Shares of Midwest made a strong debut on Thursday, opening at ₹1,165, up 9.39% from the issue price, following overwhelming investor demand during its initial public offering (IPO).
The ₹451-crore IPO of the Black Galaxy granite leader was subscribed nearly 92 times, underscoring robust institutional and retail interest. The issue, which opened between October 15 and 17, drew ₹135 crore in anchor demand, signaling high pre-listing confidence from marquee investors.
According to Harshal Dasani, Business Head at INVasset PMS, the company’s “strong operating metrics and visible leadership in the Black Galaxy granite segment” helped drive investor enthusiasm. “Near term, a positive debut appears likely; over the medium term, performance will hinge on execution discipline and expansion strategy,” he added.
The issue was managed by Dam Capital Advisors as the book-running lead manager, while Kfin Technologies acted as the registrar.
At the close of debut trading, Midwest’s shares were priced at ₹1,165, marking a ₹100 or 9.39% gain over the issue price, aligning closely with grey market premium (GMP) expectations that hinted at a 9–10% listing gain ahead of the IPO.
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