
Midwest IPO
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About Midwest
Established in 1981 and headquartered in Hyderabad, Midwest is a natural stone company specializing in the exploration, mining, processing, and export of premium granites and quartz-based materials. The company is India’s largest producer and exporter of Black Galaxy Granite, accounting for approximately 23% of the nation’s exports in this category during FY2024. With a diversified product portfolio that includes Absolute Black Granite, Quartzite, and Laza Grey Marble, Midwest serves clients across the construction, interior design, and renewable energy sectors. The company operates a fully integrated mine-to-market model and is expanding into high-value materials like heavy mineral sands and quartz grit to support industries such as semiconductors and titanium-based manufacturing.
Financials of Midwest
*All figures are in ₹ Crores.
Issue size
Funds Raised in the IPO | Amount |
Overall | ₹650 crores |
Fresh Issue | ₹250 crores |
Offer for sale | ₹400 crores |
Utilisation of proceeds
Purpose | INR crores (%) |
Funding capital expenditure | 156.05 (62.5%) |
Repayment of borrowings | 53.8 (21.5%) |
General corporate purposes | 40.15 (16%) |
Strengths
- Over four decades of experience in the natural stone industry with a strong global presence.
- Market leadership in Black Galaxy Granite exports, holding a 23% share of India’s exports in FY2024.
- Diversified product portfolio catering to multiple industries, including construction and renewable energy.
- Integrated operations from mining to distribution, enhancing operational efficiency.
- Strategic expansion into high-value materials like quartz grit and heavy mineral sands.
Risks
- High dependency on export markets, making revenues susceptible to global economic fluctuations.
- Exposure to raw material price volatility impacts production costs.
- Intense competition in the natural stone industry could affect market share.
- Regulatory changes in environmental policies may necessitate operational adjustments.
- Currency exchange rate fluctuations could impact profitability from exports.