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Millworks Technologies shares surge to upper circuit after BSE SME debut

The IPO priced at ₹331, while the stock listed at ₹628.90 and was later locked near the ₹660.30 upper price band, despite a last grey market premium of ₹395.

Reported · Written up by our desk · IPOs

Millworks Technologies shares hit the 5% upper circuit on the BSE SME on 21 July after the company’s IPO debut, with the stock trading at its upper price band of ₹660.30 around 10:30 AM.

The listing started at ₹628.90, a 90% gain versus the ₹331 issue price. Even as the broader Sensex was down 0.26% at 77,506, the shares remained locked near the upper band during late morning trade.

Grey market expectations were higher than the debut, with the last grey market premium at ₹395, implying a potential listing premium above 119% even though the stock still surged after market open.

The IPO was a fresh issue of 48,44,000 shares of ₹10 face value each, offered in a price band of ₹315 to ₹331, aiming to raise ₹160.34 crore. The company said proceeds would be used to buy plant and machinery, support working capital needs, and for general corporate purposes, after the issue saw retail subscriptions of nearly 217 times, NIIs at 159 times, QIBs at 194 times, and overall subscriptions at 193 times.

Latest closeSensex 77,185.43 ▲0.2%

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