The initial public offer of Midwest received bids for 57,29,640 shares as against 31,17,460 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (15 October 2025). The issue was subscribed 1.84 times.
The issue opened for bidding on 15 October 2025 and it will close on 17 October 2025. The price band of the IPO is fixed between Rs 1,014 and 1,065 per share. An investor can bid for a minimum of 14 equity shares and in multiples thereof.
The IPO consists of a fresh issue of Rs 250 crore and offer for sale of Rs 201 crore.
The selling shareholders include Kollareddy Rama Raghava Reddy who will offload 1699531 equity shares at upper price band aggregating Rs 181 crore and Guntaka Ravindra Reddy will offload 187793 equity shares at upper price band aggregating Rs 20 crore.
Out of the proceeds from the fresh issue, Rs 130.2 crore will be used to make investment in Midwest Neostone, the company’s wholly owned subsidiary, by way of a loan, towards funding capital expenditure for the phase II quartz processing plant, Rs 25.76 crore towards purchase of electric dump trucks, Rs 3.2 crore towards integration of solar energy at certain mines of the company, Rs 56.2 crore towards prepayment of certain loans and the balance for general corporate purposes.
Midwest (ML) is engaged in the exploration, mining, processing, marketing, distribution, and export of natural stones. The company is a producer and exporter of black galaxy granite, a unique granite variety known for its sparkling golden flakes.
ML operates 16 granite mines across 6 locations in Telangana and Andhra Pradesh, producing a wide range of granite varieties, including: black galaxy, absolute black, and tanbrown.
During the quarter ended September 30, 2025, ML commenced operations in its quartz processing business through operating the phase I of its quartz processing plant, located at the APIIC Growth Center at Annangi Village, Prakasam District, Andhra Pradesh.
Ahead of the IPO, Midwest, on 14 October 2025, raised Rs 134.99 crore from anchor investors. The board allotted 12.67 lakh shares at Rs 1,065 each to 10 anchor investors.
The firm reported a consolidated net profit of Rs 23.21 crore and asales of Rs 142.27 crore for the three months ended on 30th June 2025.