Millworks Technologies' Rs 160.34-crore SME IPO saw full subscription within one hour of opening on July 14, 2026. The issue, which closes on July 16, attracted strong interest from retail and non-institutional investors. The company, a manufacturer of precision components for defense and aerospace, reported a significant rise in its net profit to Rs 37.1 crore in FY26.
The Small and Medium Enterprise (SME) initial public offering of Millworks Technologies opened for bidding on July 14, 2026, witnessing immediate demand from investors. Data from the Bombay Stock Exchange (BSE) confirmed that the issue was fully subscribed within the first hour of trading. By 10:40 AM, total bids received reached 3,574,800 shares against an offer of 3,518,800 shares.
Retail investors led the subscription, booking their allocated portion 1.51 times, while the non-institutional investor category reached a subscription level of 1.14 times. The IPO is scheduled to remain open until July 16, 2026, with a price band set between Rs 315 and Rs 331 per share. Investors are required to apply in lots of 400 shares, bringing the minimum investment amount to Rs 2,64,800 for retail participants at the upper price band.
Financial Growth and Expansion Plans
The company has demonstrated rapid financial growth leading up to the IPO. In the fiscal year 2026, Millworks Technologies reported a net profit of Rs 37.1 crore, a notable increase compared to the Rs 5.2 crore recorded in the previous fiscal year. Revenue also expanded significantly to Rs 148.8 crore, up from Rs 22.1 crore in the prior period.
Proceeds from this Rs 160.34-crore offering are designated for capital spending and operational needs. Specifically, the company intends to spend Rs 61.03 crore on new plant and machinery to bolster its manufacturing capabilities. An additional Rs 81.50 crore is allocated toward working capital requirements, which is essential for managing daily operations as the business scales. The remainder of the funds will be directed toward general corporate purposes.
Business Model and Market Position
Millworks Technologies manufactures precision-machined components, sheet metal parts, and integrated assemblies. It serves industries such as aerospace, defense, railways, metro rail, drones, and semiconductors. The company utilizes both Build-to-Print and Build-to-Spec models to serve original equipment manufacturers. Currently, the business is domestically focused, with 73 percent of its revenue generated within India and 27 percent coming from export markets.
For investors, the next steps include the share allotment process, which is expected on July 17, 2026. The stock is tentatively scheduled to debut on the BSE SME platform on July 21, 2026. Beyond the listing, market participants will likely track the company's ability to maintain its high profit margins and effectively deploy the funds raised for new machinery, which is critical for supporting its specialized manufacturing operations.