Millworks Technologies IPO
ListedSME
219.54×
Subscribed
Price band
₹331 – ₹331
Issue size
₹160.34 Cr
Open – close
14 Jul 2026
to 16 Jul 2026
Listing
21 Jul 2026
Listing gain
+90.00%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
We can't judge this issue yet. A verdict needs at least three independent dimensions — valuation, growth, profitability, balance sheet, issue structure, governance or demand — and this issue does not yet publish enough of them for a read that would mean anything. The offer document has been analysed but reports too few of these to conclude on. A confident score from two fields would be worse than this notice.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens14 Jul 2026
- Closes16 Jul 2026
- Listing21 Jul 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB194.05x
Non-institutionalNII / HNI260.37x
Big NIIabove ₹10L289.84x
Small NII₹2L – ₹10L201.44x
Retail individualRII216.60x
4,92,473 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 16 Jul 2026.
Chance of allotment
Retail216.60× subscribed
~1 in 216.6
Retail is 216.6× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 216.6 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII260.37× subscribed
~1 in 260.4
HNI is 260.37× subscribed. This category is allotted proportionately, so a bid receives roughly 1/260.4 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹331 – ₹331
Total issue size₹160.34 Cr
Listing atSME platform
Company & valuation
P/E at upper band10.79×
EPS₹30.67post-issue
NAV per share₹64.73
ROE69.94%
ROCE56.44%
Debt/Equity0.21
RoNW44.83%
PAT Margin24.91%
EBITDA Margin36.71%
NAV64.73
Price to Book Value5.11
ISININE1SRC01010
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB Shares Offered | 22,09,200 | 45.61% |
| Anchor Investor Shares Offered | 13,25,200 | 27.36% |
| QIB (Ex. Anchor) Shares Offered | 8,84,000 | 18.25% |
| NII (HNI) Shares Offered | 6,63,600 | 13.70% |
| bNII > ₹10L | 4,42,400 | 9.13% |
| sNII < ₹10L | 2,21,200 | 4.57% |
| Retail Shares Offered | 15,47,200 | 31.94% |
| Market Maker Shares Offered | 4,24,000 | 8.75% |
Total issue 48,44,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,64,8002 lots · 800 sh
Individual investors (IND) (Max)₹2,64,8002 lots · 800 sh
S-HNI (Min)₹3,97,2003 lots · 1,200 sh
S-HNI (Max)₹9,26,8007 lots · 2,800 sh
B-HNI (Min)₹10,59,2008 lots · 3,200 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted13,25,200
Anchor portion₹43.86 Cr
Bid date13 Jul 2026
Lock-in ends (50%)16 Aug 2026
Lock-in ends (rest)15 Oct 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01not stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Unimech Aerospace and Manufacturing Ltd | 12.44 | 87.87 | 144.99 | 8.58% |
| Azad Engineering Ltd | 20.57 | 96.45 | 236.74 | 8.74% |
| Our Companythis issue | 30.67 | 10.79 | 64.73 | 44.83% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumOur revenues have exhibited significant fluctuations in the past and may continue to vary in the future, which may adversely affect our business, financial condition and results of operations.
mediumOur high level of trade receivables relative to our revenue from operations indicates elongated working capital cycles and exposes us to collection risks, which may adversely affect our liquidity and financial condition.
mediumA substantial portion of the Company’s revenue for the period March 31, 2026 was derived from its first/top customer. Accordingly, any reduction, delay, or termination of business from such customer, or the loss of such customer for any reason, could materially and adversely affect the Company’s rev
mediumThe Company is dependent on certain business partners, including Big Bang Boom Solutions Private Limited (BBB) and Quick Pay Private Limited (Quick Pay), for execution of certain defence sector projects involving time-sensitive assembly, integration and delivery requirements.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-2.2%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-17.5%
Himalayan Solar
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Green Asia Impexsame segment
1.0× sub+0.0%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Dudani Retailsame segment
1.4× sub-13.8%
Himalayan Solarsame segment
1.2× sub-17.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Millworks Technologies IPO subscribed?
Millworks Technologies is subscribed 219.54× overall (QIB 194.05×, NII 260.37×, retail 216.60×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
What are the chances of allotment in the Millworks Technologies IPO?
The retail portion is subscribed 216.60×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 217. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.