diff --git a/integration/feature/bom/resources/build.mill b/integration/feature/bom/resources/build.mill
index 756b23ecbf2..ba95fce3c43 100644
--- a/integration/feature/bom/resources/build.mill
+++ b/integration/feature/bom/resources/build.mill
@@ -79,3 +79,12 @@ object depMgmt extends JavaModule with TestPublishModule {
     ivy"com.google.protobuf:protobuf-java:4.28.3"
   )
 }
+
+object `version-placeholder` extends JavaModule with TestPublishModule {
+  def ivyDeps = Agg(
+    ivy"com.google.protobuf:protobuf-java:_"
+  )
+  override def dependencyManagement = Agg(
+    ivy"com.google.protobuf:protobuf-java:4.28.3"
+  )
+}
diff --git a/integration/feature/bom/src/BomTests.scala b/integration/feature/bom/src/BomTests.scala
index 4db14b14862..1fc81ed5c9d 100644
--- a/integration/feature/bom/src/BomTests.scala
+++ b/integration/feature/bom/src/BomTests.scala
@@ -144,10 +144,7 @@ object BomTests extends UtestIntegrationTestSuite {
       test("placeholder") - integrationTest { implicit tester =>
         import tester._
 
-        compileClasspathContains("version-placeholder", expectedProtobufJarName)
-
-        val resolvedCp = publishLocalAndResolve("version-placeholder")
-        assert(resolvedCp.map(_.last).contains(expectedProtobufJarName))
+        isInClassPath("version-placeholder", expectedProtobufJarName)
       }
 
       test("override") - integrationTest { implicit tester =>
diff --git a/scalalib/src/mill/scalalib/JavaModule.scala b/scalalib/src/mill/scalalib/JavaModule.scala
index 049e2755780..0fe0f993505 100644
--- a/scalalib/src/mill/scalalib/JavaModule.scala
+++ b/scalalib/src/mill/scalalib/JavaModule.scala
@@ -154,8 +154,25 @@ trait JavaModule
     val depMgmt = dependencyManagementDict()
     if (depMgmt.isEmpty)
       depsWithBoms
-    else
-      depsWithBoms.map(dep => dep.copy(dep = dep.dep.withOverrides(dep.dep.overrides ++ depMgmt)))
+    else {
+      lazy val depMgmtMap = depMgmt.toMap
+      depsWithBoms.map { dep =>
+        val versionOverride =
+          if (dep.dep.version == "_") {
+            val key = DependencyManagement.Key(
+              dep.dep.module.organization, dep.dep.module.name, coursier.core.Type.jar, dep.dep.publication.classifier
+            )
+            // FIXME Exclusions should be added too
+            depMgmtMap.get(key).map(_.version)
+          }
+          else None
+        dep.copy(
+          dep = dep.dep
+            .withOverrides(dep.dep.overrides ++ depMgmt)
+            .withVersion(versionOverride.getOrElse(dep.dep.version))
+        )
+      }
+    }
   }
 
   /**