Midwest Ltd, a natural stone and quartz exporter leader, opened its ₹451 crore initial public offering (IPO) today on October 15, 2025. Lead managers are DAM Capital Advisors, Intensive Fiscal Services, and Motilal Oswal Investment Advisors, with the registrar being Kfin Technologies.
The issue consists of a fresh issue of ₹250 crore and an offer for sale (OFS) for ₹201 crore by current shareholders. The price band is fixed at ₹1,014 to ₹1,065 per share, and a market lot of 14 shares has a minimum investment of ₹14,910 for retail investors. The issue will close on October 17, 2025, and the tentative allotment date has been fixed as October 20, while listing on BSE and NSE will be on October 24, 2025.
Midwest is India's largest producer and exporter of Black Galaxy and Absolute Black Granite, with a market share of over 60% of the Indian export market. It has 16 granite mines and has supply relationships in 17 countries across the globe. It released strong numbers in FY25 with consolidated income of ₹643 crore and net profit of ₹133 crore, which represented year-on-year increases of 7% and 33%, respectively. In the quarter ended June 2025, Midwest reported revenue of ₹146 crore and profit of ₹24 crore, displaying a healthy financial picture. Analysts predict a healthy CAGR for profits over FY23–25 and anticipate sustaining growth in the form of capacity addition.
The funds raised from the new issue will be utilised by the company mainly towards expansion and modernisation. Approximately ₹130 crore would go towards expansion of its Quartz Processing Plant in Phase II under subsidiary Midwest Neostone, while ₹25.7 crore would be utilised for electric dump trucks to optimise efficiency. Further, Midwest will invest ₹3.25 crore in solar installation at some mines and ₹53.8 crore for repaying debt. These investment decisions are likely to support production and margins in export-oriented operations.
Currently Midwest Ltd's grey market premium (GMP) swings between ₹130 and ₹145 per share, an estimated 12–14% premium to the upper band price of ₹1,065. This shows fairly optimistic investors at this point prior to listing. The IPO is priced by analysts on a P/E ratio of about 27 times earnings of FY25, considering the issue fairly priced for the leader of the market with stable profitability.
With strong fundamentals, fair valuation, and widening export opportunities, Midwest's IPO hopes to have a significant listing on October 24, 2025.
