When an SME IPO shows a Grey Market Premium of over 100%, it grabs everyone's attention. Millworks Technologies Limited has done exactly that — with GMP touching ₹350 on a price band of ₹315–331, the grey market is pricing in a near-doubling on listing day. But is this the real deal, or is the grey market getting carried away? Here is a complete, unfiltered review.
Millworks Technologies IPO — Key Details
- IPO Open Date: July 14, 2026
- IPO Close Date: July 16, 2026
- Listing Date: July 21, 2026 (NSE SME / BSE SME)
- Price Band: ₹315 – ₹331 per share
- Lot Size: Check official prospectus for minimum lot
- Issue Type: SME IPO (Small & Medium Enterprise)
- GMP Today: +₹350 (+106%) — estimated listing near ₹681
- Exchange: NSE Emerge / BSE SME
About Millworks Technologies
Millworks Technologies is a technology solutions company operating in India's growing digital infrastructure space. Like many SME IPOs, the company is at an early-to-mid stage of its growth journey, which is both an opportunity and a risk for investors.
SME IPOs in India have become a significant avenue for smaller companies to raise growth capital, and the NSE Emerge and BSE SME platforms have seen record listings in 2025–26. However, this popularity has also attracted some companies with thin financials riding on grey market hype rather than fundamental strength.
Understanding the 106% GMP — What It Really Means
A GMP of +₹350 on a ₹331 issue price translates to an expected listing price of approximately ₹681 — more than double the issue price. This sounds extraordinary, and it is. To put it in perspective:
- GMP above 50% is considered very high for any IPO
- GMP above 100% in the SME segment often reflects thin float (small number of shares available) driving up grey market prices
- SME IPOs have smaller issue sizes, meaning even modest demand in the grey market can push GMP to extreme levels
This does not necessarily mean the listing will be at 106% premium. Grey market prices are not regulated, not transparent, and can swing violently in the 24–48 hours before listing. Many SME IPOs with 80–100% GMP have listed at 30–50% premium on the actual day.
Key Risks — What You Must Know Before Applying
- SME IPO Lock-in: Market makers are required for SME IPOs, but liquidity post-listing can be very thin — selling your shares after listing may be difficult at desired prices
- GMP Volatility: SME GMP figures are highly susceptible to manipulation due to small float size — the 106% GMP may compress sharply before listing
- No Track Record on Exchanges: Unlike mainboard IPOs, SME companies have limited analyst coverage and disclosure requirements
- Profit Booking Risk: If a large number of allottees sell on day 1, the listing price can fall rapidly from the opening high
- Higher Lot Size Investment: SME IPOs typically require larger minimum investments than mainboard IPOs
Strengths
- Strong Pre-Listing Demand: 106% GMP signals genuine market excitement, even if the actual listing may be lower
- Technology Sector: India's digital economy is in a structural growth phase — technology companies have a long tailwind
- SME Platform Benefits: NSE Emerge and BSE SME have produced some of the strongest listing gains in 2025–26
Our Verdict — Apply With Caution
Millworks Technologies' 106% GMP is eye-catching, but SME IPOs with extreme GMP figures carry disproportionate risk alongside the potential reward. The grey market is not a regulated exchange — prices here can be inflated by a small number of participants.
If you are applying: apply only with money you can afford to lock up, keep your allocation to the minimum lot, and have a clear exit plan on listing day. Do not hold an SME IPO hoping for long-term gains unless you have done thorough due diligence on the company's financials and business model.
Track the live GMP for Millworks Technologies and all other IPOs at ipolyst.com — updated hourly between 10am and 5pm IST.
Disclaimer
Disclaimer: This review is for informational purposes only and does not constitute financial advice. IPOLyst is not a SEBI-registered investment advisor. GMP is informal, unregulated, and highly indicative. SME IPOs carry higher risk than mainboard IPOs. Please read the Red Herring Prospectus carefully and conduct your own research before investing.