Millworks Technologies closed its IPO book on July 16 the way it opened it: oversubscribed within hours. By the time bidding wrapped up at 3:39 PM, the issue had been subscribed 208.86 times overall, on a total of 4,77,106 applications. For an SME issue that raised ₹160.34 crore, that is a big number, and it did not build up slowly.

Day one alone got the whole IPO covered more than ten times over, at 10.74x. Day two picked up the pace to 50.57x. Then came day three, when institutional and HNI money showed up in force and pushed the final tally past 208x. The Millworks Technologies IPO page has the full day-wise breakdown if you want to see how each category moved.

Where the demand actually came from

The retail portion finished at 209.16 times subscribed, which sounds impressive until you look at the NII book: 259.93 times. Split that further and the bigger-ticket HNI money (bids above ₹10 lakh) came in at 291.10x, ahead of the smaller HNI bucket at 197.59x. QIBs, who typically wait until the last day to place serious bids, subscribed their portion 169.98 times, up from a barely-there 0.22x on day two.

Anchor investors had already locked in ₹43.86 crore at ₹331 a share on July 13, a day before the issue opened to the public. LRSD Securities took the largest single allocation among them, at 7,85,200 shares, with a mix of funds like Inti Capital, Evergrow, Saint Capital and Abundantia Capital filling out the rest.

Category	Subscription (times)
QIB (Ex Anchor)	169.98x
NII (overall)	259.93x
bNII (above ₹10L)	291.10x
sNII (below ₹10L)	197.59x
Retail (Individual Investors)	209.16x
Total	208.86x

What the grey market is saying

The unofficial grey market premium was sitting around ₹400 over the ₹331 upper band as bidding closed, which works out to roughly 121% on paper. GMP is not a guarantee of anything, it moves daily and sometimes hourly, and it has already swung by more than ₹150 during this IPO's short run. Still, a premium that size next to a subscription number above 200x tells you the market is not lukewarm on this one.

Why the numbers behind the numbers matter

Millworks makes precision-machined parts, sheet metal components and assemblies for railways, aerospace, defence and semiconductor equipment, out of four facilities in Bengaluru. The financials explain some of the enthusiasm. Revenue for the eight months ending November 2025 already stood at ₹68.02 crore against ₹22.42 crore for the whole of FY2025, and profit after tax for that same eight-month stretch was ₹20.50 crore, roughly four times the full-year FY2025 profit of ₹5.25 crore.

That is a steep climb, and steep climbs are worth a second look rather than a first glance. Pre-issue, the company was priced at a P/E of over 80; post-issue, with the enlarged share base, that comes down to roughly 19x, which is a lot more reasonable for a defence-and-aerospace supplier. Promoter holding drops from about 65% to 47% after the fresh issue, which is a normal outcome for an issue that is entirely a fresh raise rather than an offer for sale.

What happens next

Basis of allotment is expected on July 17, refunds and demat credit on July 20, and listing on the BSE SME platform is tentatively set for July 21. If the current GMP holds anywhere close to where it is now, early investors could be looking at a strong listing, though grey market numbers have a habit of cooling off in the final day or two before shares actually hit the exchange.

Anyone applying at this stage should keep in mind that a 200x+ subscription number also means allotment is going to be a lottery for retail investors, given how thin the retail quota is relative to demand. Check the full IPO details and live subscription tracker on IPOUP for allotment status updates once they are out.