Midwest Limited IPO
Midwest Limited IPO
Price Band
₹1014 - ₹1065
Total Issue
₹451.00 Cr
Bid Dates
15 Oct - 17 Oct
Subscription
87.89x
Est. GMP
₹103 (9.67%)
Tentative Timetable
Business Overview
The company is engaged in the exploration, mining, processing, marketing, distribution, and export of natural stones, with a focus on sustainability. It is India’s largest producer and exporter of Black Galaxy Granite, a premium granite variety, accounting for approximately 64% of India’s Black Galaxy Granite exports in Fiscal 2025 (Source: CRISIL Report), with 44,992 cubic meters exported. The company is also the leading producer of Absolute Black Granite in India. Its production represented 15.7% of India’s total black granite output in Fiscal 2025, catering to strong global demand for both premium varietie
Lot Info
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 14 | ₹14,910 |
| Retail (Max) | 13 | 182 | ₹1,93,830 |
| S-HNI (Min) | 14 | 196 | ₹2,08,740 |
| S-HNI (Max) | 67 | 938 | ₹9,98,970 |
| B-HNI (Min) | 68 | 952 | ₹10,13,880 |
Category Reservation
Issue Size
Objects of Issue
- Funding capex by our wholly owned subsidiary, towards the “Phase II Quartz Processing Plant”)
- Capex for purchase of electric dump trucks
- Capex for integration of solar energy at certain Mines of our Company
- Pre-payment of, in part or full, certain outstanding borrowings of the Company and APGM
- General corporate purposes
Grey Market Premium
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 23 Oct | ₹103 (9.7%) | ₹1,168 |
| 22 Oct | ₹103 (9.7%) | ₹1,168 |
| 21 Oct | ₹100 (9.4%) | ₹1,165 |
| 20 Oct | ₹105 (9.9%) | ₹1,170 |
| 19 Oct | ₹101 (9.5%) | ₹1,166 |
| 18 Oct | ₹110 (10.3%) | ₹1,175 |
| 17 Oct | ₹110 (10.3%) | ₹1,175 |
| 16 Oct | ₹175.5 (16.5%) | ₹1,240.50 |
| 15 Oct | ₹175.5 (16.5%) | ₹1,240.50 |
| 14 Oct | ₹145 (13.6%) | ₹1,210 |
| 13 Oct | ₹0 (0%) | ₹1,065 |
| 12 Oct | ₹0 (0%) | ₹1,065 |
| 11 Oct | ₹0 (0%) | ₹1,065 |
| 10 Oct | ₹0 (0%) | ₹1,065 |
Midwest IPO Peer Comparison
(Rs. in crores)
| Particulars | Midwest | Pokarna |
|---|---|---|
| Revenue from Ops (in Crs.) | 626.18 | 930.13 |
| PAT (In Crs.) | 107.51 | 187.55 |
| EPS - Basic | 39.42 | 60.49 |
| NAV per share | 163.75 | 250.93 |
| RONW | 22.11 | 24.11 |
| EBITDA | 27.43% | 35.03% |
| PAT Margin | 17.17% | 20.16% |
| Price to earning (PE) | 27.02 | 12.73 |
| Debt to Equity | 0.43 | 0.42 |
.All information pertains to FY 2024-25.
Financial Performance
(Rs. in crores)
| Particulars | Jun-25 | Mar-25 | Mar-24 | Mar -23 |
|---|---|---|---|---|
| Revenue from Operations | 142.27 | 626.18 | 585.62 | 502.52 |
| Profit after Tax | 24.38 | 133.30 | 100.32 | 54.44 |
| Net Worth | 577.03 | 553.69 | 421.93 | 334.92 |
| Total Borrowing | 270.11 | 236.61 | 120.48 | 149.08 |
| Total Assets | 1,082.81 | 1,058.70 | 760.41 | 659.54 |
| NAV per share (in ₹) | 170.66 | 163.75 | 124.79 | 99.05 |
| EPS - Basic (in ₹) | 7.21 | 39.42 | 29.67 | 16.10 |
KPIs
EBITDA
27.43
PAT
17.17
ROE
19.42
ROCE
18.84
PE Ratio
27.02
PB Ratio
6.50
Mkt Cap (in Crs.)
3,851.02
All the data pertains to FY 2024-25.PE, PB, and market capitalization are calculated based on the Upper Price Band.
Shareholding
Promoter
95.83%
Public
4.17%
Management
Subscription Status
Updated as on 17-Oct-2025 19:00:00
| Category | Sub (x) | Offered | Bids |
|---|---|---|---|
| QIB | 146.91 | 8,45,071 | 12,41,48,388 |
| NII | 176.53 | 6,33,803 | 11,18,84,290 |
| bHNI | 201.72 | 4,22,535 | 8,52,34,128 |
| sHNI | 126.14 | 2,11,268 | 2,66,50,162 |
| Retail | 25.48 | 14,78,873 | 3,76,83,548 |
| Employee | 25.81 | 10,373 | 2,67,694 |
| Total | 92.31 | 29,68,120 | 27,39,83,920 |
Frequently Asked Questions
What is Midwest IPO?
When will Midwest IPO open?
What is the GMP of Midwest IPO?
What is the lot size of Midwest IPO?
When is the allotment of Midwest IPO?
What is the listing date of Midwest IPO?
What is the subscription of Midwest IPO?
What is the price band of Midwest IPO?
How to check allotment status of Midwest IPO?
How to apply Midwest IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Midwest IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Midwest IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Midwest IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date