Midwest IPO - Listing Performance & Details

Midwest Limited was incorporated in December 1981 and is headquartered in Hyderabad, Telangana. It works in the natural stone mining sector, engaged in the exploration, mining, processing, marketing, distribution and export of dimensional stones.

The company is India's largest producer and exporter of Black Galaxy Granite, holding about 64% of the country's export market for the stone in FY25, and also produces Absolute Black and Tan Brown granite varieties used in flooring, countertops, cladding and monuments. It operates 16 granite mines, 3 quartz mines and 1 marble mine across Telangana and Andhra Pradesh, with a broader resource base spanning Karnataka and Tamil Nadu, and has identified 25 additional resource locations for future development. It also manufactures diamond wire cutting tools at a facility in Hyderabad and has recently commenced quartz processing at Annangi Village, Andhra Pradesh. Its customers span 17 countries, with China accounting for a majority of export revenue. The promoters are Kollareddy Rama Raghava Reddy and Kollareddy Ramachandra.

Revenue from operations rose from Rs 502.52 crore in FY23 to Rs 585.62 crore in FY24 and Rs 626.18 crore in FY25, with profit after tax rising from Rs 54.44 crore in FY23 to Rs 100.32 crore in FY24 and Rs 133.30 crore in FY25, as per the RHP. The IPO was a mainboard book-built issue of Rs 451 crore on the NSE and BSE, comprising a fresh issue of Rs 250 crore and an offer for sale of Rs 201 crore by the promoters, priced at Rs 1,014-1,065 per share, and it listed on 24 October 2025. Net proceeds from the fresh issue were earmarked for capital expenditure by subsidiary Midwest Neostone Private Limited towards Phase II of its quartz grit and powder processing plant, purchase of electric dump trucks, integration of solar energy at certain mines, repayment or prepayment of certain borrowings, and general corporate purposes.