Millworks Technologies shares surged 90% on their debut on the Bombay Stock Exchange’s SME platform, opening at ₹628.90 against an issue price of ₹331.
The stock continued its upward momentum shortly after opening, hitting the 5% upper circuit limit at ₹660.30 on Tuesday, July 21.
90 fell slightly short of the highest grey market estimates, the 90% premium over the issue price remains a significant outperformance for an SME listing in the current environment.
The sharp repricing occurred despite a backdrop of weak sentiment in broader Indian equity markets, underscoring specific investor appetite for the precision engineering firm.
The listing gain validates the strong demand seen during the subscription phase, where the IPO was fully subscribed on its first day of trading.
Prior to listing, grey market premiums had signaled a substantial debut gain, with sources indicating a potential opening price as high as ₹726.
While the actual debut price of ₹628.90 fell slightly short of the highest grey market estimates, the 90% premium over the issue price remains a significant outperformance for an SME listing in the current environment.