Midwest Ltd, the producer and exporter of Black Galaxy Granite, has launched its initial public offering today, October 15th, attracting attention from investors looking to tap into the natural stone sector.
The Midwest IPO is a book-built issue valued at Rs. 451 crore and comprises a fresh issue of 0.23 crore shares worth Rs. 250 crore, along with an offer for sale of 0.19 crore shares aggregating Rs. 201 crore.
IPO Subscription Timeline and Details
The Midwest IPO will remain open for subscription until October 17th. After the closure, the allotment of shares is expected to be finalised on October 20th
Later on the shares of the Midwest IPO will list on both the BSE and NSE, with a tentative listing date set for October 24th. The IPO price band has been fixed between Rs. 1,014 and Rs. 1,065 per share.
Grey Market Premium Indicates Positive Listing Outlook
According to data from the Investorgain website, the latest Grey Market Premium (GMP) for Midwest IPO stands at Rs. 145 as of October 15, 2025, at 08:36 AM. Based on this, the estimated listing price is projected at Rs. 1,210 per share, representing a potential gain of approximately 13.62% for the investors who will manage to secure the allotment.
Analyst’s Recommendation: To Subscribe or Not?
SBI Securities, in its latest IPO coverage, has given a neutral rating for the issue.
The broking firm in its report said, “Midwest is India’s largest producer and exporter of Black Galaxy Granite. The company has reported strong revenue/EBITDA/adjusted PAT CAGR of ~11.6%/38.5%/40.5% to Rs 626 crore/Rs 172 crore/Rs 108 crore, respectively, between FY23 and FY25. At the upper price band of Rs 1,065, the IPO is valued at FY25 P/E and EV/EBITDA multiples of 35.8x and 22.4x, respectively, on post-issue capital. Despite being a capital-intensive business, the company generates RoE/RoCE of 17.4%/19.1%, respectively. However, when comparing with peers, the issue is valued at a premium. We maintain a NEUTRAL view on the issue and would like to monitor the performance of the company post listing.”
About Midwest Ltd
Founded in 1981, Midwest Ltd is currently one of India’s leading producers and exporters of Black Galaxy Granite. The company also ranks among the top producers of Absolute Black Granite. Midwest exports high-quality natural stone products to 17 countries worldwide and operates 16 granite mines across six locations in Telangana and Andhra Pradesh, producing varieties such as Black Galaxy, Absolute Black, and Tan Brown. The company also runs granite processing facilities in both states for large-scale processing and finishing of granite products.