Upcoming IPO: Telangana-based Midwest Ltd has set a price band of ₹1,014– ₹1,065 per share for its ₹451-crore initial public offering (IPO), which will open for subscription from October 15 to 17, with the anchor book launching on October 14, the company announced on Friday.

The IPO comprises a fresh issue worth ₹250 crore and an offer-for-sale (OFS) of ₹201 crore. The minimum amount of investment required by an retail is ₹14,910, based on upper price.

From the fresh issue proceeds, ₹130.3 crore will be allocated for Phase II expansion of its quartz facility under Midwest Neostone, ₹25.7 crore for electric dump trucks, and ₹3.2 crore for solar energy integration at select mining sites. Additionally, ₹56.2 crore will be used to repay debt, with the balance earmarked for general corporate purposes.

The allotment for the Midwest IPO is expected to be finalized on October 20 and the IPO will list on BSE, NSE with a tentative listing date fixed as October 24.

DAM Capital Advisors, Motilal Oswal Investment Advisors, and Intensive Fiscal Services are the book-running lead managers, while KFin Technologies serves as the registrar.

Midwest IPO GMP today

The shares of Midwest IPO are currently not trading in the unlisted market. This means that the shares of Midwest IPO are available are the premium of ₹0 in the grey market, as per investorgain.

About Midwest

As of June 2025, Midwest’s total borrowings stood at ₹270.1 crore. For FY 2025, Midwest reported a net profit of ₹133.3 crore on revenue of ₹626.2 crore.

With over 40 years of experience in the natural stone industry, the company has expanded from granite into quartz processing through its Phase I facility, catering to the engineered stone and solar glass markets. It is also branching into heavy mineral sands exploration and rare earth element processing.

The company operates 16 granite mines across Telangana and Andhra Pradesh, producing high-value varieties such as Black Galaxy, found only in a single Andhra Pradesh village, and Absolute Black, both popular in global construction projects.

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