Midwest IPO

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To be announced

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.