Midwest IPO: Price, Analysis, Allotment, And GMP

Midwest IPO - Company Analysis

Midwest IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 451 Cr by Midwest Ltd., incorporated in 1993, and is a Hyderabad-based company engaged in mining, mineral exploration, drilling, and contract mining services.

Multi-state operations in Telangana, Andhra Pradesh, Karnataka, and Odisha have earned the company a reputation for comprehensive, end-to-end solutions. These services include exploration, extraction, transportation, and site transport management.

The company owns and operates equipment and also employs a skilled workforce for mechanised and semi-mechanised mining operations.

Midwest IPO Details

The Midwest IPO open date is from Oct 15 to Oct 17, with IPO allotment on Oct 20, refund initiation on Oct 23, 2025.

The Rs. 451 Cr mainline IPO comprises a fresh issue of 0.23 crore shares (Rs. 250 Cr) and an offer for sale of 0.19 crore shares (Rs. 201 Cr).

The Midwest IPO listing date might be on Friday, 24 October 2025, and it will be listed at the BSE and NSE. The Midwest IPO price band is Rs. 1014 to Rs. 1065 for each Share. 

Events	Date
IPO Opening Date	October 15, 2025
IPO Closing Date	October 17, 2025
IPO Allotment Date	October 20, 2025 (Tentative)
Refund Initiation	October 23, 2025 (Tentative)
Tentative IPO Listing Date	October 24, 2025

 

Industry Outlook

If you want to apply for the IPO, click to open a Demat Account.

 

 

Company Financial 

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	1,058.70	757.12	656.00
Total Income	643.14	603.33	522.23
Profit After Tax	133.30	100.32	54.44
EBITDA	171.78	151.44	89.59
Net Worth	553.69	421.93	334.92
Reserves and Surplus	602.26	484.86	408.88

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in Mn)

Net Cash Flow In Multiple Activities	FY25	FY24	FY23
Net Cash Flow Operating Activities	873.14	1,279.07	(519.46)
Net Cash Flow Investing Activities	(2010.43)	(635.89)	(174.59)
Net Cash Flow Financing Activities	1024.96	(498.76)	448.11

 

Revenue Bifurcation 

(Source RHP)

The Objective of The Issue

• Funding the Phase II Quartz Processing Plant's capital expenditures through Midwest Neostone, the fully owned subsidiary. ~ Rs. 1,270.49 Cr.

• Two capital expenditures for the purchase of electric dump trucks that the company and our material subsidiary, APGM, will utilize. ~ Rs. 257.55 Cr.

• The amount of money needed to integrate solar energy at certain of the company's mines. ~ Rs. 32.56 Cr.

• Prepayment or repayment in full or in part of some of the Company and APGM's outstanding debts. ~ Rs. 538 Cr.

Click to check the IPO application status.

Listed Peers of Midwest Asset Management Co Ltd.

Company Name	Face Value (Rs. per Share)	EPS (Rs.)	P/E (x)
Pokarna Limited	2	60.49	12.73

 

Valuation

Metric	Value
ROE	19.42%
ROCE	18.84%
Debt/Equity	0.43
RoNW	22.11%
PAT Margin	17.17%
EBITDA Margin	27.43%
Price to Book Value	6.50

 

 

 

Evaluation of P/E Ratio

The company's IPO price of Rs. 1065 corresponds to a P/E multiple of 27.01x based on FY25 EPS of Rs. 39.42.

Explore the Fabtech Technologies IPO.

IPO's Strengths

• Experienced Management.

• Steady financial results with increasing margins and profitability.

• Technological strength with modern drilling and excavation machinery.

• Scalable business model with diversified mineral portfolio.

 

IPO Weaknesses

• Dependence on a few large clients for a major revenue share.

• Government regulations and mining licence risks.

• Volatility in commodity prices can impact margins.

• High working capital requirements in a cyclical industry.

 

Midwest IPO GMP 

Midwest IPO GMP today has not started yet as of 10 Oct 2025, while writing this information. 

 

Midwest Limited IPO Summary

IPO Opening & Closing Date	Oct 15, 2025 to Oct 17, 2025
Face Value	Rs. 5 per Share
Issue Price	Rs. 1014 to Rs. 1065
Lot Size	14 Shares
Issue Size	42,34,740 Shares (Rs. 451 Cr)
Offer for Sale	18,87,323 Shares (Rs. 201 Cr)
Fresh Issue	23,47,417 Shares (Rs. 250 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	Kfin Technologies Ltd.

 

 

Midwest IPO Lot Size

The Midwest IPO allows retail investors to invest in a minimum and maximum of 1 Lot (14 Shares) amounting to Rs. 14910 and 13 Lots (182 Shares) amounting to Rs. 193830, respectively, while for S-HNI investors, the minimum Lot is 14 (196 Shares) amounting to Rs. 208740.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	67 Lots
BHNI (Minimum)	68 Lots

Midwest IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

 

Midwest IPO Allotment Status

To check the Midwest IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Midwest Ltd.

• Mr. Kollareddy Rama Raghava Reddy

• Mr. Kollareddy Ramachandra

• Mrs. Kukreti Soumya

• Mrs. Uma Priyadarshini Kollareddy.
  
  

Pre-Issue Promoter Shareholding	84.58%
Post-Issue Promoter Shareholding	-

 

Midwest IPO Lead Managers

• DAM Capital Advisors Limited

• Intensive Fiscal Services Private Limited

• Motilal Oswal Investment Advisors Limited.
  
  

Dividend Policy

The company has paid a dividend of Rs. 1,800 per Share in the FY23.

Conclusion

Midwest Ltd is one of the few integrated private mining contractors in India that has a proven client base. The company's improving financials with a robust margin and healthy order pipeline support the growth forecast. However, the investors should take into account the cyclical nature of the mining sector as well as dependence on a few key clients.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.