Midwest share price: Stock lists at over 9% premium on NSE, BSE; here's how much investors made per lot

The stock listed at ₹1,165 apiece on the National Stock Exchange (NSE), reflecting a premium of 9.39% over the IPO issue price of ₹1,065 per share.

On the BSE, it debuted at ₹1,165.10 per unit, up 9.4% from the issue price.

Midwest share price: Here's how much investors made per lot

The initial share sale consisted of new shares valued at ₹250 crore and an offer-for-sale, or OFS, of ₹201 crore by promoters Kollareddy Rama Raghava Reddy and Guntaka Ravindra Reddy.

Of the fresh funds generated, the company will use ₹130.3 crore for Phase II expansion of its quartz plant under its wholly-owned subsidiary Midwest Neostone, ₹56.2 crore for loan repayment, ₹25.7 crore for the purchase of electric dump trucks, ₹3.2 crore for solar energy integration, and the remainder for general corporate purposes.

The IPO, with a price band of ₹1,014 to ₹1,065 per share, was subscribed 87.89 times during the three-day subscription window, with bids for 27,39,83,920 equity shares compared to 31,17,460 shares on offer, according to the BSE data.

Before the IPO, the company had collected ₹135 crore in the anchor round from investors, including Goldman Sachs Funds, Axis Mutual Fund, Kotak Mutual Fund, Edelweiss Life Insurance Company, ITI Mutual Fund and Svadha India Emerging Opportunities Scheme.

Midwest is involved in the mining and processing of natural stone. The company has expanded beyond granite into quartz processing through its Phase I plant, serving the engineered stone and solar glass segments.

It is the largest producer and exporter of black galaxy granite, accounting for around 64% of India's export market share in the financial year 2024-25.