Quartz and granite player Midwest's ₹451cr IPO opens on Wednesday
Midwest Ltd., a major player in quartz and granite for solar glass and engineered stone, is launching its IPO from October 15-17 this year.
The price per share is set between ₹1,014-₹1,065, aiming to raise ₹451cr through a mix of fresh shares (₹250cr) and offer-for-sale (₹201cr).
Midwest's operations and products
With 16 mines across Telangana and Andhra Pradesh, Midwest produces premium granite like Black Galaxy and Absolute Black, which are popular in global construction projects.
The company also processes quartz for use in engineered stone and solar glass markets.
Use of proceeds, retail ticket size, and other details
Money raised will help expand their quartz facility (₹130.3cr), buy electric dump trucks (₹25.7cr), add solar energy to operations, pay off debt (₹56.2cr), and cover general expenses.
Retail investors need at least ₹14,910 to participate at the top price band.
The IPO is managed by DAM Capital Advisors, Motilal Oswal Investment Advisors, Intensive Fiscal Services, with KFin Technologies as registrar.