Millworks Technologies SME IPO Surges to 17x Subscription; GMP Signals Massive Listing Gain Ahead of Allotment

Millworks Technologies SME IPO Surges to 17x Subscription; GMP Signals Massive Listing Gain Ahead of Allotment​

The Initial Public Offering (IPO) of Millworks Technologies has maintained a powerful upward momentum on its second day of bidding. The Small and Medium Enterprise (SME) issue witnessed exceptional investor interest, crossing the 17-fold subscription mark as reported by the BSE data at 10:57 am on July 15.

The IPO received bids for 6,04,42,800 shares against an offering of 35,18,800 shares, resulting in a robust overall subscription ratio of 17.17 times. This strong response was led by retail investors, who subscribed nearly 29.31 times their reserved quota. Non-institutional investor (NII) categories also showed significant enthusiasm, with quotas booked close to 14 times the issue size.

Grey Market Premium Signals Strong Listing Day for Millworks Technologies​

Ahead of the final share allotment, the public offering continues to command a substantial grey market premium (GMP). Both Investorgain and IPO Watch pegged the GMP at Rs 300 per share on the morning of July 15. This valuation suggests an estimated listing gain of 90 percent over the current issue price, indicating high market confidence in the company’s prospects.

##IPO Structure and Investment Details for Millworks Technologies SME Issue

The Rs 160.34-crore SME IPO remains open for public subscription until July 16. The company has set a carefully structured price band ranging from Rs 315 to Rs 331 per share. A standard lot size of 400 shares is defined for the offering.

Retail investors are required to apply for a minimum of two lots, equating to 800 shares. At the upper price band, this minimum investment requires Rs 2,64,800. The IPO consists solely of a fresh issue of 48.44 lakh equity shares and does not include any offer-for-sale (OFS) component.

Corporate Health and Growth Metrics Drive Investor Interest​

Millworks Technologies has demonstrated impressive financial resilience and hyper-growth. In FY26, the company reported a net profit that rose more than sevenfold to Rs 37.1 crore, up significantly from Rs 5.2 crore in the previous fiscal year. Revenue also saw nearly a seven-fold increase, reaching Rs 148.8 crore compared to Rs 22.1 crore during the same period.

The company’s post-issue valuation stands at approximately Rs 583 crore, with the issue valued at Rs 160.34 crore at the upper end of the price band. Anchor investor bidding concluded on July 13, securing nearly Rs 44 crore across nine entities, including Rajasthan Global Securities and Evergrow Capital Opportunities Fund.

Future Utilization and Operational Scope of Millworks Technologies​

Millworks Technologies is committed to leveraging the net proceeds for strategic growth initiatives. Out of the raised capital, Rs 61.03 crore has been earmarked specifically for the purchase of plant and machinery. Another substantial allocation of Rs 81.50 crore is designated for working capital requirements. The remaining funds will be utilized for general corporate purposes.

The company specializes in manufacturing precision-machined components and integrated assemblies. These parts are critical for high-stakes sectors including aerospace, defence, railways, metro rail, drone technology, and semiconductor industries. Domestic sales constitute 73 percent of the FY26 revenue, while exports accounted for the remaining 27 percent.

Allotment for the shares is anticipated on July 17, with a tentative listing scheduled on the BSE SME platform set for July 21.