Millworks Technologies IPO GMP, Price, Date, Allotment & Subscription Status

Millworks Technologies Limited, a Bengaluru-based precision engineering company, is launching its IPO on the BSE SME platform. This is a book-built issue and marks another entrant from India's fast-growing defence, aerospace, and semiconductor supply chain into the public markets. 

Let's discuss the Millworks Technologies IPO, including its Grey Market Premium (GMP), price band, key dates, financials, and much more.

“Millworks Technologies IPO GMP Today (14 July 2026) Stands at ₹395 which is 119%”

What is the Millworks Technologies Ltd IPO?

The Millworks Technologies IPO is a 100% book-built issue on the BSE SME platform, comprising an entirely fresh issue of equity shares, with a firm allotment portion set aside for the market maker.

• Issue Size: ₹160.34 crore
• Listing Exchange: BSE SME
• Lead Manager: GYR Capital Advisors Pvt. Ltd.
• Registrar: Purva Sharegistry (India) Pvt. Ltd.

Millworks Technologies IPO Key Timeline

Millworks Technologies Key IPO Details

• IPO Open Date: July 14, 2026
• IPO Close Date: July 16, 2026
• Issue Size: ₹160.34 crore (48,44,000 Equity Shares)
• Fresh Issue: 44,20,000 shares.
• Offer for Sale: Nil
• Face Value: ₹10 per equity share
• Price Band: ₹315 to ₹331 per share
• Lot Size: 400 shares
• Minimum Investment (Retail): ₹2,64,800 (2 lots / 800 shares, at upper band)
• Minimum Investment (HNI): ₹3,97,200 (3 lots / 1,200 shares)
• IPO Reservation:
  • Qualified Institutional Buyers (QIB): 49.98% (22,09,200 shares)
  • Non-Institutional Investors (NII/HNI): 15.01% (6,63,600 shares)
  • Retail Investors (RII): 35.00% (15,47,200 shares)
• Listing Date: listing on 21 July 2026.
• UPI Cut-off Time: 5:00 PM on subscription closing day, July 16, 2026

Millworks Technologies IPO GMP

As of 14 July 2026, the Millworks Technologies IPO GMP stands at approximately ₹395 per share, indicating an estimated listing premium of around 119% over the upper price band of ₹331.

Millworks Technologies IPO Subscription Status

Subscription will be updated on 14th July 2026 after 10:00 AM.

Millworks Technologies IPO Objectives

• Fresh Capital for Growth: As this is a new issue, proceeds go to the company to fund capital expenditures and business expansion.
• Working Capital and General Corporate Purposes: Typical SME IPO objectives include funding equipment purchases, working capital needs, and general corporate purposes.
• Listing Benefits: Enhanced visibility, transparency, and access to capital markets to support the company's growth in the aerospace, defence, railways, and semiconductor supply chains.

About Millworks Technologies Limited

Millworks Technologies Limited specialises in producing precision-engineered components, sheet metal parts, sub-assemblies, and assemblies for sectors such as aerospace, defence, railways, semiconductors, and instrumentation.

• Headquarters: Bengaluru, Karnataka, India
• Establishment Year: 2021 
• Business: The company manufactures high-precision machined components and fabricated assemblies and provides global sourcing solutions for forged components, castings, fasteners, and complete bill of materials (BOM) requirements.
• Scale: The company operates four manufacturing facilities spread across approximately 40,000 sq. ft. in Bengaluru.
  • The company’s facilities feature advanced CNC machining centres, turn-mill machines, laser cutting systems, wire EDM machines, CNC bending equipment, and Carl Zeiss coordinate measuring machines (CMMs) for precision quality inspection.
  • Millworks holds certifications in AS9100D, ISO 9001:2015, ISO 14001, and ISO 45001, which enable the company to serve clients in high-precision industries both domestically and internationally.

Millworks Technologies Business Overview

The company works with customers in four main sectors and uses two manufacturing approaches: Build-to-Print (BTP) and Build-to-Spec (BTS).

• Aerospace: Manufacture of precision-machined components and aero-engine sub-assemblies.
• Defence: Production of missile airframe components, structural mounts, guidance housings, and hydraulic parts.
• Semiconductor: Provision of specialised precision components for the semiconductor supply chain.
• Railways: Supply of components for rolling stock, train control systems, and metro door mechanisms.

Millworks Technologies Key Highlights

• Profitability: Profit after tax increased from ₹1.95 crore in FY24 to ₹5.25 crore in FY25.
• Strong Margins: The FY25 EBITDA margin was approximately 35.20%, and the PAT margin was approximately 23.77%, which are unusually high for a manufacturing business and suggest a high-value-added product mix.
• Low Leverage: The debt-to-equity ratio was approximately 0.41, indicating that the business has scaled without significant reliance on borrowing.
• Significant Revenue Growth: Revenue increased from approximately ₹1.78 crore in FY23 to ₹9.40 crore in FY24, then to ₹22.42 crore in FY25, indicating a steep, multi-year growth trajectory.

Strengths and Challenges of Millworks Technologies

Strengths

• Presence in high-barrier, high-growth sectors (aerospace, defence, railways, semiconductors)
• Strong revenue growth and healthy operating margins
• Modern, well-equipped manufacturing infrastructure with relatively low debt

Challenges

• The sustainability of the recent rapid growth, evidenced by an approximately twelvefold increase in revenue over two years, requires careful monitoring.
• Listed peers like Azad Engineering (approximately 107.71 times P/E) and Unimech (approximately 53.27 times P/E) trade at elevated P/E multiples.
• The valuation appears elevated at the upper price band; the issue is priced at approximately 16.7 times the FY25 book value (net asset value of about ₹19.85).
• The price-to-earnings ratio is not meaningful due to the company's limited earnings history.
• Listings on the SME platform generally experience lower post-listing liquidity compared to mainboard issues.

Millworks Technologies Financial Performance

How to Apply for Millworks Technologies IPO?

Investors can apply for Millworks Technologies IPO via ASBA (online/offline) or UPI.

Online ASBA/UPI:

1. Log in to your stockbroker's platform.
2. Navigate to the “IPO” section.
3. Select "Millworks Technologies Ltd IPO".
4. Enter the bid details such as lots, price, and UPI ID if applicable.
5. Submit and confirm the mandate before the cut-off on the closing date.

Offline:

1. Obtain the form from your broker/exchange.
2. Fill in the details and submit to the broker.

Millworks Technologies IPO Allotment Status

The Millworks Technologies IPO allotment status is expected to be available on the Purva Sharegistry (India) Pvt. Ltd. website on July 17, 2026. 

Steps to check:

• Visit the Purva Sharegistry website.
• Select "Millworks Technologies Limited" from the dropdown.
• Choose PAN, application number, or DP/Client ID.
• Enter your details to verify your bid.
• Click "Search" to view your allotment status.

Note: Allotment status can also be checked through the BSE website and with your stockbroker once results are made public.

Millworks Technologies IPO Contact Details

Registrar

• Name: Purva Sharegistry (India) Pvt. Ltd.
• Address: No.458/1, 10th Cross, Phase-4, Peenya Industrial Area, Peenya Small Industries, Bangalore, Bangalore North, Karnataka, India – 560058
• Email ID: cs@millworksindia.com 
• Investor Grievance Mail ID: Investor.Relations@millworksindia.com 
• Tel.: +91 9187045959

Lead Manager

• Name: GYR CAPITAL ADVISORS PRIVATE LIMITED
• Telephone: +91 87775 64648 
• E-mail: millworks.ipo@gyrcapitaladvisors.in
• Investor Grievance E-mail ID: investors@gyrcapitaladvisors.com

Company

• Name: Millworks Technologies Limited
• Tel: + 22 4961 4132 
• Email: newissue@purvashare.com 
• Investor Grievance Email: newissue@purvashare.com 

Conclusion

Millworks Technologies IPO offers investors an opportunity to participate in India's growing precision engineering, aerospace, and defence manufacturing sectors through an SME listing. While the company has demonstrated strong financial growth and healthy margins, investors should carefully evaluate its valuation, business risks, and long-term growth prospects before investing.

Disclaimer: The information provided in the article is only for educational purposes and should not be taken as investment advice. Investors are advised to conduct their own research and consult SEBI-registered financial advisors before making any investment decisions. Grey market premiums are unofficial and volatile, and past performance is not indicative of future results.

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