Midwest share price declines on day 2 of listing; here’s how it compares to IPO issue price

At 11:20 am, the stock was down 0.42% to ₹1,135.70 per share. The company's market valuation stands at ₹4,104.25 crore.

Midwest share price: Here’s how the stock compares to IPO issue price

The scrip had debuted at ₹1,165 apiece on the NSE, a premium of 9.39% from the IPO issue price of ₹1,065 apiece.

At the current price, it is up 6.63% from the issue price.

The ₹451 crore IPO was subscribed 87.89 times, with bids for 27,39,83,920 shares compared to 31,17,460 equity shares on offer, according to the BSE data.

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

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

Of the fresh issue, ₹130.3 crore will go towards Phase II expansion of its quartz facility under subsidiary Midwest Neostone, ₹25.7 crore for electric dump trucks, and ₹3.2 crore for solar energy integration at select mines.

Furthermore, ₹56.2 crore will be used to repay borrowings, with the rest set aside 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 and the processing of rare earth elements.