Millworks Technologies prices Rs 160cr SME IPO amid 120% grey premium
Precision engineering firm Millworks Technologies is seeking Rs 160.33 crore on the BSE SME platform, tapping into heavy investor demand driven by its exposure to defence and semiconductor supply chains.
Millworks Technologies Limited will open its initial public offering on the BSE SME platform on July 14, aiming to raise up to Rs 160.33 crore at the upper end of its price band. The issue, which closes on July 16, comprises up to 48,44,000 equity shares with a face value of Rs 10 each. Shares are priced between Rs 315 and Rs 331, with anchor investor bidding scheduled for July 13.
Early market indicators point to heavy demand. The stock is currently trading at a 120% premium in the grey market, a signal that retail investors are anticipating a substantial premium on listing day.
The company operates as a precision engineering supplier to original equipment manufacturers in aerospace, defence, railways, and semiconductors. These mission-critical sectors require stringent quality compliance from suppliers.
This industrial focus has translated into robust profitability. For the financial year ended March 2026, Millworks reported revenue of Rs 148.77 crore. EBITDA reached Rs 56.30 crore, representing an operating margin of roughly 38%, while profit after tax came in at Rs 37.06 crore.
At the upper price band of Rs 331, the company is seeking a market capitalization of approximately Rs 160.33 crore. Annualized against its FY26 profit after tax, this implies a price-to-earnings multiple of roughly 4.3 times, a relatively modest valuation for a profitable industrial firm in India's current market environment.
Millworks plans to allocate the net proceeds primarily toward capital expenditure for plant and machinery, a move designed to increase manufacturing capacity for OEM contracts, alongside working capital requirements. Sridhar Acharya, Promoter & Managing Director, said the public issue marks "the beginning of a new chapter that will accelerate our growth, expand our capabilities and strengthen our commitment to innovation."
GYR Capital Advisors Pvt. Ltd. is acting as the book running lead manager. Purva Sharegistry (India) Pvt. Ltd. is the registrar for the issue, and applications require a minimum lot size of 400 shares.
