Millworks Technologies Listing: Shares Debut With 90% Premium

Mumbai | 21 July 2026 

Millworks Technologies made a strong market debut on Tuesday, with shares listing at ₹628.90 on the BSE SME platform, a premium of 90% over the issue price of ₹331. The listing followed an overwhelming response to the IPO, which was subscribed 193.14 times during bidding between 14 and 16 July. 

How Was the IPO Subscribed? 

The ₹160.34 crore issue received bids for 67,96,30,000 shares against 35,18,800 shares on offer. Retail investors led demand, subscribing to their reserved portion 216.46 times. The non-institutional investor category booked its quota 194.05 times. 

What Were the IPO Details? 

The issue comprised a fresh issue of 48.44 lakh equity shares, with no offer-for-sale component, priced in a band of ₹315 to ₹331 per share. The lot size was fixed at 400 shares, with retail investors required to apply for a minimum of two lots, or 800 shares, requiring an investment of ₹2,64,800 at the upper price band. 

How Did the Grey Market Compare? 

According to Investorgain and IPO Watch, the grey market premium ahead of listing stood at around ₹395 per share, indicating a potential listing gain of nearly 120%. Gains on SME IPO listings are capped at 90%. Grey market premium is an unofficial indicator based on unregulated trading and may not reflect actual listing performance. 

Who Were the Anchor Investors? 

Anchor investor bidding concluded on 13 July, with the company raising nearly ₹44 crore from nine entities, including Rajasthan Global Securities and Evergrow Capital Opportunities Fund. Net proceeds from the fresh issue will fund plant and machinery purchases worth ₹61.03 crore, working capital requirements of ₹81.50 crore, and general corporate purposes. 

What Does Millworks Technologies Do? 

Millworks Technologies is a precision engineering company manufacturing high accuracy machined components, sheet metal parts and integrated assemblies for aerospace, defence, railways, metro rail, drone and semiconductor sectors. It operates under Build to Print and Build to Spec models, supplying original equipment manufacturers. In FY26, domestic sales contributed 73% of revenue, with exports accounting for the remaining 27%. 

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