Midwest Limited IPO

Company Overview:

Incorporated in 1981, Midwest Limited is a leading company engaged in the exploration, mining, processing, marketing, distribution, and export of natural stones. It is best known as a major producer and exporter of Black Galaxy Granite, a unique variety admired for its sparkling golden flakes.

The company operates 16 granite mines spread across Telangana and Andhra Pradesh, producing various granite types such as Black Galaxy, Absolute Black, and Tan Brown. It also runs two modern processing facilities, one in each state, enabling large-scale cutting, polishing, and finishing of granite products.

For future growth, Midwest has developed a strong resource pipeline with 25 mining locations across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu, ensuring steady expansion opportunities in the years ahead.

Global Presence:

Midwest Limited has built a solid international presence, exporting to 17 countries across five continents. Its major markets include China, Italy, and Thailand, with key global clients such as MP STENEKO AB (Sweden), GI-MA STONE SRL (Italy), Quanzhou Xingguang Stone Co. Ltd. (China), The Xiamen Group (China), and King Marble and Granite Co. Ltd. (Thailand).

Objects of the IPO:

• Capital expenditure for Phase II Quartz Plant of its subsidiary – ₹127.05 crore

• Capital expenditure for Electric Dump Trucks – ₹25.76 crore

• Capital expenditure for integration of solar energy – ₹3.26 crore

• Repayment of borrowings – ₹53.8 crore

• General corporate purposes – ₹40.13 crore

Midwest LTD IPO: Key Details

• IPO Dates: 15 – 17 Oct 2025

• Price Band: ₹1014 to ₹1065 per share

• Lot Size: 14 shares

• Total Issue Size: ₹451 crore

• Retail Quota: 35%

• GMP (Reference Only): 15%

Allotment Link

Strengths

• Over four decades of experience in the natural stone industry with a robust global network.

• Market leader in Black Galaxy Granite exports, with a 23% share of India’s exports in FY2024.

• Diversified product portfolio, serving industries such as construction and renewable energy.

• Integrated operations from mining to distribution, ensuring cost efficiency and quality control.

• Strategic diversification into high-value materials, including quartz grit and heavy mineral sands.

Risks & Concerns

• High reliance on export markets, exposing the company to global demand fluctuations.

• Volatility in raw material prices can affect margins and profitability.

• Intense competition in the natural stone segment may impact market share.

• Regulatory and environmental compliance risks may lead to additional costs.

• Foreign exchange fluctuations can influence export revenues.

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