Midwest Limited Sets IPO Price Band at Rs 1,014–1,065 to Raise Rs 451 Crore

Hyderabad, October 10, 2025 – Quartz processor Midwest Limited, India’s largest producer of Black Galaxy and Absolute Black granite, has fixed a price band of Rs 1,014–1,065 per share for its upcoming initial public offering (IPO) to raise Rs 451 crore.

With over four decades in the natural stone industry, the company has expanded beyond granite into quartz processing through its Phase I plant, catering to the engineered stone and solar glass segments. It is further diversifying into heavy mineral sands exploration (titanium feedstock yielding materials such as rutile and ilmenite) as well as the processing of rare earth elements (REEs). 

The IPO will open for subscription on October 15 and close on October 17, with the anchor book opening on October 14, and the shares proposed to list on October 24.

The IPO consists of a fresh issue of Rs 250 crore and an offer for sale of Rs 201 crore. From the fresh issue, Rs 130.3 crore will go towards Phase II expansion of its quartz facility under subsidiary Midwest Neostone, Rs 25.7 crore for electric dump trucks, and Rs 3.2 crore for solar energy integration at select mines. Additionally, Rs 56.2 crore will be used to repay borrowings, with the remainder earmarked for general corporate purposes. As of June 2025, consolidated borrowings stood at Rs 270.1 crore.

DAM Capital Advisors, Motilal Oswal Investment Advisors, and Intensive Fiscal Services are the book-running lead managers, and KFin Technologies is the registrar.

Midwest Limited operates 16 granite mines across Telangana and Andhra Pradesh, producing premium Black Galaxy—found exclusively in a single village in Andhra Pradesh—and Absolute Black granite, both widely used in global real estate projects. Between FY 2023 and FY 2025, the company recorded a CAGR of 11.63% in revenue, 38.47% in EBITDA, and 40.53% in PAT. For FY 2025, net profit rose 33% to Rs 133.3 crore, while revenue grew to Rs 626.2 crore.

 

 

  

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