Summary
The IPO may be suitable for investors comfortable with SME IPO risks and long-term business potential.
Millworks Technologies IPO is a ₹160.34 crores SME issue to be made through a book-building process. The issue is made up of only 48,44,000 fresh equity shares.
Millworks Technologies IPO is a ₹160.34 crores SME issue made up of 0.48 crores fresh equity shares.
Millworks Technologies Ltd is a manufacturer of engineering components for key industries.
The bidding will be open from 14 to 16 July 2026. The allotment of shares is tentatively finalised on 17 July 2026. Listing will take place on the BSE SME on 21 July 2026.
The price band is placed at ₹315-₹331 per share. A lot size of 400 shares is fixed for each application. An individual, or retail, investor will need ₹2,64,800 as the minimum amount of investment for 800 shares, that is 2 lots, based on the upper price.
The HNIs will need up to ₹3,97,200 as minimum investment for 3 lots or 1,200 shares.
Millworks Technologies IPO–Key Details
The table summarises the key details of the IPO:
| IPO Opening on | 14 July 2026 |
| IPO Closes on | 16 July 2026 |
| Face value | ₹10.00/share |
| Price Band | ₹315.00/share to ₹331.00/share |
| Issue price | – |
| IPO Lot Size | 400 shares |
| Offer-for-sale | – |
| Fresh issue | 48,44,000 Equity Shares |
| Issue Type | SME/Bookbuilding IPO |
| Listing | BSE SME |
| Total Issue Size (₹ Crore) | ₹160.34 crore |
| Minimum Investment (Retail) | ₹2,64,800 (800 shares, based on upper price) |
Millworks Technologies IPO–Timeline
The timeline for the IPO is as follows:
| Bid Open Date | 14 July 2026 |
| Bid Close Date | 16 July 2026 |
| Allotment | 17 July 2026 |
| Refunds Initiation | 20 July 2026 |
| Credit of shares | 20 July 2026 |
| Listing | 21 July 2026 |
| UPI mandate Cut-off time | 16 July 2026 (05:00 PM) |
Millworks Technologies Limited–Key Performance Indicators (KPIs)
The table below provides the financial metrics of Millworks Technologies Limited:
| KPIs | 2026 | 2025 | 2024 |
| ROE (%) | 69.94 | 40.94 | 144.46 |
| ROCE (%) | 56.44 | 23.02 | 38.61 |
| Debt-Equity Ratio (in times) | 0.21 | 0.41 | 1.96 |
| RoNW (%) | 44.83 | 22.52 | 83.88 |
| PAT Margin (%) | 24.91 | 23.75 | 20.82 |
| EBITDA Margin (%) | 36.71 | 35.18 | 29.55 |
| Price-Book Value | 5.11 | – | – |
Millworks Technologies Limited–Financial Information
| 2025 | 2024 | 2023 | |
| Revenue | 14,876.70 | 2,210.01 | 938.60 |
| Assets | 19,836.97 | 3,982.49 | 1,053.79 |
| Profit After Tax | 3,706.39 | 524.90 | 195.41 |
(Amount in ₹ lakhs)
Millworks Technologies IPO–Subscription Status
Subscription data not available yet!
To be updated once bidding starts.
Investors can apply for the IPO on the IPO dates from 10:00 AM to 5:00 PM.
Millworks Technologies IPO–Grey Premium Market (GMP)
With an upper price of ₹331.00, the IPO’s estimated listing price is ₹631. This takes the expected gain per share to 90.63%.
| GMP Date | GMP | Est. Listing Price (cap price + GMP) | Est. Profit* | Last Updated |
|---|---|---|---|---|
| 15-07-2026 | ₹300 ─ | ₹631 (90.63%) | ₹1,20,000 | 15-Jul-2026 9:35 |
| 14-07-2026 Open | ₹300 ─ | ₹631 (90.63%) | ₹1,20,000 | 14-Jul-2026 23:36 |
| 13-07-2026 | ₹300 ▼ | ₹631 (90.63%) | ₹1,20,000 | 13-Jul-2026 23:29 |
| 12-07-2026 | ₹395 ▲ | ₹726 (119.34%) | ₹1,58,000 | 12-Jul-2026 23:29 |
| 11-07-2026 | ₹390 ▲ | ₹721 (117.82%) | ₹1,56,000 | 11-Jul-2026 23:36 |
| 10-07-2026 | ₹350 ─ | ₹681 (105.74%) | ₹1,40,000 | 10-Jul-2026 23:35 |
| 09-07-2026 | ₹350 ─ | ₹681 (105.74%) | ₹1,40,000 | 9-Jul-2026 23:34 |
| 08-07-2026 | ₹350 ─ | ₹681 (105.74%) | ₹1,40,000 | 8-Jul-2026 23:34 |
Note: GMP offers a view of pre-listing market expectations. However, it tends to fluctuate based on market movements and sentiment.
Millworks Technologies IPO–Reservation
The category-wise share allocation is listed below:
| Investor Classification | Shares Offered | % Allocation |
| Market makers | 4,24,000 | 8.75% |
| QIBs | 8,84,000 | 18.25% |
| Anchor investors | 13,25,200 | 27.36% |
| NIIs | 6,63,600 | 13.70% |
| Individual Investor | 15,47,200 | 31.94% |
| Total | 48,44,000 | 100% |
Millworks Technologies IPO–Lot Size
The lot requirements are as follows:
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 800 | ₹2,64,800 |
| Retail Maximum | 2 | 800 | ₹2,64,800 |
| S-HNI Minimum | 3 | 1,200 | ₹3,97,200 |
| S-HNI Maximum | 7 | 2,800 | ₹9,26,800 |
| S-HNI Minimum | 8 | 3,200 | ₹10,59,200 |
Millworks Technologies IPO–Anchor Investors Details
Below are the details of the anchor investor:
| Bidding opens on | 13 July 2026 |
| Shares offered | 13,25,200 |
| Total anchor portion | ₹43.86 crore |
| 30-day lock-in for 50% shares | 16 August 2026 |
| 90-day lock-in for remaining shares | 15 October 2026 |
Millworks Technologies IPO–Prospectus
Refer to the official issue documents for further information:
About Millworks Technologies Limited
Incorporated on: 01 November 2021
Promoter and Managing Director: Mr Sridhar Acharya
The company is a manufacturer of machined components, sheet metal, and assembled products. These products are supplied to key industries such as railways, aerospace, defence, and semiconductors.
The company also developed its operations by including precision parts and other engineering products.
| Name | |
| Book Running Lead Managers (BRLM) | GYR Capital Advisors Pvt Ltd |
| IPO Registrar | Purva Sharegistry (India) Pvt Ltd |
Objectives of Millworks Technologies
The intended application of the net IPO proceeds is as follows:
| Particulars | Amount (in ₹ lakhs) |
| Capital expenditure for purchase of Plant and Machinery | 6,103.25 |
| Operational requirements | 8,150.00 |
| Corporate requirements | – |
Millworks Technologies Limited–Strengths
- Precision engineering expertise: The company makes customised precision parts for important industries like aerospace and defence.
- Certified quality standards: The company follows certified quality systems to maintain consistent production and product quality.
- Strong manufacturing facilities: The company operates 4 units for production and assembly activities.
- Global customer base: The company supplies products to customers in India and exports to nine countries worldwide.
Millworks Technologies Limited–Risks
- Fluctuating revenue: The company’s revenue has changed frequently and may remain uncertain in the future.
- High trade receivables: Higher pending customer payments may impact the cash flow and finances of the company.
- Customer concentration risk: The company is dependent on only one major customer for a big share of its revenue.
- Dependence on business partners: The company relies on selected partners to complete defence sector projects successfully.
Millworks Technologies IPO–Review
Millworks Technologies operates in engineering segments with a presence across multiple industries. Its improving margins and lower debt reflect a business that has built a strong financial position over time.
The strong GMP indicates high investor interest. However, the company’s dependence on a few customers and working capital risks are important factors to be considered.
Overall, the IPO can suit investors with a higher risk appetite, supported by the evaluation of SME listing risks and their investment objectives.
Other Recent IPO List
Check other IPOs in India that are currently open or upcoming in 2026:
| IC Electricals Co. IPO | Teja Engineering Industries IPO |
| Shree Balaji Mala IPO | Twinkle Papers IPO |
| Kratikal Tech IPO | Adon Agro Commodities IPO |
| Vinit Mobile IPO | Atharva Polyplast IPO |
Millworks Technologies IPO FAQs
Millworks Technologies IPO is an SME book-built public issue comprising only a fresh issue of 48,44,000 equity shares. The company plans to use the proceeds mainly for purchasing machinery and meeting its working capital requirements.
You can apply through your bank’s ASBA facility or using a supported stockbroker’s online trading platform. Enter the bid quantity, price, and complete the UPI mandate if applicable, and submit the application before the IPO closes.
The IPO shows positive business fundamentals, improving financial performance, and favourable market sentiment. However, investors should also consider customer concentration, working capital needs, and the higher risks associated with SME IPOs before investing.
The grey market premium indicates highly positive listing expectations. However, GMP is unofficial and changes frequently. Actual listing gains depend on market conditions, investor demand, and overall sentiment on the listing day.
The Millworks Technologies IPO will open for subscription on 14 July 2026 and close on 16 July 2026. Investors can place bids during the IPO bidding period through eligible trading platforms.
The IPO lot size is 400 shares. Retail investors must apply for a minimum of 2 lots or 800 shares, while HNI investors have a higher minimum application requirement.
The allotment for the Millworks Technologies IPO is expected to be finalised on 17 July 2026, subject to the completion of the IPO process and regulatory timelines.
Millworks Technologies IPO is scheduled to list on the BSE SME platform on 21 July 2026, subject to the successful completion of the allotment and other listing formalities.
