Midwest IPO to open on October 15: Check price band, lot size, issue mix & more
The Midwest IPO is set to open for subscription from Wednesday, 15 October, and close on Friday, 17 October.
- Oct 10, 2025,
- Updated Oct 10, 2025 11:41 AM IST
The Midwest IPO, with a price band of Rs1,014 to Rs1,065 per equity share of face value Rs 5, is set to open for subscription from Wednesday, 15 October, and close on Friday, 17 October. The lot size is 14 equity shares, and subsequent bids must be in multiples of 14 shares. The total issue size, after revision, is Rs 451 crore, comprising Rs 250 crore as fresh issue and Rs 201 crore as offer-for-sale.
Anchor investor allocation is scheduled for 14 October. The lead managers are DAM Capital Advisors, Intensive Fiscal Services, and Motilal Oswal Investment Advisors, with Kfin Technologies Ltd as the registrar. Reservations are set at not more than 50% for QIBs, not less than 15% for NIIs, not less than 35% for retail, and an employee portion aggregating up to Rs1 crore. Allotment will be finalised on 20 October, refunds initiated on 23 October, shares credited same day, and listing is anticipated on 24 October at BSE and NSE.
Midwest aims to raise Rs 250 crore through a fresh issue of shares. Promoters Kollareddy Rama Raghava Reddy and Guntaka Ravindra Reddy will offer shares worth up to Rs 201 crore via the offer-for-sale route. The IPO size was reduced from Rs 650 crore to Rs 451 crore, with the OFS component adjusted from Rs 400 crore to Rs 201 crore. Proceeds from the OFS will go to selling shareholders.
The promoters currently hold 95.83% of Midwest, while SVADHA India Emerging Opportunities Scheme 1 owns the remaining 4.17%. SVADHA India acquired 14.08 lakh shares for Rs 100 crore at Rs 709.80 per share on 28 September 2024.
Midwest is a major player in the natural stone sector, known as India’s largest Black Galaxy Granite and Absolute Black Granite producer. The company operates 16 granite mines across six sites in Telangana and Andhra Pradesh, extracting premium varieties including Black Galaxy, Absolute Black, and Tan Brown, and has granite processing facilities in both states.
With over 40 years in the industry, Midwest has diversified into quartz processing with its Phase I plant, targeting engineered stone and solar glass segments. The company is also expanding into heavy mineral sands exploration, focusing on titanium feedstock such as rutile and ilmenite, as well as rare earth element (REE) processing.
The IPO allocation process reserves up to 50% for qualified institutional buyers, at least 15% for non-institutional investors, and at least 35% for retail investors. The employee reservation aggregates up to Rs1 crore.
The Midwest IPO, with a price band of Rs1,014 to Rs1,065 per equity share of face value Rs 5, is set to open for subscription from Wednesday, 15 October, and close on Friday, 17 October. The lot size is 14 equity shares, and subsequent bids must be in multiples of 14 shares. The total issue size, after revision, is Rs 451 crore, comprising Rs 250 crore as fresh issue and Rs 201 crore as offer-for-sale.
Anchor investor allocation is scheduled for 14 October. The lead managers are DAM Capital Advisors, Intensive Fiscal Services, and Motilal Oswal Investment Advisors, with Kfin Technologies Ltd as the registrar. Reservations are set at not more than 50% for QIBs, not less than 15% for NIIs, not less than 35% for retail, and an employee portion aggregating up to Rs1 crore. Allotment will be finalised on 20 October, refunds initiated on 23 October, shares credited same day, and listing is anticipated on 24 October at BSE and NSE.
Midwest aims to raise Rs 250 crore through a fresh issue of shares. Promoters Kollareddy Rama Raghava Reddy and Guntaka Ravindra Reddy will offer shares worth up to Rs 201 crore via the offer-for-sale route. The IPO size was reduced from Rs 650 crore to Rs 451 crore, with the OFS component adjusted from Rs 400 crore to Rs 201 crore. Proceeds from the OFS will go to selling shareholders.
The promoters currently hold 95.83% of Midwest, while SVADHA India Emerging Opportunities Scheme 1 owns the remaining 4.17%. SVADHA India acquired 14.08 lakh shares for Rs 100 crore at Rs 709.80 per share on 28 September 2024.
Midwest is a major player in the natural stone sector, known as India’s largest Black Galaxy Granite and Absolute Black Granite producer. The company operates 16 granite mines across six sites in Telangana and Andhra Pradesh, extracting premium varieties including Black Galaxy, Absolute Black, and Tan Brown, and has granite processing facilities in both states.
With over 40 years in the industry, Midwest has diversified into quartz processing with its Phase I plant, targeting engineered stone and solar glass segments. The company is also expanding into heavy mineral sands exploration, focusing on titanium feedstock such as rutile and ilmenite, as well as rare earth element (REE) processing.
The IPO allocation process reserves up to 50% for qualified institutional buyers, at least 15% for non-institutional investors, and at least 35% for retail investors. The employee reservation aggregates up to Rs1 crore.