The Midwest IPO has become one of the most talked-about mainboard offerings in October 2025. With a strong global footprint in granite and quartz exports, the company has captured investor attention due to its dominance in the Black Galaxy Granite segment and rapid growth across 17 international markets. The IPO’s robust anchor participation and improving GMP trend signal growing investor confidence. However, some analysts remain cautious due to the company’s rich valuation.
About the Company
Midwest Limited, headquartered in Hyderabad, is a leading natural stone processing and export company specializing in premium granites such as Black Galaxy and Absolute Black.
The company operates 16 mines across Telangana and Andhra Pradesh, commanding approximately 64% of India’s Black Galaxy Granite export market.
Its clientele spans 17 countries, including China, Italy, Sweden, and the U.S.
Midwest has also ventured into quartz processing — having launched Phase I of its quartz plant and planning Phase II expansion using IPO proceeds.
As of June 2025, the company employed 1,326 people, highlighting its scale and operational depth.
Midwest IPO Details
| Parameter | Details |
|---|---|
| Issue Type | Book-built Mainboard IPO |
| Issue Size | ₹451 crore (Fresh Issue ₹250 crore + OFS ₹201 crore) |
| Face Value | ₹5 per share |
| Price Band | ₹1,014 – ₹1,065 per share |
| Lot Size | 14 shares |
| Minimum Investment (Retail) | ₹14,910 (1 lot at upper band) |
| Retail Quota | 35% |
| QIB Quota | 50% |
| NII Quota | 15% |
| Employee Discount | ₹101 per share |
| Registrar | Kfin Technologies Ltd. |
| Lead Managers | DAM Capital, Intensive Fiscal, Motilal Oswal |
| Anchor Investors | Goldman Sachs, Axis MF, Edelweiss MF (₹135 crore raised on Oct 14, 2025) |
IPO Timeline
| Event | Date |
|---|---|
| Issue Opens | October 15, 2025 |
| Issue Closes | October 17, 2025 |
| Allotment Finalization | October 20, 2025 |
| Credit to Demat | October 23, 2025 |
| Listing Date | October 24, 2025 |
| Exchange | BSE & NSE |
Midwest IPO GMP Today (October 16, 2025)
The Grey Market Premium (GMP) for Midwest IPO shows an upward trend, reflecting positive sentiment among retail and HNI investors.
| Date | GMP (₹) | Trend |
|---|---|---|
| October 11, 2025 | ₹21 | Initial trades |
| October 15, 2025 | ₹145 | Rising interest |
| October 16, 2025 | ₹175 | Strong uptrend |
Estimated Listing Price: ₹1,065 (upper band) + ₹175 = ₹1,240
Expected Listing Gain: ~16.4%
Kostak Rate: ₹1,300 per application
Subject to Sauda: Not available yet
👉 Note: GMP is unofficial and subject to high volatility. Listing gains depend on market demand and subscription strength.
Financial Summary (Consolidated)
| Year | Revenue (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) | EPS (₹) |
|---|---|---|---|---|
| FY23 | 500 | 85 | 65 | — |
| FY24 | 600 | 140 | 100 | — |
| FY25 | 626 | 172 | 133 | 26.9 |
| Q1 FY26 | 153 | — | 35 | — |
Key Highlights:
- Revenue grew at a CAGR of 11.6% (FY23–FY25).
- PAT rose by 40.5% CAGR, driven by better margins and operational efficiency.
- FY25 EBITDA margin: ~27%.
- Debt: ₹270 crore; D/E ratio: 0.43 (moderate leverage).
- Post-IPO market cap: ~₹3,851 crore.
Valuation:
At the upper band of ₹1,065, Midwest trades at a P/E of 35.8x and EV/EBITDA of 22.4x, which is significantly higher than peers such as Pokarna Ltd. (12.7x P/E) — indicating a premium valuation.
Strengths and Risks
Key Strengths
- Market Leadership: 64% share in India’s Black Galaxy Granite exports.
- Global Presence: Exports to 17 countries across Europe, Asia, and North America.
- Diversification: Expansion into quartz manufacturing (Phase I operational, Phase II planned).
- Integrated Operations: End-to-end control from mining to export.
- Efficient Margins: Consistent EBITDA growth and rising profits.
Key Risks
- High Valuation: Premium pricing vs peers may limit listing gains.
- Export Dependence: 64% of revenue from exports; unhedged FX exposure of ₹153 crore.
- Client Concentration: Top 10 customers contribute ~50% of revenue.
- Debt & Expansion Risks: Ongoing capex could affect short-term cash flow.
- Regulatory Approvals: Mining and environmental clearances required for expansions.
Expert Review
Analysts hold mixed views on Midwest IPO:
- BP Equities: Positive — “Strong profit growth and diversified operations justify partial premium.”
- SBI Securities: Neutral — “Good fundamentals but high valuation; better entry post-listing.”
- Arihant Capital: Avoid — “Overvalued at 39.5x P/E; limited listing upside.”
EstiMarket View:
Midwest offers a solid export-based business with a strong growth story but comes with valuation concerns. For investors seeking medium-term exposure in the infrastructure and natural stone space, it’s a “Selective Subscribe”. Short-term traders should track subscription data and market sentiment closely.
Allotment Details
The basis of allotment will be finalized on October 20, 2025. Investors can check their status via:
- Kfin Technologies
- BSE India
- Broker Platforms: Zerodha, Groww, Upstox
Refunds and share credits will occur on October 23, 2025.
Listing Details
| Parameter | Details |
|---|---|
| Listing Date | October 24, 2025 |
| Exchange | BSE & NSE |
| Expected Listing Price | ₹1,240 |
| Expected Gain | ~16.4% |
FAQs
1. What is the GMP of Midwest IPO today?
As of October 16, 2025, the GMP is ₹175 per share — indicating moderate listing gain potential.
2. What is the issue size and price band of Midwest IPO?
₹451 crore issue size with a price band of ₹1,014–₹1,065 per share.
3. When will Midwest IPO allotment be announced?
Allotment finalizes on October 20, 2025, and shares will credit by October 23, 2025.
4. When will Midwest IPO list on exchanges?
The IPO will list on October 24, 2025, on both BSE and NSE.
5. Is Midwest IPO good for the long term?
Yes, for medium- to long-term investors bullish on export-driven manufacturing, but valuation is on the higher side.
6. Who is the registrar for Midwest IPO?
Kfin Technologies Ltd.
Conclusion
The Midwest IPO combines a dominant position in the premium granite export market with ambitious expansion into quartz processing. While the company’s fundamentals are strong and global demand for natural stones is rising, its valuation remains expensive compared to listed peers.
Verdict: Selective Subscribe — suitable for medium-term investors seeking exposure to the building materials export sector.
