Midwest IPO
Midwest Ltd. IPO is a Book Built Issue of Rs. 451 crore, comprising a Fresh Issue of Rs. 250 crore (0.23 crore shares) and an Offer for Sale of Rs. 201 crore (0.19 crore shares). The issue opens for subscription on October 15, 2025, and closes on October 17, 2025. The allotment is likely to be finalized on October 20, 2025, and the shares are expected to list on BSE and NSE on October 24, 2025. The price band has been fixed at Rs. 1,014–1,065 per share, with a lot size of 14 shares, requiring a minimum retail investment of Rs. 14,910. For sNII, the minimum application is 14 lots (196 shares) worth Rs. 2,08,740, while bNII investors need to apply for 68 lots (952 shares) amounting to Rs. 10,13,880.
🕗 Last Update: 10 October 2025, 6.00 AM
IPO Key Dates
| Anchor portion | |
| IPO opens on | 15 Oct. 2025 |
| IPO Closes on | 17 Oct 2025 |
| IPO Allotment on | 20 Oct 2025 |
| Unblocking of Asba | 23 Oct 2025 |
| Credit of Shares | 23 Oct 2025 |
| Listing of Shares | 24 Oct 2025 |
The promoters
Mr. Kollareddy Rama Raghava Reddy, Mr. Kollareddy Ramachandra, Mrs. Kukreti Soumya and Mrs. Uma Priyadarshini Kollareddy are the company promoters.
The promoters hold 95.83 % shares in the pre-IPO capital of the company.
Objects of IPO
| Objects of the Issue | Rs.in Million |
| Funding capital expenditure by Midwest Neostone, the wholly owned subsidiary, towards the Phase II Quartz Processing Plant. | 1,270.49 |
| Capital expenditure for purchase of Electric Dump Trucks to be used by the Company and APGM, our Material Subsidiary | 257.55 |
| Capital expenditure for integration of solar energy at certain Mines of the Company | 32.56 |
| Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company and APGM | 538 |
| General corporate purposes. |
.
Business :
IPO Details
| Opens On | 15 October 2025 |
| Closes on | 17 October 25 |
| Face Value | Rs.5 |
| Issue Price Band | Rs.1014-1065 |
| Lot Size | 14 Shares |
| Sale Type | Fresh & OFS |
| Total Issue Size | 4,98,54,357 shares |
| Total Issue Size | Rs.451 Cr |
| Employee Discount | Rs. 0 |
| Shareholder Discount | Rs. 0 |
| Listing At | BSE, NSE |
How are the shares offered?
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 50% of the Net Offer |
| Retail Shares Offered | Not more than 35% of the Net Offer |
| NII Shares Offered | Not more than 15% of the Net Offer |
How Shares can be applid?
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 14 | Rs.14,910 |
| Retail (Max) | 13 | 182 | Rs.1,93,830 |
| S-HNI (Min) | 14 | 196 | Rs.2,08,740 |
| S-HNI (Max) | 67 | 938 | Rs.9,98,970 |
| B-HNI (Min) | 68 | 952 | Rs.10,13,880 |
How to check Allotment Status
Allotment of this IPO will be announced on 20 October 2025 and the link to check allotment is given below:
https://ipostatus.kfintech.com/
| Registered Office of the company Midwest Ltd. 8-2-684/3/25 & 26, Road No.12, Banjara Hills Hyderabad, Telangana, 500034 Email: cs@midwest.in |
|
| The Lead Managers Dam Capital Advisors Ltd. Intensive Fiscal Services Pvt.Ltd. Motilal Oswal Investment Advisors Ltd. |
|
| Registrar to IPO | |
| Kfin Technologies ltd |
Financial Snapshot
| Period Ended | 30-Jun-25 | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 1,082.81 | 1,058.70 | 757.12 | 656 |
| Total Income | 146.47 | 643.14 | 603.33 | 522.23 |
| Profit After Tax | 24.38 | 133.3 | 100.32 | 54.44 |
| EBITDA | 38.97 | 171.78 | 151.44 | 89.59 |
| NET Worth | 577.03 | 553.69 | 421.93 | 334.92 |
| Reserves and Surplus | 625.6 | 602.26 | 484.86 | 408.88 |
| Total Borrowing | 270.11 | 236.61 | 120.48 | 149.08 |
| Amount in Rs Crore | ||||
Key Performance Indicators
| 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 | 6.5 |
| EPS | 39.42 |
| PER | 27.01 |
Peer Comparison
| Company Name | P/E (x) | RoNW (%) |
| Midwest Limited | 22.11 | |
| Pokarna Ltd. | 12.73 | 24.11 |
IPO Concise Review by Paresh Gordhandas, CA & Research Analyst
Midwest Ltd., engaged in mining and export of premium granites like Black Galaxy, has shown steady financial growth with FY25 income of Rs. 643.14 crore and PAT of Rs. 133.30 crore, translating into an EPS of Rs. 39.42. The company enjoys healthy margins — EBITDA margin of 27.43% and PAT margin of 17.17%, supported by moderate leverage (Debt/Equity: 0.43) and strong RoNW of 22.11%. At the upper price of Rs. 1,065, the issue demands a P/E of 27.0x and P/BV of 6.5x, indicating aggressive valuation compared to peers in the granite and natural stone sector.
Despite sound profitability, investor interest could remain muted due to low fancy for granite sector stocks and past underperformance of listed peers in similar businesses. The company’s export-driven model and established global clientele add stability, but cyclical demand and price sensitivity in international markets remain risks. Overall, the IPO appears fully priced with limited listing enthusiasm expected.
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