Telangana-based granite exporter Midwest India Ltd has trimmed its IPO size to ₹451 crore ahead of its public offering scheduled to open on October 15, 2025. The company, which originally planned a ₹650 crore issue, revised its offer-for-sale component from ₹400 crore to ₹201 crore, while retaining the fresh issue size at ₹250 crore. The IPO will remain open for subscription until October 17, with anchor investment scheduled for October 14 and listing expected on October 24 on both NSE and BSE.
Midwest’s IPO is a mix of fresh equity and offer-for-sale, with promoters Kollareddy Rama Raghava Reddy and Guntaka Ravindra Reddy offloading part of their stake. The company has reserved ₹1 crore worth of shares for employees, offering a ₹101 per share discount to the final issue price.
📊 Midwest IPO Structure and Key Dates
| Component | Details |
|---|---|
| Total Issue Size | ₹451 crore |
| Fresh Issue | ₹250 crore |
| Offer-for-Sale | ₹201 crore |
| Price Band | ₹1,014–₹1,065 per share |
| Lot Size | 14 shares |
| Subscription Window | October 15–17, 2025 |
| Anchor Book Date | October 14, 2025 |
| Allotment Finalization | October 20, 2025 |
| Listing Date | October 24, 2025 |
| Face Value | ₹5 per equity share |
| Employee Discount | ₹101 per share |
🏗️ Use of Fresh Issue Proceeds
Midwest plans to deploy the ₹250 crore raised through fresh equity for strategic capital expenditure and sustainability initiatives:
- ₹130.3 crore for Phase II expansion of Quartz processing plant via subsidiary Midwest Neostone
- ₹25.7 crore for procurement of electric dump trucks
- ₹3.2 crore for solar energy integration at select mining sites
- ₹56.2 crore for debt repayment
- Remaining funds for general corporate purposes
As of June 2025, Midwest’s consolidated borrowings stood at ₹270.1 crore.
🪨 Midwest’s Granite Legacy and Market Position
Midwest India Ltd is India’s largest producer and exporter of Black Galaxy Granite, holding a 64% share in the country’s export market for this premium stone. The company operates 16 mechanized granite mines across Telangana and Andhra Pradesh, with customers in 17 countries including China, Italy, and Thailand.
🌍 Global Reach and Operational Footprint
| Region/Country | Key Export Markets |
|---|---|
| Asia | China, Thailand |
| Europe | Italy, Germany |
| North America | United States |
| Middle East | UAE, Saudi Arabia |
| Africa | South Africa |
Midwest’s vertically integrated operations include exploration, mining, processing, and distribution of natural stones. The company also uses customized diamond wires and advanced engineering for optimized extraction.
💰 Financial Performance Snapshot
| Fiscal Year | Total Income (₹ Cr) | Net Profit (₹ Cr) | YoY Growth |
|---|---|---|---|
| FY24 | ₹643.14 | ₹133.30 | Strong |
| FY25 (Est.) | ₹750+ | ₹160+ | Projected |
🧾 IPO Investor Quota Allocation
| Category | Allocation (%) |
|---|---|
| Qualified Institutional Buyers (QIB) | 50% |
| Retail Individual Investors (RII) | 35% |
| Non-Institutional Investors (NII) | 15% |
Retail investors can bid for a minimum of 14 shares (₹14,910) and up to 182 shares (₹1,93,830) in multiples of 14.
🧭 Promoter Holding and Post-IPO Structure
| Shareholding | Pre-Issue (%) | Post-Issue (%) |
|---|---|---|
| Promoters | 95.83% | To be diluted |
| Public & Institutional | 4.17% | To be increased |
The offer-for-sale proceeds will go to the selling shareholders, while the fresh issue will support Midwest’s expansion and sustainability goals.
Disclaimer
This news content is based on verified IPO filings, financial disclosures, and market announcements as of October 10, 2025. It is intended for editorial use and public awareness. The information does not constitute investment advice or financial endorsement and adheres to ethical journalism standards.
