Shares of Midwest Limited made a robust entry into the stock market on Friday, October 24. Investors witnessed the IPO listing kick off at ₹1,165 on both the BSE and NSE, marking a 9.39% premium over its issue price of ₹1,065. The debut reflects strong investor interest and positions Midwest as a noteworthy player in the natural stone and quartz segment.
Market Performance
- Listing Price: ₹1,165
- Issue Price: ₹1,065
- Premium on Listing: 9.39% or ₹100
The positive listing indicates healthy market sentiment, following one of the most heavily subscribed IPOs in recent months.
Midwest IPO Details
Midwest Limited’s IPO drew massive investor interest, underlining confidence in the company’s business and growth prospects.
- Subscription: 87.89 times on the final day
- Total Bids Received: 27,39,83,178 shares
- Shares on Offer: 31,17,460 shares
Category-wise subscription:
- Non-Institutional Investors (NIIs): 168.07 times
- Qualified Institutional Buyers (QIBs): 139.87 times
- Retail Investors: 24.26 times
IPO Pricing and Structure:
- Price Band: ₹1,014-1,065 per share
- Total Raise (Upper Band): ₹451 crore
- Fresh Issue: ₹250 crore
- Offer-for-Sale (OFS): ₹201 crore
Investors could apply in lots of 14 shares, with retail investors needing ₹14,910 at the upper end to subscribe for one lot.
Use of IPO Proceeds
Midwest Limited plans to channel funds from the fresh issue into several key projects:
- Phase II expansion of the quartz facility under subsidiary Midwest Neostone
- Purchase of electric dump trucks
- Solar energy integration at select mines
Additional proceeds will be used to repay borrowings, while the remaining funds are earmarked for general corporate purposes.
Company Overview
With over 40 years in the natural stone industry, Midwest has steadily diversified its portfolio:
- Expanded from granite into quartz processing through Phase I plant
- Serving engineered stone and solar glass sectors
- Diversifying into heavy mineral sands exploration and rare earth element processing
Operations:
- Headquarters: Telangana
- Mines: 16 granite mines across Telangana and Andhra Pradesh
- Premium granite varieties:
- Black Galaxy – unique to a single village in Andhra Pradesh
- Absolute Black granite – widely used in global real estate projects
Midwest’s footprint in both domestic and international markets underscores its premium positioning and growth trajectory.
Summary
The Midwest IPO listing reflects strong market enthusiasm and investor confidence. With strategic expansions in quartz and solar energy projects, alongside its established granite operations, the company is well-positioned for long-term growth. The successful debut at a 9% premium demonstrates the company’s appeal and sets the stage for its journey as a listed entity.
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