Quartz processor Midwest Limited, India’s largest producer of Black Galaxy and Absolute Black granite, has fixed a price band of Rs 1,014–1,065 per share for its upcoming initial public offering (IPO) to raise Rs 451 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 (titanium feedstock yielding materials such as rutile and ilmenite) as well as the processing of rare earth elements (REEs).
The IPO will open for subscription on October 15 and close on October 17, with the anchor book opening on October 14, and the shares proposed to list on October 24.