Midwest Natural Stones' ₹451 crore IPO opened on October 15. It includes fresh shares and an offer for sale. The company operates in black galaxy granite mining and processing and exports to 17 countries. Funds raised from the IPO will be used for plant expansion, electric truck purchases, debt reduction, and corporate purposes.
Midwest IPO: Midwest Natural Stones' ₹451 crore IPO opened for subscription on October 15 and will remain open until October 17. The IPO includes fresh shares and an offer for sale at a price band of ₹1014–₹1065. The company is active in the business of mining, processing, and exporting Black Galaxy Granite, with processing facilities in Telangana and Andhra Pradesh, and products sent to 17 countries. Funds raised from the IPO will be utilized for plant expansion, electric truck purchases, solar integration, and debt reduction.
IPO Listing
The IPO opened on October 15, 2025, and will close on October 17, 2025. Share allotment will be finalized on October 20. The shares are likely to be listed on both BSE and NSE platforms on October 24. This date is important for investors as the listing price and initial trading can provide an estimate of immediate gains.
Prior to the IPO, the company raised approximately ₹135 crore from 10 anchor investors. A total of 12,67,605 shares were issued to these investors at a price of ₹1065. The participation of anchor investors often signals confidence to other investors.
Grey Market Premium (GMP)
In the grey market, shares of this IPO are trading at a premium of ₹145, or approximately 13.62%, above the upper end of the price band. Experts believe that investment decisions should not be based solely on the Grey Market Premium. It is important to consider the company's fundamentals, financial position, and growth prospects.
Share Allocation and Registrar
Under the IPO, fresh shares worth ₹250 crore will be issued. Additionally, promoters will sell a portion of their stake through an Offer for Sale window for 18,87,323 shares. The company's registrar is KFintech. After allotment, investors can check the status of their shares on the registrar's website or BSE's site.
The proceeds from the Offer for Sale will go directly to the promoters. The funds raised from fresh shares will be used for capital expenditure for the second phase of Midwest Neostone's quartz processing plant (₹127.05 crore), purchase of electric dump trucks (₹25.76 crore), solar energy integration (₹3.26 crore), and debt reduction (₹53.8 crore). The remaining amount will be spent on general corporate purposes.
Company Introduction and Expansion
Midwest Natural Stones was established in 1981. The company is a leader in the production and trade of Black Galaxy Granite, globally renowned for its golden flecks. The company has one granite processing facility each in Telangana and Andhra Pradesh. Its resource base is spread across 25 locations in Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu.
Exports and Business Performance
Midwest's products are exported to 17 countries, with China, Italy, and Thailand being prominent markets. In FY 2023-25, the company's net profit grew at a CAGR of 56.48% to ₹133.30 crore, and total income grew at a CAGR of 10.97% to ₹643.14 crore. In Q1 FY 2026, net profit was ₹24.38 crore, and total income was ₹146.47 crore. As of June 2025, the company's total debt stood at ₹270.11 crore, and reserves and surplus at ₹625.60 crore.
Overall, this IPO from Midwest Natural Stones presents an attractive opportunity for investors. Due to its b financial position, export potential, and growth plans, the company is poised for further growth in the future.
