Investors are showing strong interest in the Millworks Technologies IPO. The public issue received an excellent response as soon as it opened and was subscribed 1.74 times within the first hour.
The company’s shares are also trading at a strong premium in the grey market, indicating positive investor sentiment.
The IPO will remain open for subscription until July 16. The total issue size is ₹160 crore.
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Grey Market Premium Signals Strong Listing
The IPO price has been fixed at ₹331 per share. Meanwhile, the shares are trading at a grey market premium (GMP) of around ₹300, which is nearly 90% above the issue price.
If the current GMP trend continues, the shares could list at around ₹631, giving investors a strong listing gain. However, GMP is unofficial and can change before listing.
The IPO share allotment is expected to be finalized on July 17, while the shares are likely to be listed on the stock exchanges on July 21, 2026.
Retail Investors Lead the Demand
Millworks Technologies IPO was subscribed 1.74 times within the first hour of opening.
The retail investor portion was subscribed 2.37 times, while the Non-Institutional Investor (NII) category saw 2.59 times subscription by 11 AM on Tuesday.
Retail investors can apply for a maximum of 2 lots, which together include 800 shares.
What Does Millworks Technologies Do?
Founded in November 2021, Millworks Technologies Limited is a precision engineering and manufacturing company.
The company designs and manufactures high-precision components and assemblies for industries such as:
Railways
Aerospace
Defence
Metro Rail
Drones
Semiconductor manufacturing
Its products include railway coach components, braking systems, door mechanisms, metro train couplers, aerospace parts, drone components, and semiconductor equipment.
How Will the IPO Funds Be Used?
Before the IPO, the company’s promoters held a 65.08% stake.
The money raised through the IPO will be used for:
Buying new plant and machinery
Meeting working capital requirements
General corporate purposes
The company’s promoters are Sridhar Acharya, H.K. Madhu, Soumya Madhu, and Rashmi Sridhar Acharya.