Mumbai: Quartz processor Midwest Ltd is set to launch its initial public offering (IPO) on October 15, 2025. The company has fixed its price band between Rs 1,014 and Rs 1,065 per share and aims to raise Rs 451 crore through this issue.
According to the company’s statement, the IPO will remain open till October 17, while the anchor book will open on October 14. Shares are proposed to be listed on October 24.
IPO Structure And Fund Allocation
The IPO includes a fresh issue of Rs 250 crore and an offer for sale (OFS) of Rs 201 crore. Midwest Ltd plans to use Rs 130.3 crore from the fresh issue to expand Phase II of its quartz facility at subsidiary Midwest Neostone.
Additionally, Rs 25.7 crore will go toward the purchase of electric dump trucks, and Rs 3.2 crore will be used for solar energy integration in selected mines.
The company will also repay ₹56.2 crore of existing debt, while the remaining funds will go to general corporate purposes. As of June 2025, the company’s consolidated debt stood at ₹270.1 crore.
About The Company
Midwest Ltd is India’s largest producer of Black Galaxy and Absolute Black granite, with nearly 40 years of experience in the natural stone industry.
The company has diversified beyond granite into quartz processing, supplying engineered stone and solar glass from its Phase I plant. Now, it is also entering the heavy mineral sands exploration segment, focusing on materials like titanium feedstock (rutile and ilmenite) and plans to begin processing rare earth elements (REEs) soon.
