Midwest Limited, engaged in the business of exploration, mining, processing, marketing, distribution, and export of natural stones, is planning to raise ₹451 Crore through an IPO.
[Fresh Issue ₹250 Cr + OFS ₹201 Cr]
Midwest ipo price is ₹1,014 – ₹1,065 per share
Midwest: History
The Company was originally incorporated as Midwest Granite Private Limited, a private limited company under the Companies Act, 1956, at Hyderabad, Andhra Pradesh, India, on December 11, 1991.
The Company was then converted into a public limited company under a special resolution passed by the shareholders on July 15, 2024, and its name was changed to Midwest Limited under a fresh certificate of incorporation issued by the RoC on August 28, 2024.
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Midwest: Business
Midwest Ltd. has a legacy spanning more than four decades in the dimensional natural stone industry, with experience in exploration, development, and operation of mines, as well as stone processing & fabrication, sales, distribution, and marketing of various types of natural stone.
The Company is India’s largest producer and exporter of Black Galaxy Granite and holds a share of 23 percent of the Indian export market for Black Galaxy Granite in FY 2024 (According to the CRISIL Report).
It is also one of the largest producers of Absolute Black Granite, accounting for a 10.8 percent share of the overall black granite production in India during FY 2024.
Black Galaxy Granite is a premium stone used in real estate projects for applications such as,
- countertops and vanities,
- bathroom walls and floors,
- cladding,
- flooring,
- fire places,
- swimming pools,
- and external (internal) aids in construction
Absolute Black Granite is used to make idols of deities, pillars, sculptures, lintels & plinths and has been extensively used in temples, monuments, and memorials, and is also used in modern architecture such as bathroom vanities, backsplashes, cladding, flooring, kitchen counters, windowsills, fireplaces, steps, building facades, and fountains.
Operational Mines
Currently, the company has 16 operational Granite Mines across 6 locations in the states of Andhra Pradesh and Telangana in India, producing Granite varieties such as Absolute Black, Black Galaxy, and Tan Brown.
Client List
The Company’s client includes –
- Quanzhou Xingguang Stone Co., Ltd. and the Xiamen Group (based in China);
- GI-MA STONE SRL (based in Italy);
- King Marble and Granite Co. Ltd., (based in Thailand);
- MP STENEKO AB (based in Sweden); and
- Anjanee Exports, Kodeyalam Stones, and Anjalee Granites Pvt Ltd (based in India).
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Strategies Ahead
- Capitalize on the growing market for Absolute Black Granite and Black Galaxy Granite.
- Expand Dimensional Stone products and enter new geographies.
- Diversify revenue through the production of Quartz grit and powder.
- Expand into heavy mineral sand mining.
- Growing and augmenting operations in the Diamond Wire Segment.
- Improve efficiency and sustainability of operations
Company Promoters
- Kollareddy Rama Raghava Reddy,
- Kollareddy Ramachandra,
- Kukreti Soumya,
- Uma Priyadarshini Kollareddy
IPO Details
Midwest IPO date = 15 – 17 Oct 2025
Minimum Amount = ₹14,910
Minimum Bid = 14 Shares
Face Value (FV) = ₹5
Listing On = NSE, BSE
Book Running Lead Managers
DAM Capital Advisors
Intensive Fiscal Services
Motilal Oswal Investment Advisors
Financial
CONCLUSION
FinBlab recommends ‘MAY SUBSCRIBE‘ ratings on Midwest IPO (keeping a long-term view in mind)
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