Millworks Technologies SME IPO opens today; GMP surges 120% ahead of subscription

Investors are closely tracking Millworks Technologies as its BSE SME IPO opens for subscription today, backed by strong demand signals in the grey market. The company’s shares command a Grey Market Premium (GMP) of around Rs 390, indicating a massive 119.5% premium over the upper issue price of Rs 331 per share.

The three-day public offering of Millworks Technologies Limited will remain open from July 14 to July 16, 2026, as the company looks to raise Rs 160.33 crore through a book-built issue.

The IPO comprises up to 48.44 lakh equity shares with a face value of Rs 10 each and has been priced in the range of Rs 315 to Rs 331 per share. Investors can bid for a minimum lot size of 400 equity shares. Following the issue, the company’s shares are expected to be listed on the BSE SME platform.


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

About Millworks Technologies

Headquartered in Bengaluru, Millworks Technologies Limited is a precision engineering company specialising in the manufacturing of high-accuracy machined components, sheet metal parts, sub-assemblies, and integrated assemblies.

The company operates through Build-to-Print (BTP) and Build-to-Spec (BTS) manufacturing models, catering to demanding sectors such as aerospace, defence, railways, and semiconductors.

With a focus on mission-critical applications, Millworks Technologies supplies components that comply with stringent Original Equipment Manufacturer (OEM) standards, positioning itself as a key player in industries where precision and reliability are essential.

Equity Share Allocation

The allocation of equity shares in the IPO has been divided across various investor categories. Up to 22,09,200 equity shares have been reserved for Qualified Institutional Buyers (QIBs), while Non-Institutional Investors (NIIs) will be allocated not less than 6,63,600 equity shares. Retail Individual Investors (RIIs) have been earmarked not less than 15,47,200 equity shares, and 4,24,000 equity shares have been reserved for the Market Maker to ensure liquidity in the stock post listing.

Proposes to utilise the net proceeds from the issue towards:

The company intends to utilise the net proceeds from the IPO primarily towards funding capital expenditure for the purchase of plant and machinery, meeting its working capital requirements, and for general corporate purposes, supporting its future growth and expansion plans.

Strong Financial Performance

Millworks Technologies reported a strong financial performance in FY26, underpinned by healthy revenue growth and robust profitability. During the financial year, the company posted revenue of Rs 148.77 crore, EBITDA of Rs 56.30 crore, and Profit After Tax (PAT) of Rs 37.06 crore.

The company's consistent financial performance, coupled with its presence in high-growth sectors such as aerospace, defence, railways, and semiconductors, provides a solid foundation for its next phase of growth as it prepares to enter the public markets through its BSE SME IPO.

With strong grey market traction, healthy financials, and exposure to fast-growing sectors such as defence, aerospace, and semiconductors, the Millworks Technologies IPO is expected to be closely tracked by SME market investors during its subscription period.

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