Millworks Technologies IPO day 1: Issue fully subscribed; GMP hints at over 90% listing pop; key details of BSE SME IPO
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Millworks Technologies' IPO has opened to strong investor interest, with a subscription rate of nearly 2.2 times by mid-morning on the first day. The grey market premium indicates a potential listing gain of around 91%, reflecting bullish sentiment despite a slight easing from previous highs. The IPO, which runs until July 16, features a price band of ₹315 to ₹331 per share and is expected to bolster the company's capital for machinery and working capital needs.
Millworks Technologies IPO day 1: The initial public offering (IPO) of precision engineering company Millworks Technologies is witnessing healthy investor demand, while robust grey market premiums reflect bullish sentiment toward the stock.
Millworks Technologies IPO opened for public subscription on Tuesday, 14 July, and will conclude on Thursday, 16 July. The BSE SME IPO is entirely a fresh issue of 48,44,000 shares of face value of ₹10 each.
Ahead of the IPO, the company raised ₹43.86 crore from anchor investors by issuing 13,25,200 shares to four anchor investors at a bid price of ₹331 per share.
According to grey market sources, the GMP of Millworks Technologies shares was ₹300 on Tuesday morning. This indicates the stock could list at a strong premium of about 91% over its issue price.
While the Millworks Technologies IPO GMP remains strong, it has eased from the previous session, as on Monday, the stock's GMP signalled a listing gain of 119% over the issue price.
By 11:20 am on Tuesday, the issue had seen an overall subscription of nearly 2.2 times, with the retail portion booked 3 times, and the segment reserved for NIIs subscribed to 3 times. QIB's portion was yet to see any subscription till that time.
1. Millworks Technologies IPO date: The SME IPO opened for subscription on Tuesday, 14 July. It will close on Thursday, 16 July.
2. Millworks Technologies IPO price: The price band of the public issue has been fixed at ₹315 to ₹331 per share.
3. Millworks Technologies IPO objects: According to the RHP, the company will use the net proceeds from the issue to purchase plant and machinery, to meet working capital requirements, and for general corporate purposes.
4. Millworks Technologies IPO size: The BSE SME IPO is a fresh issue of 48,44,000 shares of face value of ₹10 each. There is no offer for sale (OFS) portion in the issue.
5. Millworks Technologies IPO lot size: Retail investors can bid for a minimum and maximum of 800 shares, aggregating to ₹2,64,800.
6. Millworks Technologies IPO reservation: QIBs, including anchor investors, have been offered 22,09,200 shares (45.61% of the total issue). Retail investors have been offered 15,47,200 shares, or 31.94% of the total issue. The company has reserved 6,63,600 (13.70% of the total issue) for NIIs.
7. Millworks Technologies IPO allotment date: The company is expected to finalise the share allotment on Friday, 17 July. Successful bidders can expect shares of the company in their demat accounts on the next business day, Monday, 20 July, and bidders who fail to get the allocation may get a refund on the same day.
8. Millworks Technologies IPO book-running lead manager and registrar: According to the issue's Red Herring Prospectus (RHP), GYR Capital Advisors Private Limited is the book-running lead manager, and Purva Sharegistry (India) Private Limited is the registrar of the Millworks Technologies IPO.
9. Millworks Technologies IPO listing: As per SEBI's T+3 rule of IPO listing, the IPO is proposed for listing on the BSE SME on Tuesday, 21 July.
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