Midwest IPO
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Schedule of Midwest
| Issue open date | 15 Oct 2025 |
| Issue close date | 17 Oct 2025 |
| UPI mandate deadline | 17 Oct 2025 (5 PM) |
| Allotment finalization | 20 Oct 2025 |
| Refund initiation | 23 Oct 2025 |
| Share credit | 23 Oct 2025 |
| Listing date | 24 Oct 2025 |
| Mandate end date | 01 Nov 2025 |
| Lock-in end date for anchor investors (50%) | 19 Nov 2025 |
| Lock-in end date for anchor investors (remaining) | 18 Jan 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
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
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹451 crores |
| Fresh Issue | ₹250 crores |
| Offer for sale | ₹201 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Capital expenditure for Phase II Quartz Plant (Subsidiary) | 127.05 (50.8%) |
| Capital expenditure for Electric Dump Trucks | 25.76 (10.3%) |
| Capital expenditure for integration of solar energy | 3.26 (1.3%) |
| Repayment of borrowings | 53.8 (21.5%) |
| General corporate purposes | 40.13 (16.1%) |
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.
Allotment Status for Midwest
To check your allotment status – click here.