New Delhi, October 24 (Udaipur Kiran): Shares of Midwest Ltd, a natural stone mining and processing company, made a robust debut on the stock market today, delivering handsome returns to its IPO investors.
The company’s shares, issued at Rs. 1,065 per share, were listed at a premium of nearly 9%, opening at Rs. 1,165.10 on the BSE and Rs. 1,165 on the NSE. Supported by strong buying interest post-listing, the stock further climbed to Rs. 1,180.65 by 10:15 AM, giving investors a listing gain of around 10.86%.
Midwest Ltd’s Rs. 451 crore IPO, which was open for subscription between October 15 and 17, received an overwhelming response, being subscribed 22.36 times overall. The Qualified Institutional Buyers (QIBs) portion was subscribed 146.99 times, while Non-Institutional Investors (NIIs) subscribed 176.57 times. The retail category saw 25.52 times subscription, and the employee quota was 25.80 times subscribed.
The IPO included a fresh issue of shares worth Rs. 250 crore and an Offer for Sale (OFS) of 18,87,323 shares (face value Rs. 5 each).
The company plans to utilise the IPO proceeds for capital expenditure in the second phase of its subsidiary Midwest Neostone’s quartz processing plant, for the purchase of electric dump trucks for itself and subsidiary APGM, solar energy integration in its mines, debt reduction, and general corporate purposes.
Financially, Midwest Ltd has shown a strong growth trajectory. Its net profit rose from Rs. 54.44 crore in FY 2022–23 to Rs. 100.32 crore in FY 2023–24, and further to Rs. 133.30 crore in FY 2024–25. The company’s revenue increased from Rs. 522.23 crore in FY 2022–23 to Rs. 603.33 crore in FY 2023–24, and Rs. 643.14 crore in FY 2024–25.
In the first quarter (April–June 2025) of the ongoing financial year, the company reported a net profit of Rs. 24.38 crore and revenue of Rs. 146.47 crore.
Midwest’s debt stood at Rs. 149.08 crore in FY 2022–23, fell to Rs. 120.48 crore in FY 2023–24, but increased to Rs. 236.61 crore in FY 2024–25 and Rs. 270.11 crore by June 2025. Meanwhile, its reserves and surplus grew steadily from Rs. 408.88 crore in FY 2022–23 to Rs. 625.60 crore in the first quarter of FY 2025–26.
The company’s EBITDA also showed strong performance, rising from Rs. 89.59 crore in FY 2022–23 to Rs. 171.78 crore in FY 2024–25, while in Q1 FY 2025–26, EBITDA reached Rs. 38.97 crore.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
