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Shares of Midwest Ltd made a strong debut on the stock exchanges, listing at Rs 1,165.10, up 9.4 per cent from the upper end of the IPO price band of Rs 1,065 per share.

The listing comes shortly after the company’s Rs 451-crore initial public offer (IPO) received an overwhelming 87.89 times subscription on the final day of bidding.

The three-day IPO attracted bids for 27.39 crore shares against an offer of just 31.17 lakh shares.

Demand was particularly strong among non-institutional investors, whose portion was subscribed 168.07 times, while Qualified Institutional Buyers (QIBs) showed 139.87 times subscription.

The retail investor quota was subscribed to 24.26 times, reflecting strong participation across all categories.

Midwest Ltd had earlier mobilised Rs 135 crore from anchor investors, underscoring high confidence among institutional participants. The IPO consisted of a fresh issue of Rs 250 crore and an offer-for-sale (OFS) of Rs 201 crore.

Funds from the fresh issue are planned for the Phase II expansion of its quartz processing facility under subsidiary Midwest Neostone, procurement of electric dump trucks, and integration of solar energy at select mines.

Additionally, part of the proceeds will be used to repay borrowings, with the remainder earmarked for general corporate purposes.

With over four decades in the natural stone industry, Midwest has grown from granite mining into quartz processing, catering to engineered stone and solar glass segments.

The company is also diversifying into heavy mineral sands exploration and the processing of rare earth elements.

Headquartered in Telangana, Midwest operates 16 granite mines across Telangana and Andhra Pradesh, producing premium Black Galaxy granite, found exclusively in a single village in Andhra Pradesh, and Absolute Black granite. Both varieties are in high demand for global real estate projects.

The IPO was managed by DAM Capital Advisors, Intensive Fiscal Services, and Motilal Oswal Investment Advisors, who acted as book running lead managers.

Anubhav Maurya is a Senior Sub-Editor at Zee Business, focusing on the stock market, personal finance, corporate news, and related sectors.

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