Midwest Limited
NSE, BSE
- Price band
- ₹1014 - ₹1065
- Lot size
- 14 shares
- Issue amount
- ₹451 cr
- Total subscription
- 92.34×
- Opens
- 15 Oct 2025
- Closes
- 17 Oct 2025
- Allotment
- 20 Oct 2025
- Listing
- 24 Oct 2025
Offer at a glance
Issue overview
- Issue size
- 42,34,742 shares
- Face value
- ₹5 per share
- Minimum investment
- ₹14,196
- Fresh issue
- ₹250 cr
- Offer for sale
- ₹201 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,910
- Issue type
- —
- Shares before issue
- 3,38,12,415
- Shares after issue
- 0
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 14 | ₹14,910 |
| sHNI | 14 | 196 | ₹2,08,740 |
| bHNI | 68 | 952 | ₹10,13,880 |
Share reservation
Subscription & GMP
Subscription by category
Reported 17 Oct 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 1,05,609 | 21,10,070 |
| EMPLOYEES | 0 | 12,822 |
| HNIs(10L +) | 2,155 | 87,309 |
| HNIs (2-10L) | 1,078 | 1,29,963 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 89.95 | 13,221.8 |
| FIIs | 0 | 3,245.04 |
| FIs | 0 | 5,212.53 |
| Mutual Funds | 0 | 1,094.08 |
| Others | 0 | 3,670.16 |
| RETAIL | 157.46 | 4,013.3 |
| HNIs 2+ | 22.49 | 2,838.24 |
| HNIs 10+ | 44.99 | 9,077.43 |
| EMPLOYEES | 1.1 | 28.51 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Jun-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| EPS | 0 | 0 | 0 | 0 |
| ROE | 4.23 | 19.42 | 23.78 | 16.25 |
| ROCE | 3.91 | 18.84 | 25 | 14.39 |
| RONW | 0 | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 0 | 0 | 0 |
| POST IPO(PE) | 0 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Midwest Limited | NA | NA | 5.00 | 163.75 | 22.11 | 39.42 |
| Pokarna Limited | 12.73 | 769.75 | 2.00 | 250.93 | 24.11 | 60.49 |
Company information
Company profile
Midwest Limited, incorporated in 1981, is involved in the exploration, mining, processing, marketing, distribution, and export of natural stones. The company is best known for producing and exporting Black Galaxy Granite, a distinctive variety featuring sparkling golden flakes. It operates 16 granite mines across Telangana and Andhra Pradesh, offering varieties like Black Galaxy, Absolute Black, and Tan Brown, along with processing facilities in both states for large-scale production. Midwest has also developed a strong resource base with 25 potential mining sites across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu. The company exports to 17 countries across five continents, with key markets in China, Italy, and Thailand, and major clients such as MP STENEKO AB (Sweden), GI-MA STONE SRL (Italy), and The Xiamen Group (China). As of June 30, 2025, it employed 1,326 people, including 475 permanent employees, 822 contract workers, and 29 consultants.
Strengths
- Extensive Distribution Network: Strong network with long-term contracts and interest-free advances ensures steady raw material supply and wide market reach.
- Exclusive Quarries: Ownership of premium Black Galaxy granite quarries provides access to high-value materials for luxury projects.
- Technology-Driven Operations: Industry-first SAP-based ERP system with real-time sensors boosts efficiency and minimizes manual work.
Risk factors
- Promoter Investigation Risk: A CBI notice to Promoter Mr. K.R.R. Reddy may affect reputation and management focus if further action is taken.
- Uncertain Reserve Estimates: Variations in stone reserves or price changes could make some mines unviable.
- Regulatory Approval Dependence: Delays or failures in obtaining or renewing approvals could disrupt operations.
Promoters
Mr. Kollareddy Rama Raghava Reddy
Mr. Kollareddy Ramachandra
Mrs. Kukreti Soumya
Mrs. Uma Priyadarshini Kollareddy
Registrar & documents
Lead manager
Dam Capital Advisors Limited, Intensive Fiscal Services Private Limited, Motilal Oswal Investment Advisors Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
8-2-684/3/25 & 26, Road No.12, Banjara Hills Hyderabad, Telangana, 500034
+91 402330 5194
[email protected]Company website ↗Understanding MIDWESTLTD IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.