On the BSE, the stock debuted at ₹1,165.10, a 9% premium over the IPO issue price of ₹1,065. Similarly, on the NSE, it listed at ₹1,165, also reflecting a 9% premium over the IPO price.
Ahead of its listing, the company’s shares were commanding a premium of around 10% in the grey market, indicating a modest but steady start for the ₹451 crore initial public offering (IPO).
The issue, which was open for subscription from October 15 to 17, received an overwhelming response, closing 92.36 times oversubscribed.
Non-institutional investors (NIIs) led the surge with 176.57 times subscription, followed by qualified institutional buyers (QIBs) at 146.99 times, and retail investors at 25.52 times.
Midwest had priced its shares in a fixed band of ₹1,014-1,065 apiece, raising ₹451 crore through the IPO. This comprised a fresh share sale of ₹250 crore and an offer-for-sale (OFS) of up to ₹201 crore.
Proceeds from the issue will be used to fund capital expenditure for the company and its subsidiary, repay loans, and for general corporate purposes.
The company had already raised ₹135 crore from anchor investors, including Goldman Sachs, Axis Mutual Fund, and Edelweiss Mutual Fund.
Midwest is engaged in the exploration, mining, processing, marketing, distribution, and export of natural stones. It operates 20 mines, 16 granite, 3 quartz, and 1 marble, across Telangana, Andhra Pradesh, Karnataka, and Tamil Nadu.
For FY25, Midwest reported a 7% rise in revenue to ₹643 crore and a 33% jump in profit to ₹133 crore, with profit margins at 17.2% and EBITDA margins at 27.4%. The company maintains healthy leverage levels, with a debt-to-equity ratio of 0.43.
Dam Capital Advisors, Intensive Fiscal Services, and Motilal Oswal Investment Advisors were the book running lead managers for the IPO, while Kfin Technologies served as the registrar.
