Millworks Technologies IPO Hits 100% Subscription in One Hour; Retail & NII Surge Ignites Market Buzz

Millworks Technologies IPO Hits 100% Subscription in One Hour; Retail & NII Surge Ignites Market Buzz​

The Initial Public Offering (IPO) of Millworks Technologies demonstrated extraordinary market enthusiasm, achieving complete subscription within just one hour on Day 1 of bidding on July 14, 2026. The SME IPO witnessed overwhelming interest from both retail and non-institutional investors (NIIs), signifying strong confidence in the company’s growth trajectory and operational stability.

##IPO Subscription Details and Market Sentiment

The issue was fully subscribed after receiving bids for 35,74,800 shares against the offered quota of 35,18,800 shares by 10:40 AM. The subscription level reached approximately 100 percent. Retail investors spearheaded the massive demand, subscribing to nearly 1.51 times their reserved portion.

The non-institutional investor (NII) category also contributed significantly, with its quota booking at around 1.14 times the required amount. Beyond the initial success, the public issue continues to command significant enthusiasm in the grey market. The current Grey Market Premium (GMP), pegged by multiple trackers, stood firmly at Rs 300 per share on the morning of July 14, indicating an estimated listing gain of 90 percent over the issue price.

##Strong Financial Fundamentals Drive IPO Demand

The fervent response to the IPO is underpinned by Millworks Technologies’ rapid financial ascent. The company reported a phenomenal more than seven-fold rise in net profit for FY26, reaching Rs 37.1 crore from Rs 5.2 crore in the preceding financial year. Correspondingly, revenue increased nearly seven-fold to Rs 148.8 crore, up from Rs 22.1 crore during that period.

Furthermore, growth was robust in FY25 as well, with both net profit tripling and revenue more than doubling compared to FY24 figures. The IPO is valued at approximately Rs 160.34 crore based on the upper end of its price band (set between Rs 315 and Rs 331 per share), but the company’s post-issue valuation stands substantially higher, estimated near Rs 583 crore.

##Company Profile and Funds Utilization

Millworks Technologies specializes in manufacturing precision-machined components, sheet metal parts, and integrated assemblies for highly critical sectors. These industries include aerospace, defence, railways, metro rail, drone technology, and the semiconductor sector. The company serves Original Equipment Manufacturers (OEMs) through Build-to-Print and Build-to-Spec engagement models.

The revenue stream is predominantly domestic, which contributed 73 percent of FY26 sales, while exports made up the remaining 27 percent. Regarding the net proceeds from the fresh issue, a significant portion of the funds will be utilized for strategic expansion. Specifically, Rs 61.03 crore has been earmarked for the purchase of plant and machinery, with Rs 81.50 crore allocated to meeting working capital requirements.

##Timeline for Allotment and Listing

The SME public subscription for Millworks Technologies remains open until July 16. The company finalized anchor investor bidding on July 13, securing nearly Rs 44 crore from nine entities, including Rajasthan Global Securities and Evergrow Capital Opportunities Fund.

With the allotment tentatively scheduled for July 17, the listing on the BSE SME platform is set to take place on July 21, promising investors a chance to capitalize on the strong market momentum demonstrated by this successful IPO launch.