Millworks Technologies IPO Makes Strong BSE SME Debut, Lists At 90% Premium

Millworks Technologies delivered a bumper stock market debut on the BSE SME platform on Tuesday. The stock opened at ₹628.90, compared with its initial public offering (IPO) price of ₹331, giving investors a 90% listing gain.

The debut price also marked the highest gain permitted for listings on the Small and Medium Enterprises (SME) platform.

The strong opening came after the company's public issue witnessed exceptional demand across investor categories.

SME Public Issue Witnessed Heavy Demand

The ₹160.34 crore SME IPO remained open for bidding from 14 July to 16 July and ended with an overall subscription of 193.14 times.

Against an offer of 35.19 lakh shares, investors placed bids for nearly 67.96 crore shares.

Retail participation remained particularly strong, with the category subscribed 216.46 times. The non-institutional investor (NII) portion also recorded robust demand, closing with subscriptions of 194.05 times.

Offer Details

The Millworks Technologies IPO consisted solely of a fresh issue of 48.44 lakh equity shares, with no shares offered for sale by existing shareholders. The IPO price band was fixed at ₹315-331 per share.

Applications were accepted in lots of 400 shares, while retail investors had to apply for a minimum of two lots, taking the minimum investment amount to ₹2,64,800 at the upper end of the price band.

Fresh Capital To Support Expansion Plans

Before the IPO opened for public subscription, the company had secured close to ₹44 crore from nine anchor investors, including Rajasthan Global Securities and Evergrow Capital Opportunities Fund.

According to the offer documents, the fresh capital will largely be directed towards expanding manufacturing operations.

About ₹61.03 crore has been earmarked for plant and machinery purchases, while ₹81.50 crore is proposed to be used for working capital needs. The balance amount will be deployed for general corporate purposes.

Precision Engineering Business

Millworks Technologies manufactures machined components, sheet metal parts and integrated assemblies that find applications across industries such as railways, aerospace, defence and semiconductors.

During FY26, the company reported revenue from operations of ₹148.77 crore and profit of ₹37.1 crore.

Exports accounted for 27.47% of total revenue, with supplies reaching customers in Canada, the United States, Germany, France, Israel, Italy, the United Kingdom, North Macedonia and the Czech Republic.

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