The debut of Midwest Ltd on the stock exchanges turned out to be stronger than anticipated, as the company’s shares listed at a healthy premium over the issue price. The positive sentiment reflected investor confidence in the company’s long-standing legacy and expanding presence in the natural stone and quartz industry.
At listing, Midwest shares opened at ₹1,165 per share on the NSE, marking a 9.39% premium over the IPO price of ₹1,065. However, after a brief surge, the stock witnessed mild profit booking and closed at ₹1,144.10 apiece, still up 7.4% from the issue price. On the BSE, the shares debuted at ₹1,165.10, mirroring similar listing gains.
By the end of the debut day, Midwest’s market capitalization stood at ₹4,137.16 crore, underscoring a solid start in the secondary market.
Market Performance and IPO Subscription
The IPO of Midwest was open for public subscription from October 15 to 17, and it received an overwhelming response from investors, subscribing 87.89 times overall.
Key IPO details:
- Issue size: ₹451 crore
- Price band: ₹1,014 – ₹1,065 per share
- Listing gains: Over 9% on NSE and BSE
The strong demand was a clear reflection of investor optimism surrounding the company’s growth plans and robust fundamentals.
Where the IPO Funds Are Headed
As per the company’s filings, the funds raised through the IPO will be channelled towards multiple expansion and sustainability projects, including:
- ₹130.3 crore for Phase II expansion of its quartz facility under Midwest Neostone.
- ₹25.7 crore for electric dump trucks to modernize operations.
- ₹3.2 crore for solar energy integration at select mining locations.
- ₹56.2 crore to repay borrowings, strengthening its balance sheet.
- The remainder for general corporate purposes.
This structured capital allocation highlights Midwest’s focus on operational efficiency, renewable energy, and long-term sustainability.
Company Background: Four Decades of Strength
With over 40 years in the natural stone industry, Midwest Ltd has built a reputation as a trusted name in granite and quartz processing. The company has progressively diversified its portfolio beyond traditional granite mining to include quartz processing, heavy mineral sands exploration, and the processing of rare earth elements — positioning itself in high-value segments of the global materials market.
Headquartered in Telangana, the company operates 16 granite mines spread across Telangana and Andhra Pradesh. Midwest is especially renowned for producing Black Galaxy Granite, a rare and premium variety found exclusively in a single village in Andhra Pradesh, and Absolute Black Granite, both widely used in global infrastructure and real estate projects.
Operational Highlights
Midwest currently holds:
- 20 mining leases across India
- 5 processing units equipped with advanced technology
- 96% of its total revenue coming from natural stone sales
The company’s strong export base and specialized production capabilities have allowed it to maintain a leading position in India’s natural stone market while steadily expanding into quartz and renewable segments.
Financial Snapshot
For FY25, the company’s performance reflected healthy growth and operational resilience.
- Revenue: ₹626 crore
- Profit After Tax (PAT): ₹133 crore (up 145% YoY)
- EBITDA Margin: 27.4%
This steady improvement underscores Midwest’s efficiency in scaling its operations, optimizing costs, and driving profitability.
Looking Ahead: Building a Future Beyond Stone
Midwest’s journey from a granite-focused business to a diversified materials company showcases its ability to evolve with market trends. Its growing focus on renewable energy, electric mining equipment, and sustainable practices positions it well in a future driven by green growth.
With a strong debut, solid fundamentals, and clear growth direction, Midwest Ltd has set a confident tone for its next chapter in the public market.
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