Brokers usually take bids until: Zerodha 4:45 PM, Groww 4:50 PM, Angel One and Upstox 5:00 PM (HNI 4:00 PM). Check the exact time with your broker or bank.
Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Phase II quartz processing plant
Capital spending by the subsidiary Midwest Neostone on the second phase of its quartz processing facility.
Electric dump trucks
Purchase of battery powered haulage trucks to move stone within the quarries.
Solar power at the mines
Installing solar generation capacity to supply part of the electricity used at the mining sites.
Repayment of borrowings
Prepayment or repayment, in part or in full, of certain outstanding loans.
General corporate purposes
The balance of the fresh issue proceeds, after the uses above and the expenses of the offer, is set aside for general corporate purposes.
(₹ in Crore)
Tap a bar to highlight a metric across periods and show its values.
Midwest Limited is a Hyderabad based natural stone company that explores, mines, processes and exports dimensional stone. Its best known product is Black Galaxy Granite, a dark stone flecked with golden crystals that is quarried in only a small part of southern India, and the company is the largest producer and exporter of that variety. It also sells Absolute Black Granite, Tan Brown Granite, quartzite and grey marble, and has been extending its range into quartz based industrial materials and heavy mineral sands. The business was founded in 1981 and has spent more than four decades in the stone trade, covering the full chain from the quarry face through processing to sales and distribution abroad. It operates sixteen active granite mines spread across six locations in Telangana and Andhra Pradesh, runs processing units in both states, and ships to buyers in roughly seventeen countries. Customers are largely in construction and interior design, where the stone is used for flooring, cladding and worktops. Revenue grew from about 522 crore rupees in FY2023 to roughly 643 crore rupees in FY2025, with profit after tax rising from about 54 crore to 133 crore over the same period. Because the company owns its quarries rather than buying stone on the open market, its costs are tied to mining rather than procurement, and its earnings depend on holding the mining leases and environmental approvals that let those quarries keep operating. Growth plans centre on a second phase quartz processing plant, on moving quarry haulage to electric trucks, and on adding solar generation at the mine sites.
On 14 October 2025, the day before the issue opened, the company placed 12,67,605 shares with nine anchor investors at the upper band price of 1,065 rupees a share, raising 135 crore rupees. Goldman Sachs and Axis Mutual Fund each took the largest slice at about 35 crore rupees, and the rest of the book went to Aditya Birla Sun Life, Kotak Mahindra Asset Management, Edelweiss Mutual Fund, ITI Mutual Fund, Edelweiss Life Insurance and Swadha India.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 3:52 AM
Leading position in a scarce stone variety
The company is the largest producer and exporter of Black Galaxy Granite, a stone quarried in only a narrow geography, which gives it pricing power that a producer of commodity granite would not enjoy.
Control of the full chain from quarry to customer
Mining, processing, sales and export all sit inside the group, so margins are not shared with intermediaries and supply of raw block is not dependent on third parties.
Captive quarries with long operating history
Sixteen active mines across six locations in Telangana and Andhra Pradesh give the company its own reserve base rather than requiring it to buy stone on the open market.
Established export network
Stone is shipped to buyers in roughly seventeen countries, which spreads demand across several construction markets instead of tying results to a single one.
Experienced promoters and technology adoption
The founding family has run the business for more than four decades, and the company has invested in enterprise systems and modern quarrying equipment to lift recovery rates and control costs.
Reserves may not match estimates
The quantity and quality of stone actually recovered from a mine can fall short of what surveys predicted, and the estimated life of a quarry is not a certainty.
Dependence on mining approvals
Quarrying requires leases and environmental clearances that must be granted and periodically renewed; a delay or refusal would halt output at the affected site.
Concentration among large customers
A substantial share of sales goes to a small number of buyers, so losing one of them would leave a gap that is not quickly filled.
Midwest Limited
8-2-684/3/25 & 26, Road No.12, Banjara Hills, Hyderabad 500034, Telangana, India
View on Maps →No financial information whatsoever published anywhere, within this website, should be considered as an advice to buy or sell securities or invest in IPOs, or as a guide to doing so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions.
We are not a SEBI Registered analyst. Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on information published on this website. The information on this website is based on information available as on date coupled with market perceptions.
You agree with the terms and conditions to use this website.
Grey-market disclaimer. GMP shown here is grey-market news only. We do not trade or deal in the grey market or subject-to rates, nor do we recommend trading in the grey market.
Not investment advice. IPO Nex is an information tool, not investment advice. We do not recommend buying or selling any securities. Always do your own research before applying to any IPO.
IPO Nex does not guarantee any listing gain or return. IPO investments are subject to market risks.
All times are IST.
© 2026 IPO Nex by Niota. All rights reserved.
Execution risk in new segments
The move into quartz processing and mineral sands takes the company outside its established granite business, and the returns on that spending are not assured.
Exposure to price and regulatory swings
Stone prices move with construction demand in export markets, and changes to mining rules, royalties or environmental standards can raise costs with little notice.