Millworks Technologies SME IPO opens July 14; GMP soars 120% ahead of issue

Millworks Technologies is set to launch its BSE SME initial public offering on Tuesday, July 14, 2026, aiming to raise Rs 160.33 crore through a book-built issue. The IPO has already generated significant excitement in the grey market, with the Grey Market Premium hovering around Rs 390, translating to an impressive 119.5% premium over the upper price band of Rs 331 per share.

The BSE SME IPO of Millworks Technologies Limited will open for subscription on Tuesday, July 14, 2026, and close on Thursday, July 16, 2026. The anchor investor bidding is scheduled for Monday, July 13, 2026. The company aims to raise Rs 160.33 crore through the public issue at the upper end of the price band by issuing up to 48,44,000 equity shares of face value Rs 10 each. The IPO has been priced in the range of Rs 315 to Rs 331 per equity share, with investors required to apply for a minimum of 400 equity shares per lot. The company's shares are proposed to be listed on the BSE SME platform.

GYR Capital Advisors Pvt.Ltd. is the book running lead manager and Purva Sharegistry (India) Pvt.Ltd. is the registrar of the issue.

About the Company

Millworks Technologies Limited is a Bengaluru-based precision engineering company engaged in manufacturing high-accuracy machined components, sheet metal parts, sub-assemblies, and integrated assemblies under Build-to-Print (BTP) and Build-to-Spec (BTS) engagement models.

The company caters to highly regulated and mission-critical industries, including aerospace, defence, railways, and semiconductors, delivering products that meet stringent Original Equipment Manufacturer (OEM) specifications.

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.

Commenting on the IPO, Mr. Sridhar Acharya, Promoter & Managing Director, Millworks Technologies Limited, said "Every great journey begins with a vision. At Millworks Technologies, our vision was to build a globally trusted precision engineering company capable of delivering world-class solutions for mission-critical industries. Over the years, we have transformed this vision into reality through technological excellence, unwavering quality standards, and the dedication of our talented team. Our IPO marks the beginning of a new chapter that will accelerate our growth, expand our capabilities and strengthen our commitment to innovation."

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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