for decorative purposes domestically, its export potential surpasses its utilisation and trade within the country. Granite production increased from 17,132 KT in Fiscal 2022 to 19,709 KT in Fiscal 2025, at a CAGR of 4.7%, driven by domestic demand for granite from the building and construction industry.
Company History
Our Company was incorporated on December 11, 1981 at Hyderabad in the erstwhile state of Andhra Pradesh, India as `Midwest Granite Private Limited', a private limited company under the Companies Act, 1956 and was granted a certificate of incorporation by the Registrar of Companies, Andhra Pradesh at Hyderabad. Subsequently, pursuant to a special resolution passed by our Shareholders dated May 7, 2024, the name of our Company was changed to `Midwest Private Limited' and a fresh certificate of incorporation dated July 2, 2024 was issued by the Registrar of Companies, Central Processing Centre. Our Company was then converted into a public limited company under the Companies Act, 2013 pursuant to a special resolution passed by our Shareholders dated July 15, 2024, and consequently, the name of our Company was changed to `Midwest Limited' and a fresh certificate of incorporation dated August 28, 2024 was issued by the Registrar of Companies, Central Processing Centre.
Products & Services
- The Company is engaged in the business of exploration, mining, processing, marketing, distribution and export of natural stones, with an emphasis on sustainability.
Growth Strategy
- Capitalize on the growing market for Black Galaxy Granite and Absolute Black Granite and build our resource base.
- Expand our Dimensional Stone products and enter new geographies.
- Diversify revenue through production of Quartz grit and powder.
- Expand into heavy mineral sand mining.
- Growing and augmenting operations in our Diamond Wire Segment.
- Improve efficiency and sustainability of our operations.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of 4,235,724 equity shares of face value of Rs.5 each ("Equity Shares") of Midwest Limited (the "Company" or the "Company" or the "Issuer")for cash at a price of Rs.1,065 per equity share (including a premium of Rs.1,060 per equity share) (the "Offer Price") aggregating to Rs.451.00 crores (the"Offer") comprising a fresh issue of 2,348,401 equity shares aggregating to Rs.250.00 crores by the company (the "Fresh Issue") and an offer for sale of 1,887,323 equity shares aggregating to Rs. 201.00 crores comprising an offer for sale of 1,699,530 equity shares aggregating to Rs.181.00 crores by Kollareddy Rama Raghava Reddy ("Promoter Selling Shareholder") and an offer for sale of 187,793 equity shares aggregating to Rs. 20.00 crores by. Guntaka Ravindra Reddy (the "Promoter Group Selling Shareholder", and together with the promoter selling shareholder, referred to as the "Selling Shareholders", and each individually, as a "Selling Shareholder" and such offer for sale of equity shares by the selling shareholders, the "Offer for Sale"). This offer includes a reservation of 10,373 equity shares, aggregating to Rs.1.00 crore (constituting 0.03% of the post-offer paid-up equity share capital),for subscription by eligible employees (as defined hereinafter) ("Employee Reservation Portion"). The offer less the employee reservation portion is hereinafter referred to as the "Net Offer". The company in consultation with the brlms, offered a discount of 9.48% to the offer price (equivalent of Rs. 101 per equity share) to eligible employees bidding in the employee reservation portion ("Employee Discount"). The offer and the net offer constitutes 11.71% and 11.68%, respectively, of the post-offer paid-up equity share capital of the company. The face value of the equity shares is Rs.5 each and the offer price is 213.00 times the face value of the equity shares.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- India's largest producer and exporter of Black Galaxy Granite, a premium variety of Granite and the largest producers of Absolute Black Granite in India
- Presence across the entire Dimensional Granite value chain with mine to distribution capabilities.
- Emphasis on research and development and technology integration.
- Significant establishment costs with a long gestation period benefitting established players.
- Proven track record of financial and operational performance
- One of our Promoters, Mr. Kollareddy Rama Raghava Reddy, had received a notice in 2015 from the Central Bureau of Investigation ("CBI") in relation to the formation and operations of our Subsidiary, BEML Midwest Limited. Any regulatory actions in relation to this notice, could adversely affect our and our Promoter's reputation or divert the time and attention of our management, and accordingly, may affect our business and results of operations.
- Our estimates of natural stone reserves in our Mines may be materially different from the quantity and quality of natural stone that may actually be recovered from such Mines. Further, our estimates of mine life, i.e., the operational lifespan of a Mine, may prove to be inaccurate and market price fluctuations and changes in operating and capital costs may render certain or all of our natural stone reserves uneconomical to exploit.
- Our business operations are subject to regulation. We are required to obtain, renew or maintain statutory and regulatory approvals to operate our business, and we may experience delays in obtaining, renewing or maintaining such approvals or be unable to obtain such approvals due to litigation and change in regulatory landscape.
- There are outstanding legal proceedings involving our Company, our Subsidiaries, our Directors and our Promoters. Any adverse outcome in such proceedings may adversely affect our reputation, business, results of operations, cash flows and financial condition.
- Our Company and one of our Promoters, Mr. Kollareddy Rama Raghava Reddy, are involved in a dispute with BEML Limited ("BEML"), the joint venture partner in BEML Midwest Limited ("BEML Midwest"), one of our Subsidiaries which is currently under liquidation by order of the National Company Law Tribunal. In this connection, various legal proceedings have been initiated and the Ministry of Corporate Affairs, Government of India ("MCA") had ordered an investigation into the affairs of BEML Midwest. The results of such investigation included certain adverse recommendations against Mr. Kollareddy Rama Raghava Reddy. Such proceedings, or any further regulatory actions in relation to this dispute, could adversely affect our and our Promoter's reputation or divert the time and attention of our management, and accordingly, may affect our business and results of operations.