31 Mar 2023
Assets656.00
Total Income522.23
EBITDA89.59
Profit After Tax54.44
NET Worth334.92
Reserves and Surplus408.88
Total Borrowing149.08
At a glance
Updated 2026-08-24Midwest was incorporated in 1981 and operates in the Granites & MarblesIncorporated1981Midwest Limited, segment. The shares listed at ₹1,165.00, a 9.39% move from the issue price. Midwest is a Mainboard IPO with an issue size of ₹451.10 crore, proposed for listing on BSE, NSE. The offer opens on 15th Oct 2025 and closes on 17th Oct 2025. The issue structure includes a fresh issue of ₹250.10 crore and an offer-for-sale component of ₹201.00 crore. The current listing schedule points to 24th Oct 2025.
Issue details
Listing atBSE, NSE
Issue typeBook Build Issue
Issue size₹451.10 Cr
Fresh issue₹250.10 Cr
Offer for sale₹201.00 Cr
Face value₹5
Price band₹1,014.00–₹1,065.00
Allotment20th Oct 2025
Listing24th Oct 2025
Listing performance
Full performance ↗Issue price₹1,065.00
Listing price₹1,165.00
Current price—
Listing gain9.39%
Current return—
Price progressionIssue → Listing → Current
Grey market
GMP page ↗Latest GMP₹100.00
GMP / upper price9.39%
Est. listing₹1,165.00
GMP is unofficial sentiment data, not an exchange price.
Timeline
Opens15th Oct 2025
Closes17th Oct 2025
Allotment20th Oct 2025
Refund23rd Oct 2025
Demat23rd Oct 2025
Listing24th Oct 2025
Subscription demand
Full bidding ↗Total92.36×
Lot size
| Investor | Lots | Shares | Amount |
|---|---|---|---|
| Minimum Bid | 1 | 14 | ₹14,910 |
Company
SectorGranites & MarblesIncorporated1981Midwest Limited,
Incorporated1981
Use of proceeds
| Object | Amount |
|---|---|
| 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 Cr |
| Capital expenditure for purchase of Electric Dump Trucks to be used by the Company and APGM, the Material Subsidiary | ₹25.76 Cr |
| Capital expenditure for integration of solar energy at certain Mines of the Company | ₹3.26 Cr |
| Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company and APGM | ₹56.22 Cr |
| General Corporate Purposes | ₹9.08 Cr |
| Issue Expenses | ₹45.76 Cr |
| Total | ₹270.37 Cr |
Financials
Full financials ↗31 Mar 2024
Assets757.12
Total Income603.33
EBITDA151.44
Profit After Tax100.32
NET Worth421.93
Reserves and Surplus484.86
Total Borrowing120.48
31 Mar 2025
Assets1,058.70
Total Income643.14
EBITDA171.78
Profit After Tax133.30
NET Worth553.69
Reserves and Surplus602.26
Total Borrowing236.61
30 Jun 2025
Assets1,082.81
Total Income146.47
EBITDA38.97
Profit After Tax24.38
NET Worth577.03
Reserves and Surplus625.60
Total Borrowing270.11
Trend chart₹ crore
KPIs
| KPI | 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 | 130.3 |
| 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 |
Valuation & shareholding
Pre-IPO EPS39.42
Post-IPO EPS26.97
Pre-IPO P/E27.01
Post-IPO P/E39.49
Promoter holding pre88.07%
Promoter holding post77.13%
Market cap₹3851.02 Cr.
Issue expenses
| Expense | Amount |
|---|---|
| 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 Cr |
| Capital expenditure for purchase of Electric Dump Trucks to be used by the Company and APGM, the Material Subsidiary | ₹25.76 Cr |
| Capital expenditure for integration of solar energy at certain Mines of the Company | ₹3.26 Cr |
| Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company and APGM | ₹56.22 Cr |
| General Corporate Purposes | ₹9.08 Cr |
| Issue Expenses | ₹45.76 Cr |
| Total | ₹270.37 Cr |
Registrar & lead managers
Registrar
Kfin Technologies Ltd.Lead managers
- Motilal Oswal Investment Advisors...
Offer documents
Data is reconciled from multiple public IPO sources. Official exchange filings and offer documents remain the source of truth. Last verified 2026-08-24.