Midwest finalized its initial public offering allotment on September 4, 2026, with the issue receiving a 30.84 times subscription. The company priced the offer at ₹177 per equity share, and trading is scheduled to commence on September 8, 2026.

The public issue saw robust demand across all investor categories. Retail individual investors drove significant participation, with the category subscribing to the extent of 19.24 times. Non-institutional bidders also showed strong interest, particularly those applying for amounts exceeding ₹100 million, who oversubscribed their portion by 128.14 times. Qualified Institutional Buyers (QIBs), excluding the anchor portion, subscribed their quota 36.39 times.

Subscription Breakdown

The total applications received amounted to 19,88,781, seeking 60,08,778,176 equity shares before technical rejections. The final demand analysis indicates that 79.65% of the bids were placed at the cut-off price of ₹177, while 20.30% were placed at the cut-off price.

Anchor Investor Participation

The anchor investor portion was allocated to 14 anchor investors, including two domestic mutual funds through three schemes. The anchor investor offer price was finalized at ₹177 per equity share. A total of 7,791,789 equity shares were allocated under this portion, aggregating to ₹1,378,146,653. The bidding for anchor investors opened and closed on August 31, 2026.

Allotment Details

The basis of allotment was finalized in consultation with the Bombay Stock Exchange (BSE). In the retail individual bidders category, 9,090,422 equity shares were allotted to 1,08,219 successful applicants. For non-institutional bidders applying between ₹20 million and ₹100 million, 12,98,631 shares were allotted to 1,104 applicants. The higher bracket of non-institutional bidders (above ₹100 million) received 25,97,264 shares allotted to 2,208 applicants.

Qualified Institutional Buyers received 51,94,527 equity shares allotted to 63 successful applicants. Mutual Funds were allotted 5% of the Net QIB portion, while other QIBs received the remainder on a proportionate basis.

Listing and Trading

The Board of Directors approved the allotment on September 4, 2026. Instructions for unlocking funds and transferring them to the Public Offer Account were issued on the same day. Payments to non-syndicate brokers were processed on September 5, 2026. The company filed its listing application with both NSE and BSE on September 7, 2026, and received approval for listing and trading. Trading commences on September 8, 2026.

Investors are advised that the level of subscription should not be taken as indicative of the market price or business prospects. Further correspondence regarding allotment should be directed to the Registrar to the Offer, Bishare Services Private Limited.

Midwest Limited filed its Business Responsibility and Sustainability Report (BRSR) for FY26 on September 6, 2026. The natural stone miner reported total revenue from operations of ₹4,217.71 million, up from ₹3,697.35 million in the prior year.

The company operates 17 plants across India and serves customers in 17 countries across five continents. Exports contributed 20.86% of the total turnover during the reporting period.

Financial and Operational Metrics

The standalone report highlights key operational and financial figures for the fiscal year ended March 31, 2026.

The company disclosed that its top 10 customers contributed approximately 51.21% of revenue in FY25. China remains a critical market, accounting for roughly 39.73% of FY25 revenue. The board identified customer concentration and geopolitical trade risks as primary material risks.

Workforce and Safety

Midwest employed 222 permanent employees and 151 permanent workers as of the end of FY26. The turnover rate for permanent employees fell to 17.81% in FY26, down from 23.91% in FY25. Permanent worker turnover rose to 13.82% from 7.89% in the prior year.

The company reported zero lost-time injuries, fatalities, or high-consequence work-related injuries for both employees and workers in FY26. It maintains a 100% coverage rate for health and accident insurance among permanent employees and workers.

Environmental Impact

Total energy consumption increased to 44,879 Giga Joules in FY26, compared to 35,061 Giga Joules in FY25. Renewable sources accounted for 42,367 Giga Joules of this total. The company has installed a 1.10 MW captive solar plant and deployed electric dump trucks to reduce diesel consumption.

Greenhouse gas emissions (Scope 1 and 2) totaled 32,773.40 tCO2e in FY26, rising from 27,545.95 tCO2e in FY25. Waste generation increased significantly to 50,46,606 metric tonnes, primarily driven by overburden and waste rock from mining operations. All hazardous waste, including used oil, was disposed of through certified providers.

What the Numbers Show

Revenue growth outpaced energy intensity improvements. While revenue grew by approximately 14%, total energy consumption rose by nearly 28%. This divergence suggests that operational expansion or increased mechanization drove higher absolute energy use, even as the company integrated renewable sources. Additionally, related-party transactions saw a shift in composition; while sales to related parties remained low at 0.54% of total sales, loans and advances to related parties constituted 86.13% of total loans and advances, indicating significant internal capital deployment.