Millworks Technologies delivered stellar listing gains to investors on Tuesday, with the SME stock doubling from its issue price within minutes of its market debut.
Shares of the precision engineering company listed at Rs 628.90 on the BSE SME platform, a premium of nearly 90% over the issue price of Rs 331. Buying momentum continued after listing, with the stock hitting its 5% upper circuit at Rs 660.30, locking in a 100% gain for IPO allottees.
The shares remained locked at the upper circuit from 10:30 a.m., reflecting strong investor demand following the listing.
The blockbuster debut came after the company's Rs 160.34-crore initial public offering received an overwhelming response from investors.
The IPO, which was open for subscription between July 14 and July 16, was subscribed 193.14 times overall. Investors bid for 67.96 crore shares against the 35.18 lakh shares on offer.
Retail investors led the subscription, with their reserved portion subscribed 216.46 times. The non-institutional investor (NII) segment also witnessed robust demand, with subscriptions reaching 194.05 times.
The strong subscription translated into an equally impressive market debut, rewarding successful applicants with multibagger returns on listing day.
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Millworks Technologies reported revenue of Rs 148.77 crore and a profit after tax of Rs 37.06 crore for the financial year ended March 2026.
The company plans to utilise the IPO proceeds primarily to expand its manufacturing capabilities. Around Rs 61.03 crore will be used to purchase plant and machinery, while Rs 81.50 crore has been earmarked for working capital requirements. The remaining funds will be used for general corporate purposes.
About Millworks Technologies
Millworks Technologies is a precision engineering company that manufactures high-accuracy machined components, sheet metal parts and integrated assemblies for mission-critical sectors, including aerospace, defence, railways, metro rail, drones and semiconductors.
The company operates under Build-to-Print and Build-to-Spec business models, supplying components to original equipment manufacturers (OEMs).
Domestic sales contributed 73% of the company's revenue in fiscal 2026, while exports accounted for the remaining 27%, highlighting its growing international presence.
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