Midwest shares debut at 9% premium on NSE, BSE
The stock closed at ₹1,141.10 and ₹1,140.50 on the BSE and NSE, respectively, listing at a 9 per cent premium above its IPO price of ₹1,065.
On the BSE, the stock opened at ₹1,165.10 and on the NSE it started trading at ₹1,165, reflecting healthy investor appetite and a positive market response to the issue.
Post-listing, the stock moderated between ₹1,123 and ₹1,190 on bourses.
According to Garg, the company is well-positioned for its next growth phase by holding a 64% share in India’s Black Galaxy Granite exports and expanding quartz production. Its focus on renewable energy and sustainability strengthens its global appeal.
IPO details
The ₹451-crore initial public offering (IPO) of Quartz processor comprised a fresh issue worth about ₹250 crore and an offer for sale of ₹201 crore. The price band for the issue was set between ₹1,014 and ₹1,065 per share.
Ahead of the IPO opening, the anchor portion saw participation worth around ₹135 crore at the upper end of the price band, signalling strong institutional interest.
The public issue received an overwhelming response, with overall subscription exceeding 87 times, driven by robust demand across investor categories. The unlisted market also pointed healthy debut, reflecting bullish sentiment toward the company’s growth prospects.
Use of funds
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.
Published on October 24, 2025
