India’s granite production rose from 17,132 KT in FY 2022 to 19,709 KT in FY 2025. The CAGR is around 4.7%. With the growing demand for granite, the Midwest is giving investors an opportunity to invest this year. Let’s check the details in this blog.
Midwest IPO Details
You can find everything you need to know about the Midwest Mainboard IPO right here!
| IPO Start Date | October 15, 2025 |
| End Date | October 17, 2025 |
| Face Value | ₹5 per share |
| Price Band | ₹1014 to ₹1065 |
| Issue size | ₹451.00 Cr |
| Lot size | 14 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Offer for Sale | ₹201.00 Cr |
| Fresh Issue | ₹250.00 Cr |
| Issue Type | Book Built Issue |
| Listing At | BSE NSE |
| Total Issue Size (₹ million) | 4,510.00 |
| Reserved for Market Maker | NA |
| Net Offered to Public | NA |
| Minimum Investment | ₹14,910 |
| Retail Discount | NA |
Midwest IPO Timeline
The Midwest IPO dates is mentioned below:
| IPO Open Date | Wednesday, October 15, 2025 |
| IPO End Date | Friday, October 17, 2025 |
| Allotment (tentative) | Monday, October 20, 2025 |
| Initiation of Refunds | Thursday, October 23, 2025 |
| Credit of Shares | Thursday, October 23, 2025 |
| Tentative Listing Date | Friday, October 24, 2025 |
| Cut-off Time for UPI Mandate Confirmation | 5:00 PM on Friday, October 17, 2025 |
Midwest Grey Market Premium (GMP Today)
The Midwest IPO GMP today is not available yet, as per the recent data. The Midwest IPO price is mentioned here to help you make the decision before bidding:
| Date | GMP (₹) | Estimated Listing Price |
| 10 Oct 2025 | Undisclosed | ₹1014 to ₹1065 |
Note: GMP (Grey Market Premium) values are sourced from the grey market and are subject to rapid change based on demand, subscription status, and market sentiment.
Midwest IPO Reservation
Here are the insights on the Midwest IPO reservation:
| Category | % Shares Offered |
| QIB | Maximum 50% |
| NII (HNI) | Minimum 15% |
| Retail Shares Offered | Minimum 35% |
| Total | 100% |
Midwest IPO Key Performance Indicators
Check out the KPIs you should not miss:
| KPI | Values |
| ROE | 19.42 |
| ROCE | 18.84 |
| Debt to Equity Ratio | 0.43 |
| RoNW | 22.11 |
| PAT Margin | 17.17% |
| EBITDA Margin | 27.43% |
| Price to Book Value | 6.50 |
Midwest IPO Financials
Here are the numbers that help you know how the company has been doing before its big IPO move.
(₹ in million)
| Particulars | June 30, 2025 | Mar 31, 2025 | 2024 | 2023 |
| Revenue from Operations | 1,422.65 | 6,261.82 | 5,856.24 | 5,025.17 |
| Total Assets | 10,828.09 | 10,587.00 | 7,604.13 | 6,595.35 |
| Profit / (Loss) After Tax | 243.80 | 1,332.99 | 1,003.24 | 544.36 |
Midwest IPO Lot Size
Here’s a quick breakdown of the lot details and the minimum investment amount you should check before applying.
| Application | Lots | Shares | Amount |
| Retail (Min) | 1.00 | 14 | ₹14,910 |
| Retail (Max) | 13 | 182 | ₹1,93,830 |
| S-HNI (Min) | 14.00 | 196 | ₹2,08,740 |
| S-HNI (Max) | 67.00 | 938.00 | ₹9,98,970 |
| B-HNI (Min) | 68.00 | 952.00 | ₹10,13,880 |
Midwest IPO Promoter Holding
The Midwest IPO has the shareholdings given here:
| Promoter Holding Pre-Issue | 95.83% |
| Promoter Holding Post Issue | 84.39% |
The promoters of Midwest are:
- Guntaka Ravindra
- Kollareddy Rama
Midwest IPO Anchor Investors Details
Let’s find out what are the major anchor investor details:
| Bid Date | October 14, 2025 |
| Shares Offered | Undisclosed |
| Anchor Portion Size (In Cr.) | Undisclosed |
| The lock-in for 50% of anchor shares (30 Days) ends on | 19 Nov 2025 |
| The lock-in for the remaining anchor shares (90 Days) ends on | 18 Jan 2026 |
Midwest IPO Prospectus
Here are the official documents of Midwest you should definitely check:
About Midwest
Started in 1981, Midwest Limited works in the world of natural stones. The company takes care of everything like mining and processing to selling and exporting granite across the globe. It’s best known for Black Galaxy Granite.
Midwest runs 16 granite mines and makes other popular types like Absolute Black and Tan Brown. It also has modern processing units in both states, where the stones are polished and finished before they’re shipped out. The company was founded by Mr. Kollareddy Rama Raghava Reddy, who has guided the Midwest for years.
Today, Midwest sends its products to 17 countries across five continents. Its main export markets include China, Italy, and Thailand, with clients such as MP STENEKO AB (Sweden), GI-MA STONE, Quanzhou Xingguang Stone, The Xiamen Group, and more.
Here’s the breakdown of their operational performance indicators:
| Particulars | June 30, 2025 | March 31, 2025 | 2024 | 2023 |
| – Black Galaxy Granite | 14,963.00 | 66,548.00 | 57,519.00 | 51,672.00 |
| – Absolute Black | 8,317.00 | 38,120.00 | 40,105.00 | 42,820.00 |
| Total Production | 23,280.00 | 104,668.00 | 97,624.00 | 94,492.00 |
| – Black Galaxy Granite | 14,587 | 66,726.00 | 61,690 | 50,245 |
| – Absolute Black | 8,712.00 | 42,166.00 | 41,804.00 | 41,630 |
| Total Sale | 23,299.00 | 108,892.00 | 103,494.00 | 91,875.00 |
| Diamond Wire Produced (in meters) | 57,335.00 | 157,544.00 | 106,366.00 | 105,928.00 |
| Diamond Wire Sold (in meters) | 65,757.00 | 166,137.00 | 93,015.00 | 104,141 |
| Capacity Utilization (in %) | 79.63 | 78.77 | 64.46 | 73.05 |
Objectives of the Midwest IPO:
Let’s see how Midwest plans to use the amount:
| Purpose | Amount (₹ million) |
| Loan for a wholly-owned subsidiary | 1,302.98 |
| Purchase of electric dump trucks | 257.55 |
| Solar energy integration | 32.56 |
| Prepayment/repayment | 562.23 |
| General corporate needs | Undisclosed |
| Total | Undisclosed |
Strengths Of Midwest IPO:
- Plenty of Choices: Midwest offers a good variety of natural stone.
- Quality That Speaks for Itself: Each stone is carefully checked to maintain top quality, which keeps customers happy and loyal.
- Solid Manufacturing Setup: The company’s modern production units help it handle large orders easily while maintaining great quality.
- Customers Everywhere: Midwest works with both local and international clients, building a wide and trusted customer base.
Risk of Midwest IPO:
- Rules and Regulations Matter: Granite mining and processing must follow environmental rules, and any delay in approvals can slow down work.
- Linked to Construction Trends: Since most granite is used in construction and real estate, any slowdown in these areas can impact sales.
- Exports Go Up and Down: Global demand and currency changes affect exports.
- Transport Isn’t Cheap: Moving heavy granite over long distances adds to costs, especially when fuel prices rise.
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| Seshaasai Technologies IPO | VMS TMT IPO |
Conclusion
The Midwest is famous for Black Galaxy Granite, a unique variety that shines with golden flakes. Beyond that, they also produce Absolute Black and Tan Brown, giving builders and designers plenty of options. Midwest operates 16 mines spread across Telangana and Andhra Pradesh and runs top-notch processing units in both states, making sure each slab is finished to perfection. On top of that, they’ve secured 25 more locations across Andhra Pradesh, Telangana, and Tamil Nadu.
FAQs
Midwest, a natural stone company, is coming out with its IPO soon! The issue opens on 15 October 2025 and closes on 17 October 2025.
First, sign in to your account and open the IPO section on Console or Kite to apply for the Midwest IPO through Zerodha. Find Midwest IPO, add how many shares you want and your bid price, then confirm the form and make the payment using UPI or your bank. Keep your demat information and just follow the steps shown on the screen to finish applying.
The Midwest IPO is set to open on 15 October 2025 and will close on 17 October 2025. The allotment is likely on 20 October 2025, and if all goes as planned, the listing is expected on 24 October 2025.
The Midwest IPO lot size is 14 shares. The Midwest IPO share price band is between ₹1014 to ₹1065 per share. This means the minimum investment for a retail investor shall be ₹14,910 per lot.
You must already have a demat and trading account. Also, go on your broker’s platform, look up “Midwest IPO,” fill in the number of lots you’d like to apply for, and place your bid after approving the payment. Once you’ve applied, you can visit your broker’s IPO section to track your Midwest IPO subscription status and allotment updates.
The expected date for the Midwest IPO allotment is 20 October 2025.
The company’s shares are likely to be listed on 24 October 2025.
