Midwest Makes Firm Market Debut; Lists At A 9.4% Premium

• The stock opened at ₹1,165 per share on the NSE, and ₹1165.10 on the BSE.
• The ₹451.1-crore IPO received overwhelming investor response, being oversubscribed 87.9 times overall 
• Midwest operates 16 granite mines across Telangana and Andhra Pradesh 

Mining firm Midwest made a strong market debut on Friday, listing at just under 10% on the primary exchanges. The stock opened at ₹1,165 per share on the NSE, a premium of 9.4%. On the BSE, the shares of the company were listed at ₹1165.10. The upper end of the price band was ₹1,065 per share.

At the time of writing, Midwest shares fell marginally to 1,163.50 on the NSE but rose to ₹1166.95 on the BSE.

Strong Investor Response

Midwest’s ₹451.1 crore initial public offering (IPO) received an overwhelming response from investors, with overall oversubscription of 87.9 times, according to NSE data. The issue comprised a fresh issue of 2.3 million shares worth ₹250.1 crore and an offer for sale of 1.9 million shares aggregating ₹201 crore, offered at a price band of ₹1,014 - ₹1,065 per share.

Non-institutional investors (NIIs) led the way with the quota subscribed 168.07 times, followed by qualified institutional buyers (QIBs) at 139.87 times and retail investors at 24.26 times. The IPO allotment was finalised on October 20.

Proceeds from the fresh issue will fund Phase II capex at Midwest Neostone, purchase of electric dump trucks, solar integration projects, and debt repayment.

KFin Technologies acted as registrar, with DAM Capital Advisors, Intensive Fiscal Services, and Motilal Oswal Investment Advisors as lead managers.

Analyst Take: Diversified Portfolio A Positive

SEBI-registered analyst Aditya Hujband said a key positive is the Midwest’s diversified product portfolio across construction, renewable energy, and other industries. The company has also strategically diversified into high-value materials, including quartz grit and heavy mineral sands.

However, the analyst flagged that Midwest remains heavily reliant on export markets, making it vulnerable to global demand swings. Raw material price volatility can impact margins, while intense competition in the natural stone segment may affect market share.

Company Details

Midwest operates 16 granite mines across Telangana and Andhra Pradesh and runs two modern processing facilities for large-scale cutting, polishing, and finishing. It has also developed a strong resource pipeline with 25 mining locations in Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu, supporting future growth. Globally, Midwest exports to 17 countries, including China, Italy, and Thailand.

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