Midwest collects Rs 135 cr from anchor investors ahead of IPO

New Delhi, Oct 14 (PTI) Quartz processor Midwest Ltd on Tuesday said it has mobilised Rs 135 crore from anchor investors, just a day before its initial share-sale opening for public subscription.

Some of the institutions that participated in the anchor round include Goldman Sachs Funds, Edelweiss Life Insurance Company, Axis Mutual Fund, Kotak Mutual Fund, ITI Mutual Fund, Svadha India Emerging Opportunities Scheme, according to a circular uploaded on the BSE website.

The company has allotted over 12.67 lakh shares to 10 funds at Rs 1,065 apiece, the circular showed.

The public issue, with a price band of Rs 1,014 to 1,065 per share, will open for subscription on October 15 and conclude on October 17.

The Rs 451-crore IPO is a combination of a fresh issue of shares worth Rs 250 crore and an offer-for-sale (OFS) of Rs 201 crore.

Of the fresh issue, Rs 130.3 crore will go towards Phase II expansion of its quartz facility under subsidiary Midwest Neostone, Rs 25.7 crore for electric dump trucks, and Rs 3.2 crore for solar energy integration at select mines.

Additionally, Rs 56.2 crore will be used to repay borrowings, with the remainder earmarked for general corporate purposes.

As of June 2025, the company's consolidated borrowings stood at Rs 270.1 crore.

With over four decades in the natural stone industry, the company has expanded beyond granite into quartz processing through its Phase I plant, catering to the engineered stone and solar glass segments. It is further diversifying into heavy mineral sands exploration as well as the processing of rare earth elements.

Telangana-based Midwest operates 16 granite mines across Telangana and Andhra Pradesh, producing premium Black Galaxy found exclusively in a single village in Andhra Pradesh and Absolute Black granite, both widely used in global real estate projects.

For FY 2025, net profit stood at Rs 133.3 crore, while revenue was Rs 626.2 crore.

Midwest is expected to make its stock market debut on October 24. PTI SP MR MR MR