· SME · BSE
Price Band
₹315–331
Lot Size
400 shares
Issue Size
₹160 Cr
Min. Investment
₹1,32,400
Indicative, updates through the day
Cap price plus current GMP: ₹726 — arithmetic, not a forecast
Subscription data will appear once bidding opens.
Millworks Technologies IPO is an SME issue that listed on BSE on 21 July 2026. The issue price band is fixed at ₹315–₹331 per equity share with a minimum market lot size of 400 shares, bringing the total issue size to ₹160 Cr. At the upper price band, the minimum retail application requires one lot amounting to ₹1,32,400.
The latest unlisted Grey Market Premium (GMP) for Millworks Technologies IPO is quoted at ₹395, representing a premium of approximately 119.34% over the upper price band of ₹331. On a simple cap price plus GMP basis, the estimated opening price indicates a listing near ₹726, and informal quotes have held steady over recent sessions. Please note that GMP is an unregulated sentiment indicator quoted by off-market dealers; it fluctuates based on supply-demand dynamics and does not constitute a guaranteed listing price. For historical accuracy studies, read our research on IPO GMP accuracy, or compare with live GMP quotes for all active IPOs.
The minimum investment for retail investors is one lot of 400 shares (approx. ₹1,32,400 at the cut-off price). Applications must be submitted using ASBA via Net Banking or the UPI Mandate route through registered stockbrokers (Zerodha, Groww, Angel One, Upstox).
The official registrar appointed for this issue is Purva Sharegistry (India) Pvt. Ltd., with the basis of allotment finalised on 17 July 2026 and listing completed on 21 July 2026. Once declared, you can check your allotment status on our IPO Allotment Checker using your PAN or Application Number. If you are not allotted shares, the ASBA block on your bank funds is automatically released by T+2 day.
Issue Price
₹331
Listed At
₹628.9
Current Price
₹660.3
Incorporated in November 2021, Millworks Technologies Limited is a precision engineering and manufacturing company specializing in the design, development, and production of high-precision components and assemblies for the railway, aerospace, defence, metro rail, drone, and semiconductor industries. The company manufactures a wide range of mission-critical products, including railway coach components, braking systems, door mechanisms, metro train couplers, aerospace and aeronautical components, drone parts, and precision components for semiconductor manufacturing equipment. Its operations are executed under both Build-to-Print (BTP) and Build-to-Spec (BTS) models, along with full-scope manufacturing and job-work arrangements. Under the Build-to-Print (BTP) model, it manufactures components strictly in accordance with customer-supplied drawings and technical specifications. In contrast, the Build-to-Spec (BTS) model involves producing components based on functional and performance requirements defined by customers to deliver solutions aligned with their operational objectives. As of March 31, 2026, the company operates four advanced manufacturing facilities in Bengaluru, Karnataka. These facilities are equipped with state-of-the-art infrastructure, including 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 equipment, and dedicated assembly and inspection areas. As of April 30, 2026, the company employed 161 permanent personnel across production, quality, design, administration, finance, HR, and management functions. Its operations are executed under both Build-to-Print (BTP) and Build-to-Spec (BTS) models, along with full-scope manufacturing and job-work arrangements. Under the Build-to-Print (BTP) model, it manufactures components strictly in accordance with customer-supplied drawings and technical specifications. In contrast, the Build-to-Spec (BTS) model involves producing components based on functional and performance requirements defined by customers to deliver solutions aligned with their operational objectives. As of November 30, 2025, the company operates four advanced manufacturing facilities in Bengaluru, Karnataka. These facilities are equipped with state-of-the-art infrastructure, including CNC machining centers (3-axis, 4-axis, and 5-axis), CNC turning and turn-mill centers, wire EDM machines, fibre laser cutting systems, CNC pre
Millworks Technologies IPO raises ₹43.86 crore from anchor investors. Millworks Technologies IPO Anchor bid date is July 13, 2026.
| Category | Shares Offered | % |
|---|---|---|
| QIB | 22,09,200 | 49.98% |
| − Anchor Investor | 13,25,200 | 0% |
| − QIB (Ex. Anchor) | 8,84,000 | 0% |
| NII (HNI) | 6,63,600 | 15.01% |
| − bNII > ₹10L | 4,42,400 | 0% |
| − sNII < ₹10L | 2,21,200 | 0% |
| Retail | 15,47,200 | 35% |
| Market Maker | 4,24,000 | 0% |
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 800 | ₹2,64,800 |
| Individual investors (IND) (Max) | 2 | 800 | ₹2,64,800 |
| S-HNI (Min) | 3 | 1200 | ₹3,97,200 |
| S-HNI (Max) | 7 | 2800 | ₹9,26,800 |
| B-HNI (Min) | 8 | 3200 | ₹10,59,200 |
EPS (Pre IPO)
29.02
EPS (Post IPO)
21.04
ROE
44.83%
P/E (Pre IPO)
11.4
P/E (Post IPO)
15.73
Price / Book
5.11
Market Cap
₹423Cr.
| Company | P/E | ROE | Revenue |
|---|---|---|---|
| Apsis Aerocom Ltd. | 14.58 | ₹35.77 Cr | |
| Digilogic Systems Ltd. | 28.52 | ₹81.00 Cr | |
| Shree Refrigerations Ltd. | 23.81 | ₹117.33 Cr | |
| Aequs Ltd. | -74.71 | ₹921.81 Cr |
Millworks Technologies Ltd. Address
Purva Sharegistry (India) Pvt. Ltd.