Midwest IPO opens today: Should you subscribe to this issue?
Midwest is selling its shares in the price band of Rs 1,014-1,065 apiece, which could be applied for a minimum of 14 shares and its multiples to raise Rs 451 crore between October 15-17.
- Oct 15, 2025,
- Updated Oct 15, 2025 12:45 PM IST
The initial public offering (IPO) of Midwest opens for bidding on Wednesday, October 15 and the issue will close for bidding on Friday, October 17. The industrial solutions company shall be offering its shares in the range of Rs 1,014-1,065 apiece for which bids can be made for a minimum of 14 equity shares and its multiples thereafter.
Midwest is looking to raise a total of Rs 451 crore via IPO, which includes a fresh share sale of Rs 250 crore and an offer-for-sale (OFS) of up to Rs 201 crore. The net proceeds from the issue shall be utilized towards funding capex for the company and its subsidiary, repayment of loans and general corporate purposes.
Incorporated in 1981, Hyderabad-Midwest is engaged in the business of exploration, mining, processing, marketing, distribution, and export of natural stones. It is a producer and exporter of Black Galaxy Granite, a unique granite variety known for its sparkling golden flakes. Midwest operates 16 granite mines across 6 locations in Telangana and Andhra Pradesh
Ahead of its IPO, Midwest raised a total of Rs 135 crore from nine anchor investors as it allocated 12,67,605 equity shares at Rs 1,065 apiece. Its anchor book includes names like Goldman Sachs Axis Mutual Fund, ABSL Umbrella Ucits Funds, Sun Life Aditya Birla India Fund, Kotak Mahindra AMC, Edelweiss MF, ITI Mutual Fund, Edelweiss Life Insurance Company, and Swadha India more.
Midwest reported a net profit of Rs 24.38 crore with a revenue of Rs 146.47 crore for the quarter ended on June 30, 2025. The company clocked a net profit of Rs 133.30 crore with a revenue of Rs 643.14 crore for the year 2024-25. Midwest shall commande a market capitalization of Rs 3,850 crore. It commanded a grey market premium of Rs 145 apiece, hinting at 14 per cent gains.
The company has reserved shares worth Rs 1 crore for its eligible employees, who will get a discount of Rs 101 per share. Of the net issue, 50 per cent shares are reserved for qualified institutional bidders, while non-institutional investors (NIIs) will be reserved for 15 per cent. Retail investors will have 35 per cent allocation in the IPO.
Dam Capital Advisors, Intensive Fiscal Services and Motilal Oswal Investment Advisors are the book running lead managers and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Friday, October 24. Here's what a analysts say about the IPO of Midwest:
BP Equities Rating: Subscribe On the financial front, Midwest has delivered healthy CAGR growth over FY23–25. The future outlook appears strong, with Midwest poised to leverage industry growth, premium product positioning, and planned expansion projects, said Midwest. The company is valued at a P/E multiple of 27 times FY25 earnings. We, thus, recommend a 'subscribe' rating for this issue," it said.
Arihant Capital Markets Rating: Avoid Midwest holds a dominant position in the Black Galaxy Granite segment, enjoying strong pricing power through its extensive mining presence in Telangana and Andhra Pradesh. It has also identified 25 new mining prospects to sustain long term growth. Its market leadership, diversification strategy, and consistent performance position it well for sustainable long term growth, said Arihant Capital.
"Beyond its core granite business, ML is diversifying into Quartz and Diamond Wire manufacturing, leveraging its mining expertise and strengthening value chain integration. Increased R&D focus supports this transition toward higher-margin, technology-led segments. Despite market leadership in a segment we recommend to 'avoid' for Midwest, as the issue looks significantly overvalued, relative to its peers," it said.
Ventura Securities Rating: Subscribe Midwest operates a well-established global distribution network, serving markets in North America, South America, Europe, Africa, and Asia. With an increasing share of its revenue coming from international markets, Midwest is poised for further expansion in the global natural stone market, said Ventura Securities.
"In FY25, the company registered impressive growth in the granite sales volume, reaching 108,892 cubic meters compared to 91,875 cubic meters in FY23. Midwest continues to innovate and capture growing demand, maintaining its leadership in the granite and processed stone sectors," it said.
SBI Securities Rating: Neutral Midwest is India’s largest producer and exporter of Black Galaxy Granite. It has reported strong revenue, Ebitda and Adjusted PAT CAGR of 11.6 per cent, 38.5 per cent and 40.5 per cent to Rs 626 crore, Rs 172 crore and Rs 108 crore, respectively between FY23-25. The IPO is valued at FY25 P/E and EV/EBITDA multiple of 35.8 times and 22.4 times respectively, said SBI Securities.
"Despite being a capital-intensive business, the company generates RoE/RoCE of 17.4 per cent/19.1 per cent respectively. However, while comparing with peer, the issue is valued at a premium. We maintain a 'neutral' view on the issue and would like to monitor the performance of the company post listing," it added.
Aditya Birla Money Rating: Subscribe for long-term The issue is valued at a P/E of 30 times, which seems to be priced aggressively. However, the company’s diversification into quartz and HMS segments positions it to tap into high-growth industries such as solar glass, electric vehicles (EVs), aerospace, and semiconductors, said Aditya Birla Capital.
"This strategic shift aligns well with India’s push for self-reliance and comes at a pivotal time amid global supply chain disruptions. We believe these new verticals will make a meaningful contribution to the company’s revenue and enhance profitability over time. We recommend 'subscribe for long-term to the issue," it added.
The initial public offering (IPO) of Midwest opens for bidding on Wednesday, October 15 and the issue will close for bidding on Friday, October 17. The industrial solutions company shall be offering its shares in the range of Rs 1,014-1,065 apiece for which bids can be made for a minimum of 14 equity shares and its multiples thereafter.
Midwest is looking to raise a total of Rs 451 crore via IPO, which includes a fresh share sale of Rs 250 crore and an offer-for-sale (OFS) of up to Rs 201 crore. The net proceeds from the issue shall be utilized towards funding capex for the company and its subsidiary, repayment of loans and general corporate purposes.
Incorporated in 1981, Hyderabad-Midwest is engaged in the business of exploration, mining, processing, marketing, distribution, and export of natural stones. It is a producer and exporter of Black Galaxy Granite, a unique granite variety known for its sparkling golden flakes. Midwest operates 16 granite mines across 6 locations in Telangana and Andhra Pradesh
Ahead of its IPO, Midwest raised a total of Rs 135 crore from nine anchor investors as it allocated 12,67,605 equity shares at Rs 1,065 apiece. Its anchor book includes names like Goldman Sachs Axis Mutual Fund, ABSL Umbrella Ucits Funds, Sun Life Aditya Birla India Fund, Kotak Mahindra AMC, Edelweiss MF, ITI Mutual Fund, Edelweiss Life Insurance Company, and Swadha India more.
Midwest reported a net profit of Rs 24.38 crore with a revenue of Rs 146.47 crore for the quarter ended on June 30, 2025. The company clocked a net profit of Rs 133.30 crore with a revenue of Rs 643.14 crore for the year 2024-25. Midwest shall commande a market capitalization of Rs 3,850 crore. It commanded a grey market premium of Rs 145 apiece, hinting at 14 per cent gains.
The company has reserved shares worth Rs 1 crore for its eligible employees, who will get a discount of Rs 101 per share. Of the net issue, 50 per cent shares are reserved for qualified institutional bidders, while non-institutional investors (NIIs) will be reserved for 15 per cent. Retail investors will have 35 per cent allocation in the IPO.
Dam Capital Advisors, Intensive Fiscal Services and Motilal Oswal Investment Advisors are the book running lead managers and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Friday, October 24. Here's what a analysts say about the IPO of Midwest:
BP Equities Rating: Subscribe On the financial front, Midwest has delivered healthy CAGR growth over FY23–25. The future outlook appears strong, with Midwest poised to leverage industry growth, premium product positioning, and planned expansion projects, said Midwest. The company is valued at a P/E multiple of 27 times FY25 earnings. We, thus, recommend a 'subscribe' rating for this issue," it said.
Arihant Capital Markets Rating: Avoid Midwest holds a dominant position in the Black Galaxy Granite segment, enjoying strong pricing power through its extensive mining presence in Telangana and Andhra Pradesh. It has also identified 25 new mining prospects to sustain long term growth. Its market leadership, diversification strategy, and consistent performance position it well for sustainable long term growth, said Arihant Capital.
"Beyond its core granite business, ML is diversifying into Quartz and Diamond Wire manufacturing, leveraging its mining expertise and strengthening value chain integration. Increased R&D focus supports this transition toward higher-margin, technology-led segments. Despite market leadership in a segment we recommend to 'avoid' for Midwest, as the issue looks significantly overvalued, relative to its peers," it said.
Ventura Securities Rating: Subscribe Midwest operates a well-established global distribution network, serving markets in North America, South America, Europe, Africa, and Asia. With an increasing share of its revenue coming from international markets, Midwest is poised for further expansion in the global natural stone market, said Ventura Securities.
"In FY25, the company registered impressive growth in the granite sales volume, reaching 108,892 cubic meters compared to 91,875 cubic meters in FY23. Midwest continues to innovate and capture growing demand, maintaining its leadership in the granite and processed stone sectors," it said.
SBI Securities Rating: Neutral Midwest is India’s largest producer and exporter of Black Galaxy Granite. It has reported strong revenue, Ebitda and Adjusted PAT CAGR of 11.6 per cent, 38.5 per cent and 40.5 per cent to Rs 626 crore, Rs 172 crore and Rs 108 crore, respectively between FY23-25. The IPO is valued at FY25 P/E and EV/EBITDA multiple of 35.8 times and 22.4 times respectively, said SBI Securities.
"Despite being a capital-intensive business, the company generates RoE/RoCE of 17.4 per cent/19.1 per cent respectively. However, while comparing with peer, the issue is valued at a premium. We maintain a 'neutral' view on the issue and would like to monitor the performance of the company post listing," it added.
Aditya Birla Money Rating: Subscribe for long-term The issue is valued at a P/E of 30 times, which seems to be priced aggressively. However, the company’s diversification into quartz and HMS segments positions it to tap into high-growth industries such as solar glass, electric vehicles (EVs), aerospace, and semiconductors, said Aditya Birla Capital.
"This strategic shift aligns well with India’s push for self-reliance and comes at a pivotal time amid global supply chain disruptions. We believe these new verticals will make a meaningful contribution to the company’s revenue and enhance profitability over time. We recommend 'subscribe for long-term to the issue," it added.