Millworks Tech IPO off to a flying start; subscription tops 5x, GMP at 83%

Millworks Technologies IPO: The retail investor portion was booked 9.47 times, while the non-institutional investor (NII) category was subscribed 4.50 times.

The initial public offering (IPO) of precision engineering company Millworks Technologies, which opened for public subscription on Tuesday, July 14, was subscribed over five times within the first day of bidding, led by strong participation from retail investors. Through its maiden share sale, the company aims to raise ₹160.34 crore from the market.

 

According to data available on the BSE, the SME offering was subscribed 5.56 times as of 2:07 PM on Tuesday. The retail investor portion was booked 9.47 times, while the non-institutional investor (NII) category was subscribed 4.50 times. The qualified institutional buyer (QIB) portion, however, had not received any bids at the time of reporting.

 

 

Grey market trends also indicated robust investor interest. According to sources tracking unofficial market activity, Millworks Technologies' unlisted shares were trading at around ₹606 apiece, reflecting a grey market premium (GMP) of ₹275, or 83.08 per cent, over the upper end of the IPO price band of ₹331 per share.

Millworks Technologies IPO details

Millworks Technologies IPO comprises an entirely fresh issue of 4.8 million equity shares aggregating ₹160.34 crore. The issue does not include an offer for sale (OFS) component.

 

The public issue is being offered at price band at ₹315-331 per share, with a lot size of 400 shares. Investors are required to bid for a minimum of 800 shares and in multiples of 400 shares thereafter.

 

At the upper end of the price band, retail investors will need to invest a minimum of ₹2,64,800 to apply for two lots, or 800 shares.

 

Millworks Technologies IPO will remain open for subscription until Thursday, July 16, 2026. The basis of allotment is expected to be finalised on Friday, July 17, 2026.

 

Shares allotted to successful bidders are likely to be credited to their demat accounts by Monday, July 20, 2026, while the stock is scheduled to debut on the BSE SME platform on Tuesday, July 21, 2026.

 

Purva Sharegistry (India) is the registrar to the issue, while GYR Capital Advisors is the book-running lead manager.

 

Millworks Technologies plans to utilise the IPO proceeds towards funding capital expenditure for the purchase of plant and machinery, meeting working capital requirements, and general corporate purposes, according to the Red Herring Prospectus (RHP).