Millworks Technologies delivered exceptional market performance on its debut day, with shares listing at ₹628.90 per share on the BSE SME platform, representing a 90% premium to the issue price of ₹331. The Bengaluru-based precision engineering company's stock continued its strong momentum, surging further to hit the 5% upper price band of ₹660.30, demonstrating robust investor confidence in the company's growth prospects. The listing represents one of the most significant SME debuts in recent months, with the company positioned to benefit from rising demand for precision manufacturing in India's industrial and defence ecosystem. According to Moneycontrol, the stock locked in at the 5% upper circuit on Tuesday, surging to ₹660.30 shortly after a blockbuster debut that saw the SME stock list at a 90% premium over its issue price. The company delivered a whopping 100% returns in one day to the allottees, with the stock opening at ₹628.90 per share and immediately climbing to hit its upper price band where it remained locked around 10:30 AM.
The Bengaluru-based precision engineering company's SME IPO received an overwhelming response from investors, with the issue being subscribed 193.14 times overall. As reported by CNBC TV18, the retail investor portion was subscribed more than 216 times, while the Non-Institutional Investor (NII) category witnessed subscriptions exceeding 194 times. The IPO, which comprised up to 48.44 lakh equity shares, attracted bids for nearly 67.96 crore shares during the subscription period, making it one of the most sought-after SME offerings in recent months. The ₹160.34 crore issue received bids for a massive 67.96 crore shares against the 35.19 lakh shares on offer, with retail investors being the key drivers of this demand. According to Moneycontrol, retail investors were the key drivers of the demand, subscribing to their reserved portion 216.46 times, while the non-institutional investor category also showed strong interest, with its quota booked 194.05 times during the bidding period from July 14 to 16.
According to The Economic Times, the company operates under two manufacturing models—Build-to-Print (BTP) and Build-to-Spec (BTS)—allowing it to deliver customised solutions that meet stringent Original Equipment Manufacturer (OEM) specifications. Its customer base spans strategic sectors such as aerospace, defence, railways, metro rail, drone, and semiconductor sectors, positioning the company to benefit from rising demand for precision manufacturing in India's industrial and defence ecosystem. The company runs 4 advanced manufacturing facilities in Bengaluru, Karnataka, 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 lines, making it an integrated manufacturing unit. In FY26, domestic sales contributed 73% of its revenue while exports accounted for the remaining 27%. As per Moneycontrol, the company is a precision engineering company that manufactures high-accuracy machined components, sheet metal parts, and integrated assemblies for mission-critical industries, including aerospace, defence, railways, metro rail, drone, and semiconductor sectors. The company operates under Build-to-Print and Build-to-Spec engagement models, supplying to original equipment manufacturers (OEMs).
As reported by CNBC TV18, Millworks Technologies Ltd. is a public limited company incorporated on November 1, 2021, with its registered office in Karnataka. The company's Corporate Identification Number (CIN) is U29200KA2021PLC153863 and it operates in the engineering-heavy industry sector. For the year ended March 31, 2025, the company reported Total Operating Revenue of ₹22.10 crore and Equity Capital of ₹0.06 crore. The company's leadership includes Rashmi Sridhar Acharya as Chairman & Non-Executive Director, Sowmya Madhu as Managing Director, and Maniyil Indrabalan as Whole Time Director. The company's financial metrics show strong performance with Earning Per Share (EPS) of ₹30.67 (Basic), Return on Net Worth (RoNW) of 44.83%, and Net Asset Value (NAV) of ₹64.73. According to Moneycontrol, the company reported revenue of ₹148.77 crore and a profit after tax of ₹37.06 crore for the financial year ended March 2026. The company plans to use the IPO proceeds for funding capital expenditure of ₹61.03 crore for purchasing plant and machinery, funding working capital requirements of ₹81.50 crore, and general corporate purposes.
The Millworks Technologies IPO is scheduled for July 14-16, 2026 with listing on July 21, 2026. The IPO comprises 13.25 lakh shares (27.36% of total equity) with a minimum retail lot size of 400 shares requiring an application amount of ₹2,64,800 at the upper price band. The company plans to utilize IPO proceeds for funding capital expenditure of ₹61.03 crore for purchasing plant and machinery, funding working capital requirements of ₹81.50 crore, and general corporate purposes. The IPO is managed by GYR Capital Advisors Pvt. Ltd. as the book-running lead manager, with Purva Sharegistry (India) Pvt. Ltd. serving as the registrar. The promoters hold 65.08% pre-issue stake and will reduce to 44.92% post-issue. Prior to listing, the company raised nearly ₹44 crore from nine entities including anchor investors Rajasthan Global Securities and Evergrow Capital Opportunities Fund. According to Moneycontrol, ahead of the IPO, Millworks Technologies raised ₹43.86 crore from anchor investors on July 13, 2026, with the board allotting 13.25 lakh shares at ₹331 each to 9 anchor investors.
