Midwest IPO opens Oct 15; sets price band at ₹1,014-1,065: Key details

Midwest IPO comprises a fresh issue of 2.3 million equity shares and an offer for sale of 1.9 million equity shares

Midwest IPO: Midwest, a quartz processor catering to the solar gas and engineered stone industry, has set the price band for its ₹451 crore maiden public issue at ₹1,014 to ₹1,065 per equity share of face value of ₹5 each. 

 

The mainline offering comprises a fresh issue of 2.3 million equity shares of face value of ₹250 crore and an offer for sale (OFS) of 1.9 million equity shares aggregating to ₹451 crore. Kollareddy Rama Raghava Reddy and Guntaka Ravindra Reddy are the promoter selling shareholders.

 

Incorporated in 1981, Midwest is engaged in the business of exploration, mining, processing, marketing, distribution, and export of natural stones. The company produces and exports Black Galaxy Granite. It operates 16 granite mines across six locations in Telangana and Andhra Pradesh. 

 

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According to the red herring prospectus (RHP), the company has reserved not more than 50 per cent of the issue for qualified institutional buyers (QIBs), not less than 15 per cent for retail investors and not less than 35 per cent for non-institutional investors (NIIs). 

Midwest IPO key dates

The public issue is scheduled to open for subscription on Wednesday, October 15, 2025, and will close on Friday, October 17, 2025. The anchor investor bidding will take place a day earlier, on Tuesday, October 15, 2025. The basis of share allotment is expected to be finalised on Monday, October 20, 2025. The company’s shares are likely to be listed on both the National Stock Exchange (NSE) and BSE on a tentative date of Friday, October 24, 2025.

Midwest IPO lot size

The company has fixed the lot size for application at 14 shares and in multiples thereof. Accordingly, a retail investor would need to invest a minimum of ₹14,910 to apply for one lot at the upper price band. 

Midwest IPO registrar, lead manager

Kfin Technologies is the registrar of the issue. DAM Capital Advisors, Intensive Fiscal Services, and Motilal Oswal Investment Advisors are the book-running lead managers of the issue. 

Midwest financial snapshot

In the April-June quarter of financial year 2025-26 (Q1FY26), the company reported revenue from operations of ₹142.26 crore and profit after tax (PAT) of 24.38 crore. In FY25, the company's revenue from operations stood at ₹626.18 crore, up nearly 7 per cent from ₹585.62 crore in the last fiscal. Its earnings before interest, tax, depreciation and amortisation (Ebitda) were at ₹171.78 crore, up 13 per cent from 151.44 crore. PAT grew 7 per cent to ₹107.5 crore in FY25 from ₹100.3 crore in FY24.