Midwest Limited's ₹451 crore IPO is now open
Midwest Limited, a big name in India's natural stone exports, just opened its IPO to raise ₹451 crore.
The subscription window runs from Wednesday to Friday, with shares priced between ₹1,014 and ₹1,065.
Of the total, ₹250 crore is a fresh issue, and ₹201 crore comes from existing shareholders selling their shares.
The company exports to 17 countries
Midwest is famous for its Black Galaxy Granite, running 16 mines and two processing plants in Telangana and Andhra Pradesh.
They export to 17 countries across five continents, with China, Italy, and Thailand as their main markets.
Their client list features big international names like GI-MA Stone and The Xiamen Group.
The minimum bid is 14 shares
Midwest reported ₹643 crore in revenue and ₹133 crore in profit after tax for FY25 (year ending March 2025).
The IPO funds will help expand their Midwest Neostone subsidiary, buy electric dump trucks, set up solar power at mines, and pay down some debt.
If you're interested, the minimum bid is 14 shares, and retail investors can apply for up to 182 shares.