Midwest IPO: Price Band, GMP, Allotment, Listing Date
Midwest Limited, a leading natural stone exploration and processing company, is set to launch its IPO from October 15, 2025, with the subscription window closing on October 17, 2025. The company aims to raise approximately ₹451 crores through a combination of fresh issue worth ₹250 crores and an Offer for Sale (OFS) of up to 18,87,323 equity shares at a face value of ₹5 each.
The IPO is structured as a Book Built Issue, with a price band of ₹1014 to ₹1065 per share. Retail investors can apply under a 35% quota, while Qualified Institutional Buyers (QIBs) are allocated 50% and High Net-Worth Individuals (HNIs) get 15% of the issue. The IPO is expected to list on BSE and NSE on October 24, 2025, with allotment scheduled for October 20, 2025.
Financially, Midwest Limited has shown consistent growth, reporting revenue of ₹643.14 crores in FY2025 against ₹603.33 crores in FY2024 and a profit of ₹133.30 crores versus ₹100.32 crores in FY2024, making it a potential long-term investment opportunity.
Midwest Limited IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | October 15, 2025 |
| IPO Close Date | October 17, 2025 |
| Face Value | ₹5 per share |
| Price Band | ₹1014 – ₹1065 per share |
| Employee Discount | ₹101 per share |
| Issue Size | Approx ₹451 crores |
| Fresh Issue | Approx ₹250 crores |
| Offer for Sale | Approx 18,87,323 equity shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE & NSE |
| Basis of Allotment | October 20, 2025 |
| Refunds | October 23, 2025 |
| Credit to Demat Account | October 23, 2025 |
| Listing Date | October 24, 2025 |
| Registrar | Kfin Technologies Ltd. |
Midwest IPO Market Lot
The minimum market lot for retail investors is 14 shares, costing approximately ₹14,910 at the upper price band. Retail investors can apply for up to 13 lots (182 shares) with a total application amount of ₹1,93,830.
| Investor Category | Lot Size | Shares | Application Amount |
|---|---|---|---|
| Retail Minimum | 1 | 14 | ₹14,910 |
| Retail Maximum | 13 | 182 | ₹1,93,830 |
| S-HNI Minimum | 14 | 196 | ₹2,08,740 |
| S-HNI Maximum | 67 | 938 | ₹9,98,970 |
| B-HNI Minimum | 68 | 952 | ₹10,13,880 |
IPO Reservation
| Investor Category | Shares Offered | % Allocation |
|---|---|---|
| Anchor Investor | – | – |
| QIB (Ex. Anchor) | – | 50% |
| NII | – | 15% |
| Retail | – | 35% |
Anchor Investors
Anchor bidding will take place on October 14, 2025. The lock-in period for 50% of the shares ends on November 19, 2025, and for the remaining 50% on January 18, 2026.
Also Read: Midwest IPO Allotment Status Check Online 2025
Objects of the Issue
| Purpose | Amount (₹ Crores) |
|---|---|
| Funding capital expenditure for Phase II Quartz Processing Plant (Midwest Neostone) | 127.05 |
| Purchase of Electric Dump Trucks (Company & APGM Subsidiary) | 25.76 |
| Integration of solar energy at mines | 3.26 |
| Prepayment/repayment of existing borrowings | 53.80 |
| General corporate purposes | – |
The proceeds from the Midwest IPO will be primarily utilized to strengthen the company’s growth and operational capabilities. A significant portion of the funds will be directed towards the Phase II Quartz Processing Plant of Midwest Neostone, enabling enhanced production capacity and technological upgradation. Additionally, the company plans to invest in electric dump trucks for efficient material handling at its subsidiaries and integrate solar energy systems across select mines to improve sustainability and reduce operational costs. Part of the proceeds will also be used for prepayment or repayment of existing borrowings, thereby optimizing the company’s debt profile. The remaining funds will support general corporate purposes, providing flexibility to fuel business expansion and strengthen overall financial health.
About Midwest Limited
Founded in 1981, Midwest Limited is a pioneer in natural stone mining, processing, and exports in India. The company operates 16 granite mines across Telangana and Andhra Pradesh, producing premium stones such as Black Galaxy Granite, Absolute Black Granite, and Tan Brown Granite. Midwest exports to 17 countries, including China, Italy, and Thailand. The company employs 1,326 professionals as of June 30, 2025.
Disclaimer: This article is for educational and informational purposes only and should not be considered investment advice. Investors should conduct their own research and read and understand all official company documents, including the DRHP/RHP, with the assistance of a legally registered and certified financial professional before making any investment decisions. Any opinions or reviews expressed in this article are for informational purposes only and do not constitute a recommendation to buy or sell securities.
