Shares of made a healthy debut on Friday, listing at a 9 per cent premium above its price of ₹1,065. On the BSE, the stock opened at ₹1,165.10 and on the it started trading at ₹1,165, reflecting healthy investor appetite and a positive market response to the issue.
The has rung in the celebration of the listing of Midwest Limited at our exchange .
— NSE India (@NSEIndia)
Post-listing, the stock moderated between ₹1,155 and ₹1,190 on bourses. At 10.14 am, the stock traded at ₹1164.80 and ₹1,154.30 on the BSE and NSE, respectively.
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, , 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.