Rs. 160.34 crore Millworks Technologies IPO, which opened for subscription with an issue size of 48.44 lakh equity shares, saw total bids for about 62.68 times the shares on offer.
IPO Rs. 315 to Rs. 331 per equity share was offered in a price band, with a minimum bidding lot size of 400 shares. After the successful completion of the issue process, the equity shares of the company are expected to be listed on the BSE SME platform.
GYR Capital Advisors Pvt. Ltd. is acting as book-running lead manager for the issue, while East Share Registry (India) Pvt. Ltd. has been appointed as the Registrar.
Millworks Technologies IPO Subscription Status: Day 3 Update
Millworks Technologies’ IPO saw strong investor demand on the third and final day of bidding, fetching 62.68 times the overall subscription as of 10:40 am. Investors bid for the issue against 35.18 lakh shares available for subscription, highlighting strong market interest.
The retail segment led the demand, with individual investors subscribing 96.29 times the shares reserved for them against the 15.47 lakh shares offered.
The non-institutional investor (NII) category also saw strong participation, which subscribed 65.59 times its allotted share quota.
Meanwhile, the Qualified Institutional Buyers (QIB) segment received bids for 24% of the reserved shares with 8.84 lakh shares offered under the category.
The overwhelming response across investor categories reflects the strong sentiment towards Millworks Technologies ahead of its anticipated listing on the BSE SME platform.
Millworks Technologies: Precision Manufacturing Powerhouse
Headquartered in Bengaluru, Millworks Technologies Limited is engaged in the manufacturing of high-precision engineered components, sheet metal parts, sub-assemblies and integrated assemblies.
The company operates under two main manufacturing models – build-to-print (BTP) and build-to-spec (BTS) – that enable it to serve industries that require exceptional accuracy, reliability and adherence to strict quality standards.
Millworks Technology caters to critical sectors including aerospace, defence, railways and semiconductors. Its products are designed to meet strict original equipment manufacturer (OEM) specifications, making the company a specialized supplier in industries where precision plays a critical role.
The IPO moves to support expansion plans
Millworks Technologies plans to use the funds raised through the IPO primarily for capital expenditure, including the purchase of plant and machinery. A portion of the proceeds will also be directed towards meeting working capital requirements and supporting general corporate objectives.
The planned investments are aimed at strengthening manufacturing capabilities and supporting the company’s expansion strategy in high-growth industrial segments.
Strong financial performance boosts investor confidence
The company has reported strong financial results, reflecting steady growth and profitability. In FY26, Millworks Technologies generated Rs. 148.77 crore revenue, Rs. 56.30 crore EBITDA and Rs. 37.06 crores was reported as profit after tax (PAT).
The company’s strong financial profile, along with its presence in growth sectors such as defense, aerospace, railways and semiconductors, has fueled investor interest in its public market entry.
With subscription levels exceeding 63 times, significant gray market premium and exposure to strategically important industries, Millworks Technologies’ SME IPO has emerged as one of the closely watched offerings among SME market participants. Investors will now track the company’s listing performance as it transitions to the public markets.
(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)
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