IPO - Check IPO Date, Price, Lot Size

Midwest Ltd IPO

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.

Midwest Ltd IPO Details

Total Shares Offered

₹ 42,34,742

Offer to Public

18,87,324

Retail Max (Shares)

₹ 14,78,873

Pre Issue Promoters Holding

₹ 3,24,03,564

Exchange

BSE

Issue size

₹ 451 Cr

IPO Open Date

Oct 15, 2025

Close Date

Oct 17, 2025

Lot Size

Min Investment

₹ 14,196

Issue Type

Book Building

Listing Date

Oct 24, 2025

Midwest Ltd IPO Dates

Oct 15, 2025

Opening date

Oct 17, 2025

Closing date

Oct 20, 2025

Basis of Allotment

Oct 23, 2025

Initiation of Refunds

Oct 23, 2025

Credit of Shares

Oct 24, 2025

Listing date

Details

Sector	Type
Sector	Miscellaneous
Sub Sector	NA
Issue Type	Book Building

Subscription Status

*Values are in Lakhs

Investor Type	Subscription Times	Shares Offered*	Shares Bid*
QIB	58.76x	2112676	124148388
NII	176.53x	633803	111884290
Retail	25.48x	1478873	37683548
Employee	28.51x	9390	267694
Total	64.7x	4234742	273983920

Investor Type

QIB

NII

Retail

Employee

Total

Subscription Times

58.76x

176.53x

25.48x

28.51x

64.7x

2112676

633803

1478873

9390

4234742

124148388

111884290

37683548

267694

273983920

Midwest Ltd Financial Status

Income Statement

Particulars (In Rs. Crores)

Balance Sheet

Particulars (In Rs. Crores)

Particulars (in Rs. Crores)	FY23	FY22	FY21
Revenue from operations	502.52	525.24	65.44
EBITDA	90.56	93.50	80.16
PAT	45.22	50.92	37.15
Total Assets	157.27	153.72	105.85
Share Capital	0.74	0.74	0.74
Total Borrowings	132.28	106.55	110.54
Operating Activities (Net Cash)	60.04	63.52	51.87
Investing Activities (Net Cash)	85.78	67.02	63.30
Financing Activities (Net Cash)	132.28	106.55	110.54
Net Cashflow	3.45	24.11	4.68

About Midwest Ltd

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.

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.

Peer Comparison:

Pokarna Ltd

Midwest Ltd Key Points

Strengths

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

Risk

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.

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.

How To Apply for Midwest Ltd IPO Online?

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From the list of open IPOs, select the IPO you want to invest.

Step 3:

Go through the IPO details like lot size, price band, about the company, etc.

Step 4:

Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.

Step 5:

Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.

FAQs on IPO (Initial Public Offering)

What is the issue size of the Midwest Ltd IPO?

Midwest Ltd's IPO offers shares for up to 250 It begins on Oct 15, 2025 and ends on Oct 17, 2025.

What is the price of the Midwest Ltd IPO?

The price of Midwest Ltd IPO ranges between ₹1,014 to ₹1065 per share.

What are the open and close dates for the Midwest Ltd IPO?

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

When will the Midwest Ltd IPO be allotted?

The allotment for the Midwest Ltd IPO will be finalised on Oct 20, 2025. The shares will be listed on BSE and NSE on Oct 24, 2025.

What is the minimum lot size required for Midwest Ltd IPO?

The minimum lot size for Midwest Ltd IPO is 14 shares, priced between ₹1014 to ₹1065 per share.

What is the GMP of Midwest Ltd IPO?

The GMP (Grey Market Premium) of Midwest Ltd IPO fluctuates based on market demand and sentiment.

How do you check the allotment status of Midwest Ltd IPO?

To check the allotment status of Midwest Ltd IPO, visit the registrar's website, select the IPO, enter your PAN Card number, Application Number, or DP Client ID, and click 'search.'

Where is the Midwest Ltd IPO getting listed?

The Midwest Ltd IPO is getting listed on the BSE and NSE. Bidding opens on Oct 15, 2025, and closes on Oct 17, 2025. The allotment is finalised on Oct 20, 2025.

How do you apply for the Midwest Ltd IPO?

To apply for the Midwest Ltd IPO, download the BlinkX app, complete KYC, select the IPO, enter bid details, and submit. Verify UPI payment for shares allotment.