Millworks Technologies SME IPO Explodes with 78x Subscription as Grey Market Premium Soars

Millworks Technologies SME IPO Explodes with 78x Subscription as Grey Market Premium Soars​

Massive Investor Interest Drives High Subscription Rates for Millworks Technologies​

The public issue of Millworks Technologies has witnessed a surge in interest during the final bidding period. As of 11:15 am on July 16, data from the BSE reveals that the SME issue is subscribed nearly 78 times.

Retail investors have demonstrated significant enthusiasm by booking their portion at a staggering 114.31 times. Meanwhile, the non-institutional investor (NII) category has contributed strongly with an subscription of 78.08 times.

The company received bids for 27,29,50,800 shares against the 35,18,800 shares offered. This overwhelming response underscores the market's appetite for the upcoming listing.

Grey Market Premium Signals Potential Listing Gains of Over 120 Percent​

Market sentiment remains highly bullish as the grey market premium continues to command attention ahead of share allotment. According to data from Investorgain and IPO Watch, the GMP stands at Rs 400 per share on July 16.

This pricing action signals a potential listing gain of approximately 120.85 percent over the issue price. Investors are closely monitoring these indicators as the subscription period draws to a close.

Issue Size and Subscription Structure for Retail Participants​

The Rs 160.34-crore SME IPO offers a fresh issue of 48.44 lakh equity shares with no offer-for-sale component. The company has established a price band ranging from Rs 315 to Rs 331 per share.

Retail investors are required to apply for a minimum of two lots, which corresponds to 800 shares. At the upper end of the price band, this represents an investment of Rs 2,64,800 per application.

The post-issue valuation of the company stands at approximately Rs 583 crore. This reflects the significant scale expected once the fresh issue is fully integrated into the company's capital structure.

Strategic Allocation of Funds and Anchor Investor Participation​

During the anchor investor bidding phase completed on July 13, nine entities including Rajasthan Global Securities and Evergrow Capital Opportunities Fund committed nearly Rs 44 crore. These commitments provide a strong foundation for the primary issuance.

Millworks Technologies plans to deploy the net proceeds strategically for growth and operational stability. The company has earmarked Rs 61.03 crore for the purchase of plant and machinery, while Rs 81.50 crore is designated for working capital requirements.

The remaining amount from the fresh issue will be allocated toward general corporate purposes. This multi-faceted approach aims to strengthen the company's manufacturing capabilities and operational reach.

Millworks Technologies Business Profile and Market Position​

Millworks Technologies serves as a manufacturer of precision-machined components, sheet metal parts, and integrated assemblies. The company caters to mission-critical industries including aerospace, defense, railways, metro rail, drones, and semiconductors.

The firm operates under Build-to-Print and Build-to-Spec engagement models to supply original equipment manufacturers. Financial records show that domestic sales contributed 73 percent of FY26 revenue, while exports accounted for the remaining 27 percent.

Key Dates for Allotment and BSE SME Listing​

The public subscription period remains open until July 16. Investors are looking toward the upcoming allotment process which is expected to occur on July 17.

The debut on the BSE SME platform is currently scheduled for July 21. Market participants are keeping a close watch on these milestones as the company prepares for its transition to a listed entity.