Quartz processing company Midwest made a positive debut on Dalal Street on Friday, with the shares listing at a 9% premium over the initial public offering (IPO) price. Shares of Midwest debuted at ₹1,165 on the BSE and NSE, up 9.4% against the IPO price of ₹1,165, with a market capitalisation of ₹4,213.10 crore.

The listing was in line with the Street expectations, as the stock was commanding a grey market premium of ₹100 in the unlisted market, suggesting an estimated listing price of around ₹1,165 per share.

Meanwhile, the equity benchmarks—BSE Sensex and NSE Nifty—were trading flat with a negative bias amid persistent concerns over U.S. sanctions on Russian oil.

Midwest raised ₹451.10 crore via IPO, which was a combination of fresh issue of equity shares aggregating to ₹250.10 crore and offer for sale of stocks worth ₹201 crore. The IPO, which opened for bidding between October 15-17, was subscribed 87.89 times.

The IPO of Midwest, India’s largest producer of Black Galaxy and Absolute Black granite, received bids for 27.39 crore shares against the offered 31,17,460 equity shares, according to data available on the stock exchanges.

Retail portion and non-institutional portions were subscribed 24.26 times and 168.07 times, respectively. The qualified institutional investors (QIB) segment was subscribed 139.87 times and the employee portion received 24.44 times bidding.

Ahead of the IPO, Midwest raised ₹135 crore from anchor investors. Some of the marquee institutions that participated in the anchor include Goldman Sachs India Equity Portfolio, Edelweiss Life Insurance Company, Axis Mutual Fund Trustee–Axis Mutual Fund Small Cap Fund, Sun Life Aditya Birla India Fund, Kotak Mahindra Trustee–Kotak Consumption Fund, Edelweiss Trusteeship–Edelweiss Recently Listed IPO Fund, ITI Muti Cap Fund, Svadha India Emerging Opportunities Scheme 1.

The company is in the business of exploration, mining, processing, marketing, distribution and export of natural stones, with an emphasis on sustainability. It held a share of approximately 64% of the Indian export market for Black Galaxy Granite in fiscal 2025, as per a Crisil report, exporting 44,992 cubic metres of black galaxy granite. Its absolute black granite production accounted for 15.7% of the overall black granite production in India during fiscal 2025. 

Midwest currently has 16 operational granite mines across 6 locations in Telangana and Andhra Pradesh, producing granite varieties such as Black Galaxy, Absolute Black, Tan Brown, along with one granite processing facility in Telangana and Andhra Pradesh. In addition to its operational mines, the company has also established a resource base comprising 25 locations across Andhra Pradesh, Telangana, Karnataka and Tamil Nadu.

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