Quartz Processor Midwest IPO Opens for Public Subscription After Raising ₹135 Crore from Anchor Investors
Midwest's quartz processor IPO hits the market—anchor investors already poured ₹135 crore into the offering.
The Public Gambit
Retail investors get their shot after institutional players secured early positions. The anchor investment phase wrapped with ₹135 crore committed—setting the stage for public participation.
Processor Power Play
Quartz technology positions itself as the next frontier in computing hardware. Midwest's offering targets the growing demand for specialized processing units amid global chip shortages.
Market Mechanics
The IPO structure follows traditional equity fundraising models—proving some industries still prefer old-school capital formation over token offerings. Because who needs blockchain transparency when you can have prospectus legalese?
Investor calculus: Weigh semiconductor growth potential against yet another hardware company chasing manufacturing scale. The anchor money suggests confidence—or just another case of institutional FOMO driving pre-IPO valuations into questionable territory.
Anchor portion
The company mobilised ₹135 crore from anchor investors by allotting 12,67,605 equity shares at ₹1,065 per share. The anchor book saw participation from marquee institutions such as Goldman Sachs Funds — Goldman Sachs India Equity Portfolio and Edelweiss Life Insurance Company.
Among domestic mutual funds, allocations were made to several prominent fund houses, including Axis Mutual Fund Trustee — Axis Mutual Fund Small Cap Fund, SUN Life Aditya Birla India Fund, Kotak Mahindra Trustee — Kotak Consumption Fund, Edelweiss Recently Listed IPO Fund, ITI Multi Cap Fund, and Svadha India Emerging Opportunities Scheme 1. Of the total anchor allocation, 6,10,330 shares were allotted to domestic mutual funds.
IPO Details
Midwest Ltd IPO comprises a fresh issue of shares worth ₹250 crore and an offer for sale (OFS) of ₹201 crore, aggregating to a total issue size of ₹451 crore at the upper end of the price band. The price band for the issue has been fixed between ₹1,014 to 1,065 per share.
Listing date
The IPO which opened for subscription on Wednesday, October 15, 2025, concludes on Friday, October 17, 2025. The shares are proposed to be listed on both the BSE and NSE on October 24.
Use of funds
Of the fresh issue, ₹130.3 crore will go towards Phase II expansion of its Quartz facility under subsidiary Midwest Neostone, ₹25.7 crore for electric dump trucks and ₹3.2 crore for solar energy integration at select mines.
Additionally, ₹56.2 crore will be used to repay borrowings, and the remainder for general corporate purposes.
Company overview
Midwest Ltd operates in the exploration, mining, processing, marketing, and export of natural stones, with a strong focus on sustainability. It is a leading exporter of Black Galaxy Granite. It has 20 operational Mines, comprising 16 Granite Mines, 3 Quartz Mines and 1 Marble Mine, and a resource base across the Indian states of Telangana, Andhra Pradesh, Karnataka and Tamil Nadu.
Brokerage view
Market analysts view the IPO positively, citing Midwest’s strong market leadership in natural stones, increasing global demand for Quartz products, and its strategic diversification into rare earth processing. However, some brokerages caution that the cyclical nature of the construction and export sectors may impact near-term performance.
With a solid anchor book and participation from reputed institutional investors, analysts expect the issue to witness healthy subscription across investor categories.
SBI Securities, comparing the IPO with peers, says that the issue is valued at a premium. It has maintained a neutral rating on the issue and prefers to monitor the performance of the company post listing.
Ventura assigned a subscribe rating emphasising that the company continues to innovate and capture growing demand, maintaining its leadership in the granite and processed stone sectors.
Published on October 15, 2025
