Midwest IPO Share Price:
Today, October 24, shares of Midwest, a quartz processor, made a successful launch on the NSE at Rs 1,165 a share, representing a 9.39% premium.
Shares jumped to Rs 1,176 per after the IPO at 10:00 am, representing a 10.77% increase.
With bids for 27,40,31,674 shares compared to the 29,67,136 shares available, the Rs 451-crore mainboard initial public offering (IPO) of quartz processor Midwest, which was open from October 15 to October 17, received a robust 92.36x subscription. The NII (non-institutional investor) quota obtained 176.57 times as many subscriptions as its retail category, which garnered 25.52 times. The subscription rate for the QIB category was 146.99x.
Midwest Share: Should You Buy, Sell Or Hold?
In a mainly fragmented natural stone industry, analysts point to Midwest’s integrated mine-to-market operation and long-term mining rights as offering a sustainable competitive advantage. According to BP Equities, the company is a powerful force in the premium granite market due to its leading position, 40-year operational history, and foray into engineered stone and green energy solutions.
Midwest’s finances showed consistent growth, with revenues increasing from Rs 502 crore in FY23 to Rs 626 crore in FY25 and net profit increasing by 145% to Rs 133 crore in the same time frame. Its strong export realizations and cost effectiveness helped them achieve an EBITDA margin of 27%. Healthy profitability measures were demonstrated by the 19.4% return on equity (ROE) and 18.8% return on capital employed (ROCE).
Given its market dominance and growth visibility, analysts believe the stock’s valuation at the upper end of the price range—27 times FY25 earnings—is justified. “Midwest offers a solid medium- to long-term play on India’s growing natural stone exports given its leadership in the Black Galaxy segment, global reach, and clean balance sheet,” according to BP Equities.
Midwest IPO: More Details
An offer-for-sale (OFS) of Rs 201 crore and a new issue of shares valued at Rs 250 crore made up the Rs 451-crore IPO.
Of the new issuance, Rs 3.2 crore will be used for solar energy integration at certain mines, Rs 25.7 crore for electric dump trucks, and Rs 130.3 crore for the Phase II expansion of its quartz facility under subsidiary Midwest Neostone.
Furthermore, Rs 56.2 crore would be utilized for loan repayment, with the remaining sum designated for general business needs.
The total amount of the company’s borrowings as of June 2025 was Rs 270.1 crore.
The company has been in the natural stone business for more than 40 years, and through its Phase I plant, it has branched out into quartz processing to serve the engineered stone and solar glass markets. It is expanding into the processing of rare earth elements and the exploration of heavy mineral sands.
Midwest, a Telangana-based company, runs 16 granite mines in Telangana and Andhra Pradesh. It produces Absolute Black granite and premium Black Galaxy granite, which are both used extensively in international real estate projects and are only found in one Andhra Pradesh hamlet.
