Millworks Tech IPO Opens with 120% GMP; SME Segment Heats Up

Millworks Technologies' SME IPO opened for subscription Tuesday with a grey market premium of 120%, signaling strong demand for small-cap new issues. The company, which provides engineering and fabrication services, is looking to raise roughly ₹18 crore through the offering.

The 120% GMP implies a listing price well above the issue band of ₹82 to ₹86 per share. That kind of premium has become more common in the SME segment over the past six months, as retail and HNI participation has pushed subscription rates higher across multiple offerings.