Midwest sets IPO price band at Rs 1,014–1,065 per share

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Quartz processor Midwest Ltd, India’s largest producer of Black Galaxy and Absolute Black granite, has fixed a price band of Rs 1,014–1,065 a share for its upcoming initial public offering (IPO). The issue will open for public subscription on October 15 and close on October 17.

The anchor book will open on October 14, followed by the basis of allotment on October 20. Refunds and equity share allotments will be initiated on October 23, with the company’s shares slated to list on exchanges on October 24.

The Rs 451-crore IPO comprises a fresh issue worth Rs 250 crore and an offer for sale of up to Rs 201 crore by existing promoters and shareholders.

Midwest plans to allocate Rs 130.3 crore from the fresh issue towards capital expenditure by its subsidiary, Midwest Neostone, for Phase II of its quartz processing plant.

Another Rs 25.7 crore will be used for the purchase of electric dump trucks, while Rs 3.2 crore will fund solar energy integration at select mines. Additionally, Rs 56.2 crore will go towards repaying borrowings, with the balance set aside for general corporate purposes. As of June 2025, the company’s consolidated borrowings stood at Rs 270.1 crore.

With 16 operational granite mines across Telangana and Andhra Pradesh, Midwest produces premium-grade Black Galaxy and Absolute Black granite—the former being found exclusively in a single village in Andhra Pradesh and prized in global real estate projects.

Backed by over four decades of experience in the natural stone industry, Midwest has expanded into Quartz processing, catering to the Engineered Stone and Solar Glass sectors through its operational Phase I plant. The company is also foraying into heavy mineral sand extraction and processing, including titanium feedstock materials such as rutile and ilmenite, and the processing of rare earth elements.

For the year ended March 2025, Midwest reported a net profit of Rs 133.3 crore, up 33 percent from Rs 100.3 crore in the previous year. Revenue during the same period rose 7 percent to Rs 626.2 crore, compared to Rs 585.6 crore a year earlier.

The IPO is being managed by DAM Capital Advisors, Intensive Fiscal Services, and Motilal Oswal Investment Advisors.