Midwest Limited made a strong debut on the stock market, listing at a 9.39% premium over its IPO price of ₹1,065 on the NSE and BSE. Despite a brief dip post-listing, the stock closed 7% higher, reflecting solid investor confidence and strong fundamentals. With expansion plans in quartz processing, renewable energy integration, and rare earth exploration, Midwest’s IPO success signals long-term growth potential in India’s natural stone industry.
On Friday, October 24, 2025, Midwest Limited made a big splash when it went public on the stock market. Its shares opened at a 9.39% premium over the issue price on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
The company’s shares were listed at ₹1,165 per share on NSE, compared to the IPO price of ₹1,065, while on the BSE, the stock opened at ₹1,165.10 per share. Despite early enthusiasm, the stock slipped nearly 2% during the day to close at ₹1,144.10, still 7.4% above its issue price.
By the end of its debut session, Midwest’s market capitalization stood at ₹4,137.16 crore. A lot of people bought and sold shares in the company—over 42 lakh shares, worth a total of ₹487.85 crore, were moved.
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IPO Subscription and Fund Allocation
The ₹451-crore IPO of Midwest Limited was open for public subscription between October 15–17, receiving an overwhelming 87.89 times subscription. The price band was fixed between ₹1,014 and ₹1,065 per share.
The company plans to utilize the proceeds as follows:
₹130.3 crore for Phase II expansion of its quartz facility under subsidiary Midwest Neostone,
₹25.7 crore for purchasing electric dump trucks,
₹3.2 crore for solar energy integration at select mines,
₹56.2 crore for debt repayment,
with the remainder earmarked for general corporate purposes.
About Midwest Limited
Midwest is based in Telangana and has been in the natural stone business for more than forty years. The company runs 16 granite mines in Telangana and Andhra Pradesh that produce Black Galaxy and Absolute Black granite, which is known all over the world.
There is now more work for Midwest because it processes quartz for the manufactured stone and solar glass markets. There are also chances that it could handle heavy mineral sands and rare earth elements, which would give it even more choices.
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Analyst Views: Strong Fundamentals and Growth Prospects
Market experts believe Midwest’s strong debut reflects investor confidence in its fundamentals. Gaurav Garg, a research analyst at Lemonn Markets Desk, says that the stock’s strong start shows “investor faith backed by robust QIB participation and strong financial performance.”
Garg talked about the company’s great financials for FY25. He said that sales rose to ₹626 crore, PAT jumped 145% to ₹133 crore, and the margin grew to 27.4%. He also said that Midwest is ready for its next step of growth because it has a 64% share of India’s Black Galaxy Granite exports and is now making quartz as well.
He also said that even though the stock was selling at a higher price than its expected earnings for FY25, the company’s higher profits and control over key resources made the price fair.
Ventura Securities also said that Midwest’s new quartz plant and rare earth mineral licensing could help it become more important in the solar and semiconductor industries, making it a good long-term bet.
Investor Takeaway: Decent Debut with Long-Term Potential
Midwest’s listing gains of 9% outperformed grey market expectations, which had projected around 11% returns. The stock went down a little after it was listed, but its strong fundamentals, high subscription levels, and diverse growth plans show that it has good long-term promise.
Investors who received IPO allotments made a profit of ₹16,310 per lot on listing day.
It’s clear that Midwest wants to become a big player in India’s mining and mineral value chain, as it went from mining granite to processing smart materials. It wants to get different kinds of resources, use clean energy, and take care of the world.
