Millworks IPO Subscription Status Day 1: IPO Subscribed 7.15x, Retail Leads at 12.05x

Millworks Technologies IPO was subscribed 7.15 times on the opening day of bidding, as retail investors piled into the ₹160.34 crore SME offering. The retail quota was booked 12.05 times, while the non-institutional investor (NII) portion was subscribed 5.98 times, according to data updated at 3:15 PM on 14 July.

The qualified institutional buyer (QIB) category had not received bids at the time of the update, which is typical in the early hours of an SME issue, with institutional demand usually building up closer to the close.

Bidding opened on 14 July and runs until 16 July. On offer are 48.44 lakh shares priced between ₹315 and ₹331 apiece, with 4,24,000 of those set aside for the market maker. Money raised through the issue is earmarked for plant and machinery, working capital and general corporate needs. The anchor book, allotted a day earlier, brought in close to ₹43.86 crore.

Promoter and Managing Director Sridhar Acharya described the listing as "the beginning of a new chapter" for Millworks, one he expects to quicken the company's growth, broaden what it can build and sharpen its focus on innovation.

Millworks Technologies IPO Subscription Status Day 1

Bidding on Day 1 was driven almost entirely by individual investors and HNIs, with the overall issue covered more than seven times by mid-afternoon.

Millworks Technologies IPO Book Running Lead Manager and Registrar

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

Anchor investor bidding took place on 13 July, a day before the issue opened. The company mopped up nearly ₹43.86 crore from anchor investors, with Evergrow Capital Opportunities Fund, Rajasthan Global Securities and Inti Capital VCC – Inti Capital I among the participants.

About Millworks Technologies

Millworks Technologies is a Bengaluru-based precision engineering company that manufactures machined components, sheet metal parts and integrated assemblies for mission-critical applications in the railway, aerospace, defence and semiconductor sectors. It works under Build to Print and Build to Spec models, producing either to customer drawings or to defined performance specifications, and runs four manufacturing units in Bengaluru. Its quality systems are certified under AS9100D and ISO 9001:2015, and it exports to 12 countries, including the US, Germany, France, Israel and the UK.

Its product range spans railway coach components, door mechanisms, braking systems, metro train couplers, drone parts, aerospace and aeronautical components, and precision parts used in semiconductor manufacturing equipment.

In FY26, the company recorded revenue of ₹148.76 crore and a profit after tax of ₹37 crore. In FY25, total income stood at ₹22.42 crore with a profit after tax of ₹5.25 crore, against ₹9.40 crore and ₹1.95 crore respectively in FY24.

Conclusion

Millworks Technologies IPO has opened on a strong note, with the issue subscribed 7.15 times on Day 1, led by retail demand of 12.05 times. With bidding open until 16 July and listing scheduled for 21 July on the BSE SME platform, investors should track the day-wise subscription trend, particularly institutional participation, before applying.

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