Quartz Processor Midwest Limited — India’s largest producer of Black Galaxy and Absolute Black granite — has announced the price band for its much-awaited initial public offering (IPO) at ₹1,014–1,065 per share. The company aims to raise ₹451 crore through the issue, which will open for public subscription on October 15 and close on October 17, with the anchor book scheduled for October 14. The shares are proposed to be listed on the stock exchanges on October 24, marking a significant milestone in the company’s growth journey and a major development for India’s natural stone industry.
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 (titanium feedstock yielding materials such as rutile and ilmenite) as well as the processing of rare earth elements (REEs).
The IPO consists of a fresh issue of Rs 250 crore and an offer for sale of Rs 201 crore. From 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, consolidated borrowings stood at Rs 270.1 crore.
Midwest Limited 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. Between FY 2023 and FY 2025, the company recorded a CAGR of 11.63% in revenue, 38.47% in EBITDA, and 40.53% in PAT. For FY 2025, net profit rose 33% to Rs 133.3 crore, while revenue grew to Rs 626.2 crore.
DAM Capital Advisors, Motilal Oswal Investment Advisors, and Intensive Fiscal Services are the book-running lead managers, and KFin Technologies is the registrar.
