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Midwest IPO
Midwest IPO is a book-built issue of INR 451 crore. The issue is a combination of a fresh issue of 0.23 crore shares and an offer for sale of 0.19 crore shares. The price band is set at INR 1040 to INR 1065 per share, and the lot size for an application is 14 shares. The minimum investment required by an individual investor is INR 14,910 (14 shares). The IPO opens for subscription on October 15, 2025, and closes on October 17, 2025. Midwest IPO will list on BSE and NSE with a tentative listing date of October 24, 2025.
Company Background
Midwest Limited, established in 1981, specializes in exploration, mining, processing, marketing, and exporting natural stones, with a primary focus on Black Galaxy Granite. Operating 16 granite mines across Telangana and Andhra Pradesh, it produces varieties such as Black Galaxy, Absolute Black, and Tan Brown. The company runs processing facilities in both states and has identified 25 additional resource locations across southern India for future operations. It exports to 17 countries, including China, Italy, and Thailand, and employs 1,326 personnel, comprising permanent employees, contract workers, and consultants, ensuring a strong workforce to support its global presence and expansion plans.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Midwest IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Midwest IPO Details
| Detail | Description |
|---|---|
| IPO Date | October 15, 2025 to October 17, 2025 |
| Listing Date | [.] |
| Face Value | ₹5 per share |
| Issue Price Band | ₹1014 to ₹1065 per share |
| Lot Size | 14 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 42,34,740 shares (aggregating up to ₹451.00 Cr) |
| Fresh Issue(Ex Market Maker) | 23,47,417 shares (aggregating up to ₹250.00 Cr) |
| Offer for Sale | 18,87,323 shares of ₹5 (aggregating up to ₹201.00 Cr) |
| Net Offered to Public | ₹101.00 |
| 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 IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Wed, Oct 15, 2025 |
| IPO Close Date | Wed, Oct 15, 2025 |
| Tentative Allotment | Mon, Oct 20, 2025 |
| Initiation of Refunds | Thu, Oct 23, 2025 |
| Credit of Shares to Demat | Thu, Oct 23, 2025 |
| Tentative Listing Date | Fri, Oct 24, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Oct 17, 2025 |
Midwest IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 14 | ₹14,910 |
| Individual investors (Retail) (Max) | 13 | 182 | ₹1,93,830 |
| S-HNI (Min) | 14 | 196 | ₹2,08,740 |
| S-HNI (Max) | 67 | 938 | ₹9,98,970 |
| B-HNI (Min) | 68 | 952 | ₹10,13,880 |
Midwest IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 95.83% |
| Promoter Holding Post Issue | 84.39% |
Competitive Strength:
- • Diversified product portfolio and worldwide reach with a 25-strong resource base in India.
- • Producer and exporter of a unique granite variety known for its sparkling golden flakes.
Midwest IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Jun 2025 | 1,082.81 | 146.47 | 24.38 | 577.03 | 270.11 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2025 | 1,058.70 | 643.14 | 133.30 | 553.69 | 236.61 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 757.12 | 603.33 | 100.32 | 421.93 | 120.48 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 656.00 | 522.23 | 54.44 | 334.92 | 149.08 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 19.42% |
| ROCE | 18.84% |
| Debt/Equity | 0.43 |
| RoNW | 22.11% |
| PAT Margin | 17.17% |
| EBITDA Margin | 27.43% |
| Price to Book Value | 6.50 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 39.42 | 26.97 |
| P/E (x) | 27.01 | 39.49 |
Conclusion
The Midwest IPO offers investors a stake in a growing company with a strong resource base and global reach. With over four decades of experience, Midwest stands as one of India’s leading natural stone companies. Its advanced technology adoption, robust distribution network, and consistent growth and profitability position it as a reliable and promising investment in the natural resources sector.
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