Midwest Ltd Shares Surge as IPO Records Massive Subscription

Midwest Ltd saw its shares rise more than 7% above the issue price as the company ended trading with a premium on Friday. Listing on the Bombay Stock Exchange at Rs 1,165.10, a nearly 9.39% increase, the stock hit a high of Rs 1,189.50 during the day before settling at Rs 1,141.10.

On the National Stock Exchange, shares debuted at Rs 1,165, also reflecting a 9.38% rise, and closed at Rs 1,140.50. Midwest's market valuation reached Rs 4,126.31 crore, boosted by its Rs 451-crore initial public offering. The IPO saw overwhelming demand, subscribed 87.89 times on the final bidding day.

The public issue priced between Rs 1,014 to Rs 1,065 involved a fresh issue and an offer-for-sale. Rs 130.3 crore is earmarked for Phase II of Midwest Neostone's expansion, with further investments in electric dump trucks and solar energy. The company aims to utilize its proceeds for diversification into mineral sands and rare earth elements.