Midwest Shares Jump 9% in Market Debut

New Delhi, Oct 24 (PTI) Shares of Midwest Ltd on Friday listed with a premium of over 9 per cent against the issue price of Rs 1,065.

The stock started trading at Rs 1,165.10, registering a jump of 9.39 per cent from the issue price on the BSE.

At the NSE, it listed at Rs 1,165, up 9.38 per cent.

The company's market valuation stood at Rs 4,245.64 crore.

The Rs 451-crore initial public offering (IPO) of quartz processor Midwest Ltd received 87.89 times subscription on the final day of bidding on Friday last week.


The public issue had a price band of Rs 1,014-1,065 per share.

The IPO was a combination of a fresh issue of shares worth Rs 250 crore and an offer-for-sale (OFS) of Rs 201 crore.

Of the fresh issue, Rs 130.3 crore will go towards Phase II expansion of its quartz faci lity 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.

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 as well as the processing of rare earth elements.

Telangana-based Midwest 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.