Midwest Ltd Debuts Strong on Market with Over 9% Premium

Midwest Ltd shares opened with a 9.39% premium over its issue price. The Rs 451-crore IPO was heavily subscribed, with funds supporting quartz facility expansion, electric trucks, solar energy, and debt repayment. Operating 16 mines, Midwest diversifies into mineral sands and rare earth processing.

Midwest Ltd marked a strong market debut on Friday, with shares opening at Rs 1,165.10 on the BSE, reflecting a 9.39% premium over the issue price of Rs 1,065.

The company's IPO, which amounted to Rs 451 crore, received an overwhelming 87.89 times subscription. Proceeds are earmarked for expanding their quartz facility, electric trucks, solar projects, and debt repayment.

The Telangana-based company, with over 40 years in the natural stone industry, operates 16 granite mines. It's now venturing into heavy mineral sands and rare earth element processing.

(With inputs from agencies.)