Millworks Technologies IPO Day 3: Subscription hits 63x, GMP surges to 125% ahead of listing

Bengaluru-based precision engineering company Millworks Technologies Limited’s SME IPO has witnessed strong investor interest on the final day of bidding, with the issue getting subscribed over 62 times so far. The strong demand has also lifted the company’s grey market premium (GMP), with shares trading at a premium of around Rs 415 — a gain of nearly 125% over the upper issue price of Rs 331 per share. The robust grey market activity reflects positive investor sentiment ahead of the company’s upcoming BSE SME listing.

The Rs 160.34 crore Millworks Technologies IPO, which opened for subscription with an issue size of up to 48.44 lakh equity shares, witnessed total bids for nearly 62.68 times the shares on offer.

The IPO was offered in a price band of Rs 315 to Rs 331 per equity share, with a minimum bidding lot size of 400 shares. Following the successful completion of the issue process, the company’s equity shares are expected to be listed on the BSE SME platform.


GYR Capital Advisors Pvt. Ltd. is acting as the book-running lead manager for the issue, while Purva Sharegistry (India) Pvt. Ltd. has been appointed as the registrar.

Millworks Technologies IPO Subscription Status: Day 3 Update

Millworks Technologies’ IPO witnessed strong investor demand on the third and final day of bidding, with the issue receiving an overall subscription of 62.68 times by 10:40 AM. Investors placed bids for the issue against the 35.18 lakh shares available for subscription, highlighting robust market interest.

The retail segment led the demand, with Individual Investors subscribing 96.29 times the portion reserved for them, against the 15.47 lakh shares offered.

The Non-Institutional Investor (NII) category also saw strong participation, getting subscribed 65.59 times on its allocated share quota.

Meanwhile, the Qualified Institutional Buyers (QIB) portion received bids for 24% of the shares reserved, with 8.84 lakh shares offered under the category.

The overwhelming response across investor categories reflects strong sentiment towards Millworks Technologies ahead of its expected listing on the BSE SME platform.

Millworks Technologies: Precision Manufacturing Powerhouse

Headquartered in Bengaluru, Millworks Technologies Limited is engaged in the manufacturing of high-precision engineered components, sheet metal parts, sub-assemblies, and integrated assemblies.

The company operates under two key manufacturing models — Build-to-Print (BTP) and Build-to-Spec (BTS) — enabling it to serve industries that require exceptional accuracy, reliability, and adherence to strict quality standards.

Millworks Technologies caters to critical sectors including aerospace, defence, railways, and semiconductors. Its products are designed to meet stringent Original Equipment Manufacturer (OEM) specifications, making the company a specialised supplier in industries where precision plays a vital role.

IPO Proceeds to Support Expansion Plans

Millworks Technologies plans to utilise the funds raised through the IPO primarily for capital expenditure, including the purchase of plant and machinery. A portion of the proceeds will also be directed towards meeting working capital requirements and supporting general corporate objectives.

The planned investments are aimed at strengthening manufacturing capabilities and supporting the company’s expansion strategy across high-growth industrial segments.

Strong Financial Performance Boosts Investor Confidence

The company has reported robust financial results, reflecting steady growth and profitability. In FY26, Millworks Technologies recorded revenue of Rs 148.77 crore, EBITDA of Rs 56.30 crore, and a profit after tax (PAT) of Rs 37.06 crore.

The company’s strong financial profile, combined with its presence in growth-oriented sectors such as defence, aerospace, railways, and semiconductors, has enhanced investor interest in its public market debut.

With subscription levels exceeding 63 times, a significant grey market premium, and exposure to strategically important industries, Millworks Technologies’ SME IPO has emerged as one of the closely watched offerings among SME market participants. Investors will now track the company’s listing performance as it transitions into the public markets.

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