Millworks Technologies IPO listing: SME stock hits upper circuit after listing at a solid 90% premium over issue price
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Millworks Technologies had a strong IPO debut, with shares opening at ₹628.90, a 90% increase from the issue price of ₹331, and hitting the upper circuit limit of ₹660.30 shortly after. Despite this impressive performance, it fell short of grey market expectations, which anticipated a higher premium. The IPO was highly subscribed, indicating strong investor interest.
Millworks Technologies IPO listing: Millworks Technologies share price made a stellar debut and jumped further to hit its upper circuit on Tuesday, 21 July, despite weak market sentiment.
The SME stock debuted at ₹628.90 on the BSE SME, up 90% from its issue price of ₹331 and surged further to hit its 5% upper price band of ₹660.30. The stock was locked at its upper price band around 10:30 AM, while equity benchmark Sensex was 0.26% down at 77,506.
Even though the stock made a stellar debut, it fell short of grey market expectations, as the last grey market premium (GMP) for Millworks Technologies shares was ₹395, suggesting the stock could list at a premium of more than 119%.
Millworks Technologies IPO, which was a fresh issue of 48,44,000 shares of face value of ₹10 each, opened for public subscription on Tuesday, 14 July, and concluded on Thursday, 16 July.
With a price band of ₹315 to ₹331 per share, the issue was aimed at raising ₹160.34 crore, which the company will use to purchase plant and machinery, to meet working capital requirements, and for general corporate purposes.
The issue was subscribed to 193 times, with the retail portion booked nearly 217 times, and the segment reserved for NIIs subscribed to 159 times. QIB's portion was booked 194 times.
Millworks Technologies is a precision engineering company engaged in the manufacture of machined components, sheet metal parts, and integrated assemblies used in mission-critical applications across the railways, aerospace, defence, and semiconductor sectors.
For FY26, its revenue from operations was ₹148.77 crore, of which 27.47% was derived from exports to customers located in 9 countries, including Canada, the US, Israel, Germany, France, Macedonia, Italy, the United Kingdom, and the Czech Republic, said the company. Profit for the last financial year was ₹37.1 crore.
Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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