Millworks Technologies Listing Soars: Grey Market Premium Signals 120% Jump on BSE SME Debut

Millworks Technologies Listing Soars: Grey Market Premium Signals 120% Jump on BSE SME Debut​

Millworks Technologies is set for a high-stakes stock market debut on Tuesday, July 21, following a massively successful Initial Public Offering (IPO). The shares are currently commanding significant excitement in the grey market (GMP), reflecting strong pre-listing investor sentiment.

The company's listing performance is being heavily focused on by the markets, with the current GMP suggesting a potential listing price close to ₹726 per share. This projected valuation represents a substantial gain of about 120% when compared to the IPO’s upper price band of ₹331. While the grey market indicator is unofficial, it underscores the robust expectations surrounding the precision engineering firm's debut.

Massive Investor Response Fuels Listing Hype​

The Bengaluru-based Millworks Technologies experienced overwhelming investor demand during its SME IPO subscription period. The issue was subscribed in excess of 219 times overall.

Investor confidence spanned all segments, with retail investors subscribing over 216 times. Institutional appetite was equally strong, as the Non-Institutional Investor (NII) category received bids exceeding 260 times. The Qualified Institutional Buyer (QIB) segment also demonstrated significant interest, witnessing subscriptions amounting to more than 194 times the allotted quota.

Precision Engineering Business Model Drives Confidence​

Millworks Technologies is a specialized precision engineering player committed to high-growth sectors. Headquartered in Bengaluru, the company manufactures critical components, sheet metal parts, and integrated assemblies that demand exceptional quality and reliability.

The firm operates using two advanced manufacturing models: Build-to-Print (BTP) and Build-to-Spec (BTS). This dual capability allows Millworks to deliver highly customised solutions while adhering strictly to stringent Original Equipment Manufacturer (OEM) specifications.

Its strategic customer base includes key sectors such as aerospace, defence, railways, and semiconductors. This exposure positions the company well to capitalize on rising industrial demand within India's defence ecosystem.

Financial Strength Bolsters IPO Success​

The success of the SME offering is underpinned by Millworks Technologies’ healthy financial performance. For FY26, the company reported a revenue of ₹148.77 crore. It also achieved an EBITDA of ₹56.30 crore and recorded a profit after tax (PAT) of ₹37.06 crore.

The IPO itself was highly sought-after, with bids for nearly 62.68 crore shares received against the offering limit of up to 48.44 lakh equity shares. The issue was priced within the range of ₹315–₹331 per share.

Funds Allocated for Capacity Expansion and Growth​

Millworks Technologies plans to utilize the substantial proceeds raised through the IPO primarily for aggressive capital expenditure (CAPEX). This investment will be channeled into acquiring new plant and machinery to bolster manufacturing capacity.

The funds are also designated to meet working capital requirements and support various general corporate purposes. These strategic investments are set to strengthen the company’s presence across critical high-growth industrial segments, ensuring continued expansion capability.