Quartz processor Midwest Ltd, India’s largest producer of Black Galaxy and Absolute Black granite, has announced the price band for its upcoming ₹451 crore IPO.
The issue will open for public subscription on October 15 and close on October 17.
IPO Timeline and Key Details
The anchor book opens on October 14, while the basis of allotment will be finalized on October 20.
Refunds and share allotments are expected by October 23, and the company’s shares will make their market debut on October 24.
The IPO includes:
Fresh issue: ₹250 crore
Offer for sale (OFS): ₹201 crore by promoters and existing shareholders
Midwest plans to use the proceeds from the fresh issue for expansion and debt reduction. Around ₹130.3 crore will go towards Phase II of its quartz processing plant under subsidiary Midwest Neostone.
Additionally, ₹25.7 crore will be used to buy electric dump trucks, ₹3.2 crore for solar integration, and ₹56.2 crore to repay borrowings.
As of June 2025, the company’s total borrowings stood at ₹270.1 crore.
Strong Growth and Expansion Plans
Midwest operates 16 granite mines across Telangana and Andhra Pradesh, producing premium Black Galaxy and Absolute Black granite—materials that are in high demand worldwide, especially in luxury construction and interiors.
With over 40 years of industry experience, the company has diversified into quartz processing, catering to both the engineered stone and solar glass markets.
It’s also venturing into heavy mineral sand processing, including valuable materials like rutile, ilmenite, and rare earth elements.
For the financial year ending March 2025, Midwest reported a net profit of ₹133.3 crore, marking a 33% rise from the previous year.
Revenue also grew 7% year-on-year, reaching ₹626.2 crore.
