Midwest Share Price Today: Stock Lists 9% Above Issue Price on Strong Debut

Mumbai | October 24
Shares of Midwest Ltd, the Telangana-based natural stone and quartz manufacturer, made a strong debut on Friday, listing at ₹1,165 per share on both the National Stock Exchange (NSE) and BSE – a 9.4% premium over the IPO issue price of ₹1,065.

The upbeat debut follows an overwhelming response from investors during the IPO, which was subscribed nearly 88 times overall. With this performance, Midwest joins the growing list of mid-sized industrial players making successful stock market entries amid strong domestic liquidity and demand for manufacturing-focused businesses.

The company’s market capitalisation post-listing stood at approximately ₹4,213 crore. Investors allotted one lot of 14 shares saw an immediate listing gain of about ₹16,310, based on the opening price on both exchanges.

Strong Demand Across Investor Categories

The ₹451-crore Midwest IPO saw enthusiastic participation across all investor segments. The offering comprised a fresh issue worth ₹250 crore and an offer for sale (OFS) of ₹201 crore by promoters Kollareddy Rama Raghava Reddy and Guntaka Ravindra Reddy.

According to stock exchange data, the IPO received bids for 27.39 crore shares against an offer size of 31.17 lakh shares, translating to an overall subscription of 87.89 times.

• The Qualified Institutional Buyer (QIB) category was subscribed 139.9 times, led by strong demand from mutual funds and foreign portfolio investors.
• The Non-Institutional Investor (NII) segment saw a massive 168 times subscription.
• The Retail Investor category was subscribed 24.3 times, reflecting strong retail enthusiasm for the company’s growth story.

Prior to the IPO opening, Midwest raised ₹135 crore from anchor investors, including Goldman Sachs Funds, Axis Mutual Fund, Kotak Mutual Fund, Edelweiss Life Insurance, ITI Mutual Fund, and Svadha India Emerging Opportunities Fund.

The IPO had a price band of ₹1,014–₹1,065 per share, and the grey market premium (GMP) ahead of listing hovered between ₹110–₹120, signalling expectations of a healthy debut — largely consistent with the final listing performance.

Expansion, Diversification, and Business Fundamentals

Founded over four decades ago, Midwest Ltd is among India’s largest producers and exporters of Black Galaxy granite, commanding an estimated 64% market share in India’s granite exports in FY25. The company operates 16 granite mines across Telangana and Andhra Pradesh, supplying to major global real-estate and infrastructure projects.

Beyond granite, Midwest has steadily diversified its business through its wholly owned subsidiary, Midwest Neostone, which manufactures quartz slabs used in engineered stone and solar glass applications. The quartz segment is now a key growth driver for the company, supported by global demand for sustainable building materials and renewable-energy infrastructure.

The company plans to utilise proceeds from the fresh issue primarily for capacity expansion and operational upgrades. As per its filings, the fund allocation includes:

• ₹130.3 crore for Phase II expansion of its quartz facility under Midwest Neostone,
• ₹56.2 crore for loan repayment,
• ₹25.7 crore for electric dump trucks to modernise logistics,
• ₹3.2 crore for solar energy integration at its mining sites, and
• The remainder towards general corporate purposes.

This expansion aligns with Midwest’s strategy to move up the value chain — from being a raw material exporter to a full-scale engineered stone producer with a global footprint.

Bottomline

Midwest’s listing reinforces investor appetite for industrial manufacturing and export-driven IPOs. While several recent listings have shown volatility post-debut, Midwest’s fundamentals — strong export linkages, steady earnings, and focused capital deployment — lend confidence to its long-term prospects.

The company’s forward strategy focuses on expanding its quartz capacity and improving operational efficiency through automation and renewable integration. With India’s infrastructure and housing sectors witnessing sustained growth, Midwest is positioned to benefit from rising demand for natural and engineered stone in domestic as well as international markets.

At current levels, the stock is expected to draw interest from both retail and institutional investors tracking the broader industrial manufacturing theme. Market watchers will closely follow how Midwest sustains its profitability and margin profile in the coming quarters.

Midwest Ltd’s 9% listing premium reflects strong investor confidence in its business model, diversification strategy, and export potential. With its post-listing market cap crossing ₹4,200 crore, the company has set a steady foundation for the next phase of growth — and its debut underscores the continued strength of India’s IPO market in FY26.