Midwest Limited IPO

Mainboard

Granites & Marbles

Listed On: Oct 24, 2025 at ₹ 1165.0(NSE)

₹ 14910 /14 Shares

Check Allotment

15 Oct, 2025

Open Date

17 Oct, 2025

Close Date

20 Oct, 2025

Allotment Date

24 Oct, 2025

Listing Date

Price Summary

Last Closing

1,436.10 (34.85%)

52 Week High

1,440.00

52 Week Low

1,048.50

Last Update

3-Dec-2025 3:30 PM

Midwest Limited IPO Live Subscription Details

View Subscription Details

QIB 146.99x

Retail 25.49x

NIIs 176.57x

BHNI 201.77x

SHNI 126.17x

Retail 25.49x

EMP 25.81x

Total 92.34x

Last updated: 17 Oct 2025, 06:57 PM

Midwest Limited IPO Issue Details

Issue Price ₹1014-1065 per equity share
Face Value ₹5 Per Equity Share
Total Issue Size 42,34,740 shares(aggregating up to ₹451 crore)
Fresh Share 23,47,417 shares(aggregating up to ₹250 crore)
Offer For Sale 18,87,323 shares(aggregating up to ₹201 crore)
Listing at BSE, NSE
List Price 1165.0(NSE)
Listing Date 2025-10-24
Lead Manager Dam Capital Advisors Ltd
Intensive Fiscal Services Pvt.Ltd
Motilal Oswal Investment Advisors Ltd
Registrar Kfin Technologies Ltd.

Market Lot Size

Investors can bid for a minimum of 14 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

Application	Lots	Shares	Amount
Retail (min)	1	14	₹14,910
Retail(max)	13	182	₹1,93,830
SHNI(min)	14	196	₹2,08,740
SHNI(max)	67	938	₹9,98,970
BHNI(min)	68	952	₹10,13,880

Midwest Limited IPO Reservation

Midwest Limited IPO offers total 4234741 shares. Out of which 844579 (20%) allocated to QIB, 633655 (14.96%) allocated to NII,1478529 (34.91%) allocated to RII, 10373 (0.24%) allocated to employees and 1267605 (30%) allocated to Anchor investors.

Investor Category	Shares Offered	Maximum Allottees
Anchor Investor Shares Offered	1267605 (30%)
QIB Shares Offered	844579 (20%)
NII (HNI) Shares Offered	633655 (14.96%)
bNII < ₹10L	422437 (10%)
sNII < ₹10L	211218 (5%)
Retail Shares Offered	1478529 (34.91%)
Employee Shares Offered	10373 (0.24%)
Total Shares Offered	4234741 (100%)

Midwest Limited IPO Documents

DRHP

RHP

ANCHOR

Midwest Limited IPO Details

Midwest Limited IPO is a book-built issue of ₹451 crores, The total issue size is ₹451 crores. The IPO of Midwest Limited is priced at ₹1014-1065 per equity share, which has a face value of ₹5 Per Equity Share each, IPO bidding starts from Oct 15, 2025 and ends on Oct 17, 2025. The allotment for Midwest Limited IPO will be finalized on Oct 20, 2025. Midwest Limited IPO will be listed on BSE, NSE, with a tentative listing date fixed as Oct 24, 2025. The company shall list its equity shares on the BSE, NSE. Kfin Technologies Ltd. is the registrar of the issue.

Retail investors can bid for a minimum of 14 shares, extendable to 14,910. S-HNIs will be able to bid for 196 shares at ₹2,08,740, while B-HNIs can also apply for a bid of 952 shares at ₹10,13,880. The book-running lead manager for the IPO is/are Dam Capital Advisors Ltd, Intensive Fiscal Services Pvt.Ltd, Motilal Oswal Investment Advisors Ltd.

The total issue ₹451 crore, comprising a fresh issue of 23,47,417 shares ₹250 crore and having Offer for Sale (OFS) of 18,87,323 shares to mop up ₹201 crore.

The Midwest Limited IPO sets its price band at 1014-1065 for each share. A single application for Midwest Limited IPO must contain at least 14 shares. Sentiment investors need to invest a minimum of 14 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,910 In order to participate in the sNII, investors must purchase at least 14 lots of 196 shares for ₹2,08,740, while the bNII requires 68 lots of 952 shares for an investment of ₹10,13,880.

As on	QIB	NII bNII sNII	Retail	Total
Shares Offered / Reserved	8,44,579	6,33,655 4,22,437 2,11,218	14,78,529	29,67,136
Day 1 15-10-25 05:00 PM	0.52 x	4.43 4.22 x 4.85 x	1.74 x	1.97 x
Day 2 16-10-25 05:00 PM	1.93 x	35.11 35.65 x 33.73 x	8.76 x	12.42 x
Day 3 17-10-25 05:00 PM	146.99 x	176.57 201.77 x 126.17 x	25.49 x	92.34 x

Total No of Applications

23,40,992

Subscription on the basis of Applications

Retail:19.98x BHNI:40.51x SHNI:120.56x

Midwest Limited Valuations

EPS Pre IPO ₹39.42/-

EPS Post IPO ₹26.97/-

P/E Pre IPO 27.01

P/E Post IPO 39.49

ROE 19.42%

ROCE 18.84%

Debt/Equity 0.43

RoNW 22.11%

PAT Margin 17.17%

Price to Book Value 6.50

Market Cap. 3851.02 Cr.

Midwest Limited Company Financials

In Crs.

In Cr.

	30-Jun-25	31-Mar-25	31-Mar-24	31-Mar-23
Assets	1082.81	1058.70	757.12	656.00
Revenue	146.47	643.14	603.33	522.23
Profit After Tax	24.38	133.30	100.32	54.44
Net Worth	577.03	553.69	421.93	334.92
Reserves & Surplus	625.60	602.26	484.86	408.88
Total Borrowing	270.11	236.61	120.48	149.08

About Midwest Limited Company

Midwest Limited, a company which was established in 1981, is involved in exploration, mining, processing, marketing, distribution, and export of natural stones. The company is a producer and exporter of the unusual granite variety known as Black Galaxy Granite for its shining golden flakes.

Midwest Limited has 16 granite quarries spread over 6 Telangana and Andhra Pradesh locations that yield a variety of granites, such as:
Black Galaxy, Absolute Black and Tan Brown.

The firm also operates a single granite processing unit in both the Telangana and Andhra Pradesh states, which allows for large-scale granite product processing and finishing. Apart from the operating mines, Midwest Limited has established a robust resource base of 25 places in Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu for future operations of mining.

Midwest Limited - Promoter(s)

Mr. Kollareddy Rama Raghava Reddy

Mr. Kollareddy Ramachandra

Mrs. Kukreti Soumya

Mrs. Uma Priyadarshini Kollareddy

Pre Issue Share Holding : 95.83%

Post Issue Share Holding : 84.39%

Midwest Limited IPO - Issue Objectives

Funding capital expenditure by Midwest Neostone, the wholly owned subsidiary, towards the Phase II Quartz Processing Plant.

Capital expenditure for purchase of Electric Dump Trucks to be used by the Company and APGM, our Material Subsidiary

Capital expenditure for integration of solar energy at certain Mines of the Company

Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company and APGM

General corporate purposes.

Midwest Limited IPO - Anchor Investors

Midwest IPO: Nine investors take anchor book shares worth Rs 135 crore.

Goldman Sachs and Axis Mutual Fund invested the most in the anchor book, each of them selecting 3.28 lakh shares for Rs 35 crore, followed by ABSL Umbrella Ucits Funds that bought 1.4 lakh shares for Rs 15 crore.

Other buying entities in the company through the anchor book included Sun Life Aditya Birla India Fund, Kotak Mahindra AMC, Edelweiss MF, ITI Mutual Fund, Edelweiss Life Insurance Company, and Swadha India.

Strength

Strong Distribution Network: Midwest enjoys a vast distribution network supported by long-term agreements and interest-free advances, thus guaranteeing consistent raw material supply and efficient sales to several territories.

Captive Premium Quarries: The firm possesses captive Black Galaxy granite quarries in Chimakurthy, offering access to a high-value stone commonly used in high-end and landmark projects.

Advanced ERP Integration: Midwest was the pioneer in its sector to implement an SAP-based ERP system integrated with real-time machine sensors, improving productivity and minimizing manual intervention.

Weakness

Regulatory changes in environmental policies may necessitate operational adjustments.

Reserve Estimation Uncertainty: True natural stone reserves could be different from estimated reserves, and price or cost fluctuations might render some mines unviable to produce.

Approval and Compliance Risk: The operations of the company are dependent on timely regulatory permits, and delay or inability to acquire or renew them would impair business operations

Contact Details

Midwest Limited

8-2-684/3/25 & 26, Road No.12, Banjara Hills, Hyderabad, Telangana, 500034

+91 4023305194

cs@midwest.in

http://www.midwest.in/

Registrar Contact Details

Kfin Technologies Limited

04067162222, 04079611000

midwest.ipo@kfintech.com

https://kosmic.kfintech.com/ipostatus/

Midwest Limited IPO - FAQs

Ans. Midwest Limited IPO is a Mainboard IPO. The issue is priced at ₹1014-1065 per equity share. The minimum order quantity is 14 Shares. The IPO opens on Oct 15, 2025, and closes on Oct 17, 2025. Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Ans. The Midwest Limited IPO opens on Oct 15, 2025 and closes on Oct 17, 2025.

Ans. You can track the real-time subscription numbers using the links below:

Ans. The size of Midwest Limited IPO is Total 451.0 Cr : #Fresh Issue : 23,47,417 shares(aggregating up to ₹250.0 Cr) + #OFS : 18,87,323 shares of ₹5(aggregating up to ₹201.0 Cr).

Ans. The Midwest Limited IPO price band is set between ₹1014-1065 per equity share.

Ans. To apply for Midwest Limited IPO, follow the steps given below:

- Open the IPO Ji App or Website
- Find Midwest Limited IPO in the List of IPOs
- Press Apply Button
- Select Your Demat Account
- Select Your Shares Quantity and Submit
- Track Your IPO Status

Ans. The share allotment date of Midwest Limited IPO is Oct 20, 2025.

Ans. The Midwest Limited IPO will be listed on Oct 24, 2025.

Ans. Follow the steps to check the Midwest Limited IPO allotment status online.