Millworks Technologies shares set for stock market debut today; GMP hints at 120% listing gain

Millworks Technologies is set to make its stock market debut on the BSE SME platform on Tuesday, July 21, following the successful conclusion of its Rs 160.34 crore initial public offering (IPO). Ahead of the listing, strong activity in the grey market has fuelled expectations of a bumper debut.

The company's shares are commanding a grey market premium (GMP) of around Rs 395, indicating a potential listing price of nearly Rs 726 per share, about 120% higher than the IPO's upper price band of Rs 331. While GMP is an unofficial indicator and not a guarantee of listing performance, it reflects robust investor sentiment ahead of the debut.

The Bengaluru-based precision engineering company's SME IPO received an overwhelming response from investors, with the issue being subscribed over 219 times overall.

The retail investor portion was subscribed more than 216 times, while the Non-Institutional Investor (NII) category witnessed subscriptions exceeding 260 times. The Qualified Institutional Buyer (QIB) segment also attracted strong participation, with bids worth over 194 times the allocated quota, underscoring broad-based investor confidence.

The IPO, which comprised up to 48.44 lakh equity shares, attracted bids for nearly 62.68 crore shares during the subscription period, making it one of the most sought-after SME offerings in recent months. The issue was priced in the range of Rs 315-331 per share.

GYR Capital Advisors Pvt. Ltd. acted as the book-running lead manager to the issue, while Purva Sharegistry (India) Pvt. Ltd. served as the registrar.

Precision engineering player serving high-growth sectors

Headquartered in Bengaluru, Millworks Technologies manufactures high-precision engineered components, sheet metal parts, sub-assemblies and integrated assemblies for industries that demand exceptional quality and reliability.

The company operates under two manufacturing models—Build-to-Print (BTP) and Build-to-Spec (BTS)—allowing it to deliver customised solutions that meet stringent Original Equipment Manufacturer (OEM) specifications.

Its customer base spans strategic sectors such as aerospace, defence, railways and semiconductors, positioning the company to benefit from rising demand for precision manufacturing in India's industrial and defence ecosystem.

IPO proceeds earmarked for expansion

Millworks Technologies plans to utilise the IPO proceeds primarily for capital expenditure, including the acquisition of new plant and machinery. The funds will also be used to meet working capital requirements and support general corporate purposes.

The investments are expected to enhance the company's manufacturing capacity and strengthen its presence across high-growth industrial segments.

Strong financials add to investor optimism

The company's healthy financial performance has further boosted investor confidence. For FY26, Millworks Technologies reported revenue of Rs 148.77 crore, EBITDA of Rs 56.30 crore and a profit after tax (PAT) of Rs 37.06 crore.

Backed by strong financials, exposure to sunrise sectors such as defence, aerospace and semiconductors, and an exceptionally strong IPO subscription, Millworks Technologies has emerged as one of the most closely watched SME listings. Market participants will now be keenly watching whether the company lives up to grey market expectations when trading begins on Tuesday.

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