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.

Real Estate

06 Feb 2026

IGBC Green Karnataka Summit 2026 Highlights State’s Green Leadership

The CII Indian Green Building Council (IGBC) hosted the first IGBC Green Karnataka Summit 2026 in Bengaluru, bringing together government leaders, urban planners, developers, architects and industry stakeholders to deliberate on “Advancing Sustainability vis-à-vis Climate Resilience in Urban Built Karnataka”.Karnataka currently has 1,539 registered green building projects accounting for a cumulative 1.13 billion sq ft of certified green building footprint, ranking third in India by number of buildings adopting IGBC Green Building Ratings. The summit reinforced a collective shift from inte..

Infrastructure Transport

06 Feb 2026

MIC Electronics Bags First PAPIS Order from RCF Kapurthala

MIC Electronics has received a Letter of Acceptance (LoA) from Rail Coach Factory (RCF), Kapurthala, for its first order in the Passenger Announcement and Passenger Information System (PAPIS) segment, marking a new addition to the company’s railway electronics portfolio.The order was awarded following successful evaluation of the company’s bid by the competent authority. MIC Electronics said the scope of work will be executed in line with the agreed rate structure, delivery schedules, inspection requirements, warranty provisions and other standard terms and conditions prescribed by RCF.Com..

Infrastructure Urban

06 Feb 2026

Prozo Opens 1.5 Lakh Sq Ft Multi-Client Fulfilment Hub

Prozo has launched its largest multi-client fulfilment hub, a 1.5 lakh sq ft enterprise-grade facility at Horizon Industrial Parks, Gurugram, Haryana, strengthening its expanding national warehousing network. The new site is Prozo’s sixth multi-client facility in Haryana and eleventh in Northern India, within a network of over 50 fulfilment centres spanning 3 million sq ft.Designed as a model warehouse for North India, the facility combines high-specification infrastructure with Prozo’s proprietary technology stack to support complex and high-volume operations for enterprise, retail and D2..