Midwest IPO to Open on October 15, Check Price Band, Lot Size, and More

Telangana-based natural stone and quartz processor, Midwest, is gearing up for public debt with a ₹451 crore initial public offering (IPO). The company filed its red herring prospectus (RHP) on October 9, 2025. 

The Midwest IPO will remain open from October 15, 2025, until October 17, 2025, for subscription.

IPO Details

• Issue Structure: According to the RHP, the IPO is a book-building issue of ₹451 crore, consisting of a fresh issue of ₹250 crores and an offer for sale (OFS) of ₹201 crore worth of shares from promoters Mr Kollareddy Rama Raghava Reddy and Mr Guntaka Ravindra Reddy. 
• Price Band: The price band is set between ₹1,014 and ₹1,065 per share. 
• Lot Size: 14 shares per lot
• Minimum Investment: ₹14,196 per lot
• Allotment & Listing: The basis of allotment will be finalised by October 20, 2025, and tentative listing on BSE and NSE is October 24, 2025. 
• Book-running Lead Managers: DAM Capital Advisors Limited, Intensive Fiscal Services Private Limited, and Motilal Oswal Investment Advisors Limited are the book-running lead managers for the IPO. 
• Registrar: KFin Technologies Limited 
• Use of Proceeds: The net proceeds from the fresh issue will be used towards:
• Provide a loan to Midwest Neostone Private Limited (a wholly owned subsidiary) for funding the capital expenditure related to the Phase II expansion of its quartz grit and powder processing facility.
• To finance the purchase of electric dump trucks for operational use by the company, as well as extend a loan to Andhra Pradesh Granite (Midwest) Private Limited (a material subsidiary) for similar acquisitions.
• Invest in the installation and integration of solar energy systems across select mining sites. 
• Repay/prepay outstanding debt 
• General corporate purposes 

About the Company 

Midwest is India’s largest producer and exporter of Black Galaxy Granite (a premium granite variety known for its distinctive golden flakes) and Absolute Black Granite (a variety prized for its uniform, polished surface). 

Midwest’s core business centres on the extraction and processing of dimensional granite. Complementing its natural stone business, the company also manufactures diamond wire, widely used in mining and stone fabrication. 

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