Data shown is for informational purposes only and does not constitute investment advice. TopFund is not SEBI-registered. Consult a SEBI-registered advisor before investing.
Midwest IPO
Price Band
₹1014.0–1065.0
Issue Size
₹451.1 Cr
Lot Size
14 shares
Min Investment
₹14,910
GMP
+₹100.0 (9.39%)
Issue Price
₹1065.0
Subject to Sauda
₹1100
Paid only if allotted
Midwest IPO AI Summary
- Midwest IPO is listed on BSE, NSE in the Granites & Marbles sector.
- Price band: ₹1014.0–₹1065.0 per share, lot size 14 shares (min. investment ₹14,910).
- Subscription window: 15 Oct–17 Oct 2025, listing on 24 Oct 2025.
- Current GMP is +₹100.0 (9.39%), an estimated listing price of ₹1165 — unofficial and can change daily.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Midwest IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 17 Oct 2025 — not a current signal.
Reviewers are split — see individual calls below.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Midwest IPO Grey Market Premium (GMP) Today
GMP
+₹100.0
GMP %
+9.39%
Est. Listing
₹1165.0
Updated: 25 Jul 2026 14:15
About the Company
Midwest Limited, incorporated in 1981, is engaged in the business of 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. Midwest Limited 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 Tan Brown. The company also has one granite processing facility in each of the states of Telangana and Andhra Pradesh, enabling large-scale processing and finishing of granite products. In addition to the operational mines, Midwest Limited has built a strong resource base comprising 25 locations across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu for future mining operations. Global Presence and Export Market Midwest Limited has established a strong global presence, exporting its products to 17 countries across five continents, with China, Italy, and Thailand being the primary export markets. The company's key customers include: MP STENEKO AB (Sweden), GI-MA STONE SRL (Italy), Quanzhou Xingguang Stone Co., Ltd. (China), The Xiamen Group (China), King Marble and Granite Co. Ltd. (Thailand) and more. Workforce As of June 30, 2025, Midwest Limited employed a total of 1,326 personnel, consisting of: 475 permanent employees 822 contract workers 29 consultants Resource Strength and Expansion Plans Apart from the current operational mines, Midwest Limited has identified 25 resource locations across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu, ensuring long-term sustainability.
Company Financials (₹ Cr)
As of 2025-06-30
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1,082.81 | 1,058.70 | 757.12 | 656.00 |
| Total Income | 146.47 | 643.14 | 603.33 | 522.23 |
| Profit After Tax | 24.38 | 133.30 | 100.32 | 54.44 |
| EBITDA | 38.97 | 171.78 | 151.44 | 89.59 |
| NET Worth | 577.03 | 553.69 | 421.93 | 334.92 |
| Reserves and Surplus | 625.60 | 602.26 | 484.86 | 408.88 |
| Total Borrowing | 270.11 | 236.61 | 120.48 | 149.08 |
Key Ratios
EPS
₹39.42
NAV
₹163.75
ROE
19.42%
ROCE
18.84%
RoNW
22.11%
P/B Value
6.50
P/E Ratio
27.01
Market Cap
₹3851.02 Cr
PAT Margin
17.17%
Debt/Equity
0.43
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Pokarna Ltd. | 250.93 | 24.11% | 12.73 | 60.49 | 60.49 |
| Midwest Limited This IPO | 163.75 | 22.11% | — | 39.42 | 39.42 |
Promoters
Kollareddy Rama Raghava Reddy, Kollareddy Ramachandra, Kukreti Soumya and Uma Priyadarshini Kollareddy
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Investment in Midwest Neostone, the wholly owned subsidiary, by way of a loan, towards funding capital expenditure for the Phase II Quartz Processing Plant 130.30 2 Capital expenditure for purchase of Electric Dump Trucks to be used by the Company and APGM, the Material Subsidiary 25.76 3 Capital expenditure for integration of solar energy at certain Mines of the Company 3.26 4 Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company and APGM 56.22 5 General Corporate Purposes 9.08 6 Issue Expenses 45.76 Total 270.37
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹522.23 Cr in the year ended 31 Mar 2023, increasing to ₹603.33 Cr by 31 Mar 2024, and further rising to ₹643.14 Cr by 31 Mar 2025. However, the most recent figure of ₹146.47 Cr as of 30 Jun 2025 is for a 9-month period, not a full year, so isn't directly comparable.
Profit Trend
Profit After Tax was ₹54.44 Cr in the year ended 31 Mar 2023, increasing to ₹100.32 Cr by 31 Mar 2024, and further rising to ₹133.30 Cr by 31 Mar 2025. The most recent figure of ₹24.38 Cr as of 30 Jun 2025 is also for a 9-month period, making it not directly comparable to prior full-year figures.
Valuation
Midwest Limited's implied P/E at the issue price of ₹1065.0 is approximately 27.01 times its earnings, while peers like Pokarna Ltd. are trading at a P/E of 12.73.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an unofficial indicator of the expected listing price of an IPO. It reflects the premium at which shares are traded in the grey market before they are officially listed on the stock exchange. A positive GMP suggests that the IPO is expected to list at a higher price than the issue price.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals, market conditions, and the company's growth potential.
Who May Want to Wait
Investors who are risk-averse or prefer stable, established companies may want to avoid IPOs like this, which can be subject to market fluctuations and uncertainties.
Listing Gains — The Risk
Listing gains can be unpredictable. While some IPOs may see a surge in price on the listing day, others may not perform as expected due to market conditions, investor sentiment, or company performance. It's important to consider these risks when investing in IPOs.
This evaluation is generated from Midwest's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Midwest IPO GMP today?
Midwest IPO GMP today is +₹100.0 (9.39%), indicating an estimated listing price of ₹1165. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Midwest IPO?
The price band of Midwest IPO is ₹1014.0–₹1065.0 per share.
When does Midwest IPO open and close?
Midwest IPO opens on 15 October 2025 and closes on 17 October 2025.
When does Midwest IPO list on the stock exchange?
Midwest IPO listed on 24 October 2025 at ₹1165.0.
What is the lot size for Midwest IPO?
The lot size for Midwest IPO is 14 shares, requiring a minimum investment of ₹14,910.
What is the price band for the Midwest IPO?
The price band for the Midwest IPO is ₹1014.0 to ₹1065.0.
What is the minimum investment required?
The minimum investment required is ₹14,910.
When does the IPO open and close?
The IPO opens on 15 October 2025 and closes on 17 October 2025.
What does GMP mean?
GMP stands for Grey Market Premium, indicating the expected listing price of an IPO based on unofficial trading.
When is the listing date for the IPO?
The listing date for the IPO is 24 October 2025.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
15 Oct 2025
Close
17 Oct 2025
Allotment
20 Oct 2025
Listing
24 Oct 2025
Similar IPOs in Granites & Marbles
Plan Your IPO Investment
Related Articles
Community Sentiment
What are other investors planning for Midwest?
No votes yet — be the first to share your view.
Sign in to voteDiscussion
User-generated content — not investment advice, and not verified or endorsed by TopFund.
No comments yet — start the discussion.