Millworks Technologies IPO Day 1: Subscription Status, GMP and Key Updates
- 14th July 2026
- 03:00 PM
- 3 min read
Summary
Millworks Technologies' SME IPO was fully subscribed within an hour of opening on 14 July. Retail investors led demand at 1.51 times their reserved portion, with NIIs at 1.14 times. GMP stood at Rs 300, indicating a potential 90% listing gain.Mumbai | 14 July 2026
The SME initial public offering of Millworks Technologies witnessed a robust response on Day 1, with the issue fully subscribed within an hour of opening on 14 July, according to data from the BSE.
Day 1 Subscription Status
The issue received bids for 35,74,800 shares against 35,18,800 shares on offer by 10:40 am, translating to an overall subscription of approximately 100%.
| Category | Subscription |
| Retail | 1.51x |
| Non-Institutional Investors (NII) | 1.14x |
| Overall | ~100% |
Retail investors led the charge, followed by strong interest from non-institutional investors.
Grey Market Premium
According to Investorgain, the GMP stood at Rs 300 per share on the morning of 14 July, signalling an estimated listing gain of 90% over the issue price. IPO Watch also pegged the GMP at Rs 300.
Grey market premium is an unofficial indicator and does not guarantee actual listing price performance.
Issue Structure and Price Band
The Rs 160.34 crore SME IPO will remain open for subscription until 16 July. The price band is set at Rs 315 to Rs 331 per share, with a lot size of 400 shares. Retail investors must apply for a minimum of two lots, or 800 shares, requiring an investment of Rs 2,64,800 at the upper price band.
The issue comprises a fresh issue of 48.44 lakh equity shares, with no offer for sale component. At the upper end of the price band, the issue is valued at around Rs 160.34 crore, with the company’s post-issue valuation at approximately Rs 583 crore. Anchor investor bidding was completed on 13 July, with the company raising nearly Rs 44 crore from nine entities, including Rajasthan Global Securities and Evergrow Capital Opportunities Fund.
Use of Proceeds
The company proposes to use net proceeds from the fresh issue for plant and machinery purchase (Rs 61.03 crore), working capital requirements (Rs 81.50 crore), and general corporate purposes.
Financial Performance
Millworks Technologies reported a more than seven-fold rise in net profit to Rs 37.1 crore in FY26, up from Rs 5.2 crore in FY25. Revenue increased nearly seven-fold to Rs 148.8 crore from Rs 22.1 crore over the same period. In FY25, net profit had nearly tripled and revenue had more than doubled compared with FY24.
Company Overview
Millworks Technologies manufactures precision-machined components, sheet metal parts and integrated assemblies for aerospace, defence, railways, metro rail, drone and semiconductor sectors. The company operates under Build-to-Print and Build-to-Spec engagement models, supplying to original equipment manufacturers. Domestic sales contributed 73% of FY26 revenue, with exports accounting for the remaining 27%.
Outlook
Allotment is expected on 17 July, with tentative listing on the BSE SME platform scheduled for 21 July.
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