The ₹451-crore initial public offering (IPO) of Quartz processor Midwest has attracted a robust response, with subscription reaching 1.84 times on the first day of bidding. The offering received bids for 57,33,840 shares against 31,17,460 shares available.
Non-institutional investors (NIIs) led the demand, subscribing 4.17 times, while retail investors subscribed 1.60 times. Qualified institutional buyers (QIBs) accounted for 0.50 times of the total shares offered.
Prior to the IPO, the company raised ₹135 crore from anchor investors, allotting 12,67,605 equity shares at ₹1,065 each. Participation in the anchor book included notable institutions such as Goldman Sachs Funds—Goldman Sachs India Equity Portfolio and Edelweiss Life Insurance Company. Domestic mutual funds among the allocations included Axis Mutual Fund Trustee—Axis Mutual Fund Small Cap Fund, Sun Life Aditya Birla India Fund, and Kotak Mahindra Trustee—Kotak Consumption Fund, among others. A total of 6,10,330 shares were allocated to domestic mutual funds.
The IPO comprises a fresh issue of shares valued at ₹250 crore and an offer for sale (OFS) of ₹201 crore, bringing the total issue size to ₹451 crore at the upper price band. The price range has been set between ₹1,014 and ₹1,065 per share.
The subscription period for the IPO commenced on Wednesday, October 15, 2025, and will conclude on Friday, October 17, 2025. The shares are expected to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on October 24.
Regarding the utilization of funds, ₹130.3 crore will be directed towards the Phase II expansion of its Quartz facility under the subsidiary Midwest Neostone, while ₹25.7 crore will be allocated for electric dump trucks and ₹3.2 crore for solar energy integration at select mining sites. Additionally, ₹56.2 crore is earmarked for repaying borrowings, with the remainder set aside for general corporate purposes.
Midwest Ltd is involved in the exploration, mining, processing, marketing, and export of natural stones, with a notable emphasis on sustainability. The company is a leading exporter of Black Galaxy Granite and operates 20 mines, including 16 Granite Mines, 3 Quartz Mines, and 1 Marble Mine, with resources located across Telangana, Andhra Pradesh, Karnataka, and Tamil Nadu.
Market analysts have a positive outlook on the IPO, commending Midwest’s leadership in natural stones and the growing global demand for Quartz products. They note the company’s strategic move into rare earth processing, although some express caution regarding the cyclical trends in the construction and export sectors.
SBI Securities assessed the IPO as valued at a premium compared to peers and has maintained a neutral rating, opting to observe the company’s performance after listing. Conversely, Ventura awarded a “subscribe” rating, highlighting the company’s continuous innovation and ability to meet rising demand in the granite and processed stone markets.
Published on October 15, 2025.
