Millworks IPO subscribed 49.76x, allotment finalized
Millworks Technologies Limited's SME IPO was subscribed 49.76 times, led by retail interest. The company reported FY26 revenue of ₹148.77 Cr and PAT of ₹37.06 Cr. Rajasthan Global Securities acquired a 5.40% stake post-allotment.
*this image is generated using AI for illustrative purposes only.
Millworks Technologies Limited's initial public offering (IPO) on the SME platform was subscribed 49.76 times, driven by overwhelming interest from retail investors. The issue, which opened on July 14, 2026, and closed on July 16, 2026, aimed to raise capital for capital expenditure and working capital requirements. The company, incorporated on November 1, 2021, reported a sharp increase in revenue from operations to ₹148.77 Cr in FY26, up from ₹22.10 Cr in the previous fiscal year.
Subscription Details
The offering received robust demand across categories. Retail investors subscribed 70.33 times their allotted portion, while Non-Institutional Investors (bHNI) subscribed 72.89 times and Non-Institutional Investors (sHNI) subscribed 57.56 times. Qualified Institutional Buyers (QIB) subscribed 0.22 times, while Employees did not subscribe to the issue.
| Category | Subscription |
|---|---|
| Retail | 70.33 x |
| Non-Institutional Buyers (bHNI) | 72.89 x |
| Non-Institutional Buyers (sHNI) | 57.56 x |
| Qualified Institutional Buyers (QIB) | 0.22 x |
| Employees | 0 x |
| Total Subscribed | 49.76 x |
Financial Performance
The company demonstrated a hypergrowth trajectory over the last two fiscal years. Total profit after tax (PAT) rose to ₹37.06 Cr in FY26, compared to ₹5.25 Cr in FY25 and ₹1.95 Cr in FY24. PAT margins expanded to 24.16% in FY26 from 23.42% in FY25. However, this rapid expansion was accompanied by negative operating cash flows, which stood at ₹10.76 Cr in FY26 and ₹2.92 Cr in FY25.
| Metric | FY2024 (₹ Cr) | FY2025 (₹ Cr) | FY2026 (₹ Cr) |
|---|---|---|---|
| Revenue from Operations | 9.39 | 22.10 | 148.77 |
| Total Revenue | 9.40 | 22.42 | 153.40 |
| Total Expenses | 7.02 | 15.34 | 103.10 |
| Profit Before Tax | 2.38 | 7.08 | 50.23 |
| Total Profit (PAT) | 1.95 | 5.25 | 37.06 |
IPO Structure and Objects
The company plans to utilise the net proceeds to fund capital expenditure for plant and machinery amounting to ₹61.03 Cr and working capital requirements of ₹81.50 Cr. A portion of the funds will also be allocated for general corporate purposes. The offering consists solely of a fresh issue, with no offer for sale component. Allotment was finalized on July 17, 2026, with listing on July 21, 2026.
Post-Allotment Shareholding
Following the allotment, Rajasthan Global Securities Private Limited acquired 9,50,800 shares, representing 5.40% of the total share capital. The acquisition was made pursuant to the IPO's Anchor Investor and QIB portions. Persons Acting in Concert (PAC) with the acquirer include LRSD Securities Private Limited and RGSL AIF LVF. The equity share capital of Millworks Technologies Limited stands at 1,76,14,000 equity shares of ₹10 each.
How will Millworks Technologies address the divergence between rising profitability and negative operating cash flows post-IPO?
What strategies will the company employ to sustain its hypergrowth trajectory once the initial capital expenditure is deployed?
Will the listing on July 21 trigger increased interest from Qualified Institutional Buyers who largely abstained during the subscription period?
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