Why the subscription matters

The issue offered 35.18 lakh shares at ₹315-₹331 each, with a lot of 400 shares. By the close of the bidding window, demand hit 62.68 times the supply. Retail investors drove the frenzy, applying for their share 96.29 times, while the non-institutional investor (NII) segment subscribed 65.59 times. Qualified institutional buyers (QIBs) took up only about a quarter of their allocation, a pattern common in SME listings where retail dominates.

What the grey-market premium tells us

In the unofficial grey market, the premium rose to roughly ₹415 per share – a 125 % jump over the upper issue price of ₹331. Traders use GMP as a barometer of expected listing gains; a premium this large suggests many are betting on a sizable jump on listing day.

The backdrop: SME listings and retail enthusiasm

India’s SME platform has become a magnet for retail investors chasing high-growth stories at lower price points. Millworks’ debut follows a wave of small-cap IPOs that have posted double-digit subscription multiples.

How Millworks positions itself

Millworks manufactures precision-engineered components, sheet-metal parts and integrated assemblies. It runs two production models:

  • Build-to-Print (BTP): Produces parts exactly to a customer’s engineering drawings.
  • Build-to-Spec (BTS): Designs and fabricates components to meet specified performance criteria.

These models let the company serve original-equipment manufacturers (OEMs) that demand tight tolerances and reliability, especially in aerospace and defence where certification standards are stringent.

Financial health and use of proceeds

For FY26, Millworks reported revenue of ₹148.77 crore, EBITDA of ₹56.30 crore, and profit after tax of ₹37.06 crore. The IPO proceeds will fund capital expenditure – new plant and machinery to expand capacity – and a smaller slice will cover working-capital needs and broader corporate initiatives. The infusion aims to deepen the firm’s footprint in its core high-growth markets.

Bottom line

Millworks Technologies’ IPO has captured retail imagination, evident in a 62-times overall subscription and a GMP that implies a 125 % listing upside. The firm brings solid financials and a niche in high-precision manufacturing.