Issue closes on October 17, 2025

The Initial Public Offering of Quartz Processor, Midwest Limited, India’s largest producer of Black Galaxy and Absolute Black granite has been fully subscribed to 1.84 times on the first day of bidding, demonstrating strong demand from retail and non-institutional investors for this IPO.

The issue received bids of 57,33,840 shares against the offered 31,17,460 equity shares, according to data available on the stock exchanges.

Retail Portion and Non-institutional Portion were subscribed 1.60 times and 4.17 times, respectively. Qualified Institutional Buyer (QIB) subscribed 0.50 times, and the Employee Portion was subscribed 2.54 times.

The issue kicked off for subscription on Wednesday, October 15, 2025 and will close for subscription on Friday, October 17, 2025.

A day before the opening of the issue, Midwest Ltd had raised Rs 135 crore from anchor investors. Some of the marquee institutions that participated in the anchor include Goldman Sachs India Equity Portfolio, Edelweiss Life Insurance Company, Axis Mutual Fund Trustee – Axis Mutual Fund Small Cap Fund, Sun Life Aditya Birla India Fund, Kotak Mahindra Trustee – Kotak Consumption Fund, Edelweiss Trusteeship – Edelweiss Recently Listed IPO Fund, ITI Muti Cap Fund, Svadha India Emerging Opportunities Scheme 1.

Leading brokerage firms like Aditya Birla Money, BP Wealth, and Ventura Securities have given a “Subscribe” rating to the issue highlighting the company has a legacy of more than four decades in the extracting and processing dimensional granite, particularly black galaxy and absolute black varieties. It is India’s largest producer of black galaxy and black granite stones, and held a share of approximately 64% of the Indian export market for the export of black galaxy stone during FY25. The company’s absolute black granite production accounted for 15.7% of the overall black granite production in India during FY25. In addition to natural stone business, the company also manufactures diamond wire, which caters to both captive consumption and market demand of the Indian mining and construction industry.

On the valuation front, at the upper end of the price band, the issue is valued at a P/E of 30 times. The company’s diversification into quartz and HMS segments positions it to tap into high-growth industries like solar glass, electric vehicles (EVs), aerospace, and semiconductors. This strategic shift aligns well with India’s push for self-reliance and comes at a pivotal time amid global supply chain disruptions. The report highlights these new verticals will make a meaningful contribution to the company’s revenue and ensure profitability over time.

Dam Capital Advisors, Intensive Fiscal Services and Motilal Investment Advisors are the book-running lead managers, and Kfin Technologies Limited is the registrar of the issue.