Millworks Technologies IPO GMP today is Rs 395. Investors can use this GMP along with price band and subscription status for a better IPO review.
Listed
SME IPO
MILLWORKS
Millworks Technologies
Millworks Technologies Limited is a precision engineering company engaged in manufacturing machined components, sheet metal parts, and integrated assemblies used in mission-critical applications across the railways, aerospace, defence, and semiconductor sectors. The company operates under both Build-to-Print (BTP) and Build-to-Spec (BTS) models, manufacturing products based either on customer drawings or functional and performance requirements. It also undertakes job-work assignments and primarily supplies to original equipment manufacturers (OEMs). Its manufacturing capabilities include precision machining, sheet metal fabrication, sub-assembly, welding, and inspection, supported by four manufacturing facilities in Bengaluru equipped with advanced CNC machines and quality testing infrastructure. The company maintains AS9100D and ISO 9001:2015 certified quality management systems across its facilities. It generates revenue from manufacturing and supplying precision-engineered components, with exports contributing a portion of its revenue through sales to customers across multiple international markets.
IPO Details
Complete IPO information
| Current GMP | ₹395 |
|---|---|
| Estimated Listing Gain | +119.33% |
| Price Band | ₹315.00 - ₹331.00 |
| Issue Price | ₹331.00 |
| Listing Price | TBA |
| Lot Size | 400 Shares |
| Issue Type | SME |
| Issue Size | Approx ₹160.34 Cr |
| Registrar | TBA |
| Exchange | BSE SME |
| Retail Quota | TBA |
| Overall Subscription | 193.21x |
| Listing Date | 21 Jul 2026 |
| Minimum Investment | ₹2,64,800 |
Timeline
IPO roadmap at a glance
01
Bidding Opens
14 Jul 2026
02
Bidding Closes
16 Jul 2026
03
Allotment
17 Jul 2026
04
Listing
21 Jul 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 20 July | ₹390 | +₹93.00 | 117.82% |
| 17 July | ₹297 | -₹103.00 | 90.00% |
| 16 July | ₹400 | +₹100.00 | 120.85% |
| 15 July | ₹300 | -₹50.00 | 90.63% |
| 14 July | ₹350 | -₹45.00 | 105.74% |
| 13 July | ₹395 | -₹5.00 | 119.34% |
| 11 July | ₹400 | +₹50.00 | 120.85% |
| 10 July | ₹350 | - | 105.74% |
| 9 July | ₹350 | +₹70.00 | 105.74% |
| 8 July | ₹280 | - | 84.59% |
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lot | 800 | ₹2,64,800 |
| Retail Maximum | 2 Lot | 800 | ₹2,64,800 |
| S-HNI Minimum | 3 Lot | 1,200 | ₹3,97,200 |
| S-HNI Maximum | 7 Lot | 2,800 | ₹9,26,800 |
| B-HNI Minimum | 8 Lot | 3,200 | ₹10,59,200 |
Issue Notes
Important takeaways before applying
Strengths
- Experienced promoters with deep domain knowledge in precision engineering.
- The management team has an established execution and operating track record.
- Proven history of successfully completing customer orders across sectors.
- Precision manufacturing capabilities across machining, sheet metal fabrication, and sub-assemblies under both Build-to-Print and Build-to-Spec models.
- Four manufacturing facilities in Bengaluru support production for railways, aerospace, defence, and semiconductor customers.
Risks
- Revenue has fluctuated significantly in the past and may continue to remain volatile.
- High trade receivables increase working capital needs and collection risk.
- Rising raw material prices could adversely affect profitability.
- The business has high working capital requirements, which may impact operations and liquidity.
- Changes in the Ministry of Railways’ policies could negatively affect the business.
Analysis
Millworks Technologies IPO Details
Millworks Technologies Limited is launching its Initial Public Offering (IPO) through the book-building process. The IPO comprises an entirely fresh issue of equity shares, allowing the company to raise capital for business expansion, technology enhancement, working capital requirements, and other general corporate purposes.
The equity shares of Millworks Technologies Limited are proposed to be listed on the BSE SME platform. Eligible investors can apply for the IPO during the subscription period at the specified price band through ASBA or UPI-supported applications.
| Particular | Details |
|---|---|
| Millworks Technologies IPO Open Date | July 14, 2026 |
| Millworks Technologies IPO Close Date | July 16, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹315 to ₹331 Per Share |
| Issue Size | Approx ₹160.34 Crores |
| Fresh Issue | Approx ₹160.34 Crores |
| Issue Type | Book Build Issue |
| IPO Listing | BSE SME |
Analysis
Millworks Technologies IPO Reservation
Millworks Technologies Limited has allocated its IPO shares among different investor categories in accordance with SEBI regulations. The reservation structure is intended to provide participation opportunities for Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), Retail Individual Investors (RIIs), and Anchor Investors.
The following table provides the category-wise share allocation and reservation percentage for the Millworks Technologies IPO.
| Investor Category | Shares Offered | Shares (%) |
|---|---|---|
| Anchor Investor | 13,25,200 Shares | 27.36% |
| QIB (Ex. Anchor) | 8,84,000 Shares | 18.25% |
| NII Shares Offered | 6,63,600 Shares | 13.70% |
| Retail Shares Offered | 15,47,200 Shares | 31.94% |
Analysis
Millworks Technologies IPO Anchor Investors
Millworks Technologies Limited has reserved a portion of its IPO for Anchor Investors ahead of the public subscription. The anchor investor allocation is intended for qualified institutional investors and is completed one working day before the IPO opens for public bidding.
Details regarding the anchor investor allocation, bidding schedule, lock-in periods, and the list of participating investors are provided below. The final list of anchor investors will be available once the allocation process is completed.
| Particular | Details |
|---|---|
| Anchor Bidding Date | July 13, 2026 |
| Anchor Investors List | |
| Shares Offered | 13,25,200 Shares |
| Anchor Size | [.] Cr. |
| Lock-in Period End Date (50% Shares – 30 Days) | 2026 |
| Lock-in Period End Date (Remaining 50% Shares – 90 Days) | 2026 |
Note: The final anchor investor list, allocation amount, and lock-in dates will be updated after the completion of the anchor book allocation process.
Analysis
Millworks Technologies IPO Dates
The Millworks Technologies IPO will open for subscription on July 14, 2026 and close on July 16, 2026. During this period, eligible investors can apply for the IPO through the ASBA facility or UPI-supported applications offered by registered brokers and banks.
The basis of allotment is expected to be finalized on July 17, 2026. Refunds for unsuccessful applicants and credit of equity shares to successful investors' demat accounts are scheduled for July 20, 2026. The shares of Millworks Technologies Limited are proposed to be listed on the BSE SME platform on July 21, 2026.
| Event | Date |
|---|---|
| IPO Open Date | July 14, 2026 |
| IPO Close Date | July 16, 2026 |
| Basis of Allotment | July 17, 2026 |
| Refunds Initiation | July 20, 2026 |
| Credit to Demat Account | July 20, 2026 |
| IPO Listing Date | July 21, 2026 |
Analysis
Millworks Technologies IPO Promoters and Holding Pattern
The promoters of Millworks Technologies Limited are Sridhar Acharya, H K Madhu, Sowmya Madhu, and Rashmi Sridhar Acharya. The promoter group has been instrumental in the company's growth, strategic direction, and operational management over the years.
Before the IPO, the promoters collectively hold a significant stake in the company. Following the fresh issue of equity shares, their percentage holding will be diluted, although they are expected to continue exercising substantial influence over the company's management and operations.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 1,27,70,755 | 65.08% |
| Promoter Holding Post Issue | 1,76,14,755 | -% |
Note: The post-issue promoter shareholding percentage will be updated after the completion of the IPO and final share allotment. The increase in the number of shares reflects the fresh issue under the IPO.
Analysis
Millworks Technologies IPO Objects of the Issue & Utilisation of Proceeds
Millworks Technologies Limited plans to utilize the net proceeds from its IPO to strengthen its manufacturing capabilities and support future business growth. A major portion of the funds will be invested in acquiring new plant and machinery, enabling the company to improve production capacity, operational efficiency, and product quality.
The company will also allocate a significant portion of the proceeds towards meeting its working capital requirements, ensuring smoother day-to-day operations and supporting business expansion. The remaining funds, if any, will be utilized for general corporate purposes in accordance with the objectives stated in the offer document.
| Purpose | Amount |
|---|---|
| Funding capital expenditure of the company to purchase Plant and Machinery | ₹61.03 Crores |
| Funding the working capital requirements of the company | ₹87.00 Crores |
| General Corporate Purpose | ₹- |
Note: The proposed utilization of IPO proceeds is based on the company's offer document. The actual deployment of funds will be carried out in accordance with the stated objectives and applicable regulatory requirements.
Analysis
Millworks Technologies - About IPO
Millworks Technologies Ltd. is one of the leading engineering companies that designs High-accuracy machined components, Sheet metal parts, and Integrated assemblies serving railways, aerospace, defence, and semiconductor industries. The firm manufactures its products in various ways as per the customer’s needs.
It manufactures parts using the customer’s design (Build-to-Print) as well as the customer’s specifications (Build-to-Spec), managing the complete manufacturing process from start to finish. The firm runs 4 advanced manufacturing facilities in Bengaluru, Karnataka. Its manufacturing facility is equipped with CNC machining centers (3-axis, 4-axis, and 5-axis), CNC turning and turn-mill centers, wire EDM machines, fibre laser cutting systems, CNC press brakes, welding stations, and dedicated assembly, making it an integrated unit.
Analysis
Millworks Technologies IPO Company Financial Report
Millworks Technologies Limited has reported strong financial growth over the last three financial years. The company recorded a substantial increase in revenue, profitability, and total assets during FY2026, reflecting business expansion, improved operational efficiency, and higher earnings.
The following financial summary provides an overview of the company's reported revenue, expenses, profit after tax (PAT), and total assets before the public issue, helping investors evaluate its recent financial performance.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | ₹9.40 | ₹7.02 | ₹1.95 | ₹10.54 |
| 2025 | ₹22.42 | ₹15.33 | ₹5.25 | ₹39.82 |
| 2026 | ₹153.40 | ₹103.10 | ₹37.06 | ₹198.37 |
Amount in ₹ Crores: The above financial figures are based on the company's reported financial statements and are intended to provide investors with an overview of Millworks Technologies Limited's financial performance before the IPO.
Analysis
Millworks Technologies IPO Valuation – FY2026
Millworks Technologies Limited has reported strong financial performance for FY2026, supported by robust profitability and healthy operational margins. The company's key valuation metrics, including Earnings Per Share (EPS), Return on Equity (ROE), Return on Net Worth (RoNW), Net Asset Value (NAV), and Debt-to-Equity Ratio, provide investors with valuable insights into its financial strength before the IPO.
The following valuation indicators are based on the company's latest reported financial statements and can help investors assess the IPO alongside industry peers and the final issue price.
| KPI | Values |
|---|---|
| ROE | 69.94% |
| ROCE | 56.44% |
| EBITDA Margin | 36.71% |
| PAT Margin | 24.91% |
| Debt to Equity Ratio | 0.21 |
| Earning Per Share (EPS) | ₹30.67 (Basic) |
| Price/Earning (P/E) Ratio | N/A |
| Return on Net Worth (RoNW) | 44.83% |
| Net Asset Value (NAV) | ₹64.73 |
Note: These valuation metrics are based on the FY2026 financial statements of Millworks Technologies Limited. Investors should evaluate these figures together with the company's financial performance, competitive position, growth prospects, and IPO pricing before making an investment decision.
Analysis
Millworks Technologies IPO Peer Group Comparison
Comparing Millworks Technologies Limited with established listed companies in the aerospace and precision engineering sector helps investors evaluate its financial position and valuation. Metrics such as Earnings Per Share (EPS), Price-to-Earnings (P/E) Ratio, Return on Net Worth (RoNW), Net Asset Value (NAV), and total income provide a useful benchmark for assessing the company's performance relative to its industry peers.
The following table presents a comparison of Millworks Technologies Limited with selected peer companies. Investors should consider these figures together with the company's business model, financial growth, industry outlook, and IPO pricing before making an investment decision.
| Company | EPS | P/E Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Unimech Aerospace and Manufacturing Ltd | 12.44 | 87.87 | 8.58% | 144.99 | 287.46 Cr. |
| Azad Engineering Ltd | 20.57 | 96.45 | 8.74% | 236.74 | 648.63 Cr. |
Note: The peer comparison is provided for informational purposes only. Investors should evaluate these financial metrics along with Millworks Technologies Limited's business fundamentals, financial performance, growth prospects, risk factors, and IPO valuation before making any investment decision.
Analysis
IPO Lead Managers aka Merchant Bankers
- GYR Capital Advisors Pvt. Ltd.
FAQ
Millworks Technologies IPO FAQs
Millworks Technologies IPO price band is Rs 315.00 to Rs 331.00. Check the latest issue price, lot size and GMP together before applying.
Millworks Technologies IPO open date is 14 Jul 2026, close date is 16 Jul 2026, and listing date is 21 Jul 2026.
Millworks Technologies IPO lot size is 400 shares. The minimum retail investment is Rs 2,64,800.
Millworks Technologies is classified as a SME IPO. This helps investors quickly understand the issue category and exchange segment.
Millworks Technologies IPO subscription status currently shows Retail 216.6x, QIB 194.05x, Overall 193.21x.
Millworks Technologies Limited is a precision engineering company engaged in manufacturing machined components, sheet metal parts, and integrated assemblies used in mission-critical applications across the railways, aerospace, defence, and semiconductor sectors. The company operates under both Build-to-Print (BTP) and Build-to-Spec (BTS) models, manufacturing products based either on customer drawings or functional and performance requirements. It also undertakes job-work assignments and primarily supplies to original equipment manufacturers (OEMs). Its manufacturing capabilities include precision machining, sheet metal fabrication, sub-assembly, welding, and inspection, supported by four manufacturing facilities in Bengaluru equipped with advanced CNC machines and quality testing infrastructure. The company maintains AS9100D and ISO 9001:2015 certified quality management systems across its facilities. It generates revenue from manufacturing and supplying precision-engineered components, with exports contributing a portion of its revenue through sales to customers across multiple international markets.
Millworks Technologies IPO issue size is 160.34 and the expected allotment date is 17 Jul 2026.