Mumbai: Midwest Limited made a promising debut on the stock exchanges on Friday, October 24, with its shares listing at Rs 1,165 on both the BSE and NSE—marking a 9.39% premium over the issue price of Rs 1,065. The upbeat listing was in line with expectations, as the grey market premium (GMP) of Rs 115 had hinted at a listing gain of about 10.8%. The positive debut reflects strong investor sentiment and confidence in the company’s growth outlook.
Blockbuster Subscription Response
The Rs 451 crore initial public offering (IPO) of Midwest Limited witnessed overwhelming demand during its three-day bidding period from October 15 to October 17. The issue was subscribed 87.89 times overall, underscoring robust investor participation across categories. The portion for non-institutional investors (NIIs) received 168.07 times subscription, while qualified institutional buyers (QIBs) subscribed 139.87 times. The retail investor category was booked 24.26 times, showcasing broad-based enthusiasm for the offering.
IPO Structure and Objectives
Priced in the range of Rs 1,014 to Rs 1,065 per share, the Midwest IPO aimed to raise Rs 451 crore at the upper band. It comprised a fresh issue of shares worth Rs 250 crore and an offer-for-sale (OFS) of Rs 201 crore by existing shareholders. Investors could bid in lots of 14 shares, requiring a minimum investment of Rs 14,910 at the top end of the price band.
Utilisation of Proceeds
Midwest Limited plans to channel the fresh capital toward strategic expansion and sustainability initiatives. The funds will support Phase II expansion of its quartz facility under subsidiary Midwest Neostone, procurement of electric dump trucks, and solar energy integration at select mining sites. Additionally, a portion of the proceeds will be used to repay existing borrowings, with the remainder allocated for general corporate purposes.
With a strong debut and significant investor interest, Midwest Limited’s IPO listing reinforces market optimism around industrial and sustainable mining ventures in India.
