Midwest plans Rs 650 crore IPO to expand operations

04 Oct 2024 CW Team

The proposed IPO will consist of a fresh issue of shares up to Rs 250 crore and an offer for sale (OFS) of up to Rs 400 crore by promoter selling shareholders, Kollareddy Rama Raghava Reddy and Guntaka Ravindra Reddy, contributing Rs 360 crore and Rs 40 crore respectively. The company may also consider a pre-IPO placement of up to Rs 50 crore in specified securities, which could adjust the size of the fresh issue if completed.

The IPO aims to fund several strategic projects including Rs 127.05 crore allocated for phase-II development of the quartz grit and powder processing plant operated by its wholly owned subsidiary, Midwest Neostone. Additionally, Rs 25.75 crore will go towards purchasing electric dump trucks, and Rs 3.26 crore for integrating solar energy at certain mining sites to support the company’s sustainability efforts.

Further, Rs 53.80 crore from the IPO proceeds will be used to pre-pay or repay certain outstanding borrowings, enhancing the company’s financial health and operational flexibility.

Midwest Ltd., established in 1981, is recognized for its extensive experience and has grown to become India’s largest producer and exporter of Black Galaxy Granite (BGG), a premium variety of granite known for its unique aesthetics. It commands a significant 23% share of the Indian export market for BGG as per the latest CRISIL report and holds about 10.8% of the overall black granite production in India during Fiscal 2024.

In FY24, Midwest produced 57,519 cubic meters of BGG, exporting 48,249 cubic meters. The company operates 20 mines across various states in India, including Telangana, Andhra Pradesh, Karnataka, and Tamil Nadu, with plans for further expansion.

For fiscal 2024, Midwest reported a revenue increase of 16.54% to Rs.585.62 crore from Rs.502.52 crore in the previous fiscal year, driven by an increase in natural stone sales, scrap sales, and export incentives. The company’s profit after tax also saw a significant rise of 84.30% to Rs.100.32 crore, up fromRs.54.44 crore in Fiscal 2023.

The book-running lead managers for the IPO include DAM Capital Advisors Limited, Intensive Fiscal Services Private Limited, and Motilal Oswal Investment Advisors Limited, with KFin Technologies Limited serving as the registrar.

Midwest Limited, a Hyderabad-based company engaged in the exploration, mining, processing, and export of natural stones, has announced its plan to raise Rs 650 crore through an Initial Public Offering (IPO). The company, with over 40 years in the natural stone mining sector, filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).The proposed IPO will consist of a fresh issue of shares up to Rs 250 crore and an offer for sale (OFS) of up to Rs 400 crore by promoter selling shareholders, Kollareddy Rama Raghava Reddy and Guntaka Ravindra Reddy, contributing Rs 360 crore and Rs 40 crore respectively. The company may also consider a pre-IPO placement of up to Rs 50 crore in specified securities, which could adjust the size of the fresh issue if completed.The IPO aims to fund several strategic projects including Rs 127.05 crore allocated for phase-II development of the quartz grit and powder processing plant operated by its wholly owned subsidiary, Midwest Neostone. Additionally, Rs 25.75 crore will go towards purchasing electric dump trucks, and Rs 3.26 crore for integrating solar energy at certain mining sites to support the company’s sustainability efforts.Further, Rs 53.80 crore from the IPO proceeds will be used to pre-pay or repay certain outstanding borrowings, enhancing the company’s financial health and operational flexibility.Midwest Ltd., established in 1981, is recognized for its extensive experience and has grown to become India’s largest producer and exporter of Black Galaxy Granite (BGG), a premium variety of granite known for its unique aesthetics. It commands a significant 23% share of the Indian export market for BGG as per the latest CRISIL report and holds about 10.8% of the overall black granite production in India during Fiscal 2024.In FY24, Midwest produced 57,519 cubic meters of BGG, exporting 48,249 cubic meters. The company operates 20 mines across various states in India, including Telangana, Andhra Pradesh, Karnataka, and Tamil Nadu, with plans for further expansion.For fiscal 2024, Midwest reported a revenue increase of 16.54% to Rs.585.62 crore from Rs.502.52 crore in the previous fiscal year, driven by an increase in natural stone sales, scrap sales, and export incentives. The company’s profit after tax also saw a significant rise of 84.30% to Rs.100.32 crore, up fromRs.54.44 crore in Fiscal 2023.The book-running lead managers for the IPO include DAM Capital Advisors Limited, Intensive Fiscal Services Private Limited, and Motilal Oswal Investment Advisors Limited, with KFin Technologies Limited serving as the registrar.

Infrastructure Energy

17 Dec 2025

Vedanta Aluminium Uses 1.57 bn Units of Green Energy in FY25

Vedanta Aluminium, India’s largest aluminium producer, recently reported consumption of 1.57 billion units of renewable energy in FY25, marking a significant milestone in its 2030 decarbonisation roadmap. The company also achieved an 8.96 per cent reduction in greenhouse gas (GHG) emissions intensity compared to FY21, reinforcing its leadership in India’s low-carbon manufacturing transition. During FY25, Vedanta Aluminium expanded its renewable energy portfolio through long-term power purchase agreements, strengthening its strategy to source nearly 1,500 MW of renewable power over the lon..

Real Estate

17 Dec 2025

Oberoi Group to Develop Luxury Resort at Makaibari Tea Estate

EIH Limited, the flagship company of The Oberoi Group, has announced the signing of a management agreement to develop an Oberoi luxury resort at the iconic Makaibari Tea Estate in Darjeeling. The project marks a key milestone in the Group’s long-term strategy of creating distinctive hospitality experiences in rare and environmentally significant locations. Established in 1859, Makaibari is one of the world’s oldest tea estates and is globally recognised for its Himalayan landscape, primary forests and exceptional biodiversity. Spread across 1,236 acres, the estate houses one of the world�..

Real Estate

17 Dec 2025

GHV Infra Secures Rs 1.09 Bn EPC Order in Jamshedpur

GHV Infra Projects Ltd, a fast-growing EPC company in India’s infrastructure and construction sector, has recently secured a Rs 1.09 billion work order in Jamshedpur, Jharkhand. Awarded by a reputed group entity, the contract covers end-to-end civil construction, mechanical, electrical and plumbing (MEP) systems, along with high-quality finishing works for a large building development. The project will be executed over a 30-month period, with defined benchmarks for quality, safety and timely delivery. The order strengthens GHV Infra’s footprint in Jamshedpur, a key industrial hub known fo..