Key IPO Details
- IPO Dates: October 15-17, 2025
- Price Band: ₹1,014 to ₹1,065 per share
- Issue Size: ₹451 crore
- Listing Date: October 24, 2025
Midwest Ltd, a leading quartz processor, is set to launch its ₹451 crore initial public offering on October 15, 2025. The company has fixed a price band of ₹1,014 to ₹1,065 per share for the public issue.
IPO Structure and Timeline
The anchor book will open a day earlier on October 14, with the main IPO running until October 17. Investors can expect the shares to list on stock exchanges by October 24.
Fund Allocation Breakdown
The IPO comprises a fresh issue of ₹250 crore and an offer for sale (OFS) of ₹201 crore. The company has outlined clear plans for utilizing the fresh funds:
- ₹130.3 crore for expanding Phase II of its quartz facility at subsidiary Midwest Neostone
- ₹25.7 crore for purchasing electric dump trucks
- ₹3.2 crore for solar energy integration in selected mines
- ₹56.2 crore for debt repayment
The remaining amount will be allocated for general corporate purposes. As of June 2025, the company’s consolidated debt stood at ₹270.1 crore.
About Midwest Ltd
With nearly 40 years of experience, Midwest Ltd is India’s largest producer of Black Galaxy and Absolute Black granite. The company has successfully diversified from granite into quartz processing, currently supplying engineered stone and solar glass from its Phase I plant.
Looking ahead, Midwest is expanding into heavy mineral sands exploration, focusing on titanium feedstock (rutile and ilmenite). The company also plans to begin processing rare earth elements (REEs) in the near future, positioning itself for growth in critical minerals.
