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IPO Open

Tue, Jul 14, 2026

IPO Close

Thu, Jul 16, 2026

Price Band

₹315 to ₹331

Market Cap (Pre-IPO)

₹583.05 Cr

IPO Details

  • IPO Date
    9 to 13 Jul, 2026
  • Listing Date
    Tue, Jul 21, 2026
  • Face Value
    ₹10 per share
  • Price Band
    ₹315 to ₹331
  • Lot Size
    4000 Shares
  • Sale Type
    Fresh capital Only
  • Issue Type
    Bookbuilding IPO
  • Listing At
    BSE SME
  • Total Issue Size
    48,44,000 shares (agg. up to ₹160 Cr)
  • Reserved for Market Maker
    4,24,000 shares (agg. up to ₹14 Cr)
  • Fresh Issue (Ex Market Maker)
    44,20,000 shares (agg. up to ₹146 Cr)
  • Net Offered to Public
    44,20,000 shares (agg. up to ₹146 Cr)
  • Share Holding Pre Issue
    1,27,70,755 shares
  • Share Holding Post Issue
    1,76,14,755 shares

IPO Timetable (Tentative)

  • IPO Open
    Tue, Jul 14, 2026
  • Allotment
    Fri, Jul 17, 2026
  • Credit of Shares
    Mon, Jul 20, 2026
  • IPO Close
    Thu, Jul 16, 2026
  • Refund
    Mon, Jul 20, 2026
  • Listing
    Tue, Jul 21, 2026

Issue Reservation

Investor Category Shares Offered
QIB Shares Offered Not more than 50% of the Net Issue
Retail Shares Offered Not less than 35% of the Net Issue
NII Shares Offered Not less than 15% of the Net Issue

IPO Lot Size

Investors can bid for a minimum of 800 shares and in multiples of 400 shares thereof.

Application Lots Shares Amount
Individual investors (IND) (Min) 2 800 ₹2,64,800
Individual investors (IND) (Max) 2 800 ₹2,64,800
S-HNI (Min) 3 1,200 ₹3,97,200
S-HNI (Max) 7 2,800 ₹9,26,800
B-HNI (Min) 8 3,200 ₹10,59,200

About Millworks Technologies Ltd.

Millworks Technologies Ltd. is a precision engineering company specializing in the manufacture of high-accuracy machined components, sheet metal parts, and integrated assemblies for mission-critical applications across the railways, aerospace, defence, and semiconductor industries.

Business Verticals:

  • Aerospace: Precision-machined components and sub-assemblies used in aero-engine applications.
  • Defense: Machined components and sub-assemblies such as missile airframe components, guidance system housings, structural brackets and mounts, and hydraulic cylinder parts, etc.
  • Railways: Precision components used in train control and rolling stock infrastructure, and manufacturing components for train and metro door systems, including parts used in door mechanisms and actuators.
  • Semiconductor Machinery: precision-engineered components and fixtures used in semiconductor manufacturing and testing equipment, such as machine base frames, precision brackets and mounts, alignment plates, and equipment housings, etc.

Its operations are executed under both Build-to-Print (BTP) and Build-to-Spec (BTS) models, along with full-scope manufacturing and job-work arrangements. Under the Build-to-Print (BTP) model, it manufactures components strictly in accordance with customer-supplied drawings and technical specifications. In contrast, the Build-to-Spec (BTS) model involves producing components based on functional and performance requirements defined by customers to deliver solutions aligned with their operational objectives.

As of November 30, 2025, the company operates four advanced manufacturing facilities in Bengaluru, Karnataka. These facilities are equipped with state-of-the-art infrastructure, including CNC machining centers (3-axis, 4-axis, and 5-axis), CNC turning and turn-mill centers, wire EDM machines, fibre laser cutting systems, CNC press brakes, welding stations, and dedicated assembly and inspection areas.

Competitive Strengths:

  • Precision Engineering Capability and Manufacturing of Complex Components Across Diverse Materials
  • Certified Quality Management Systems Supporting Process
  • Comprehensive Manufacturing Infrastructure
  • Global Customer Relationships and Export-Oriented Business Operations
  • Structured Research and Development Function
  • Experienced Management and Skilled Technical Workforce
  • Strong order book of Rs 9,594.45 lakhs (As of Jan 10, 2026)

Company Financials (Restated)

Period Ended 30 Nov 2025 31 Mar 2025 31 Mar 2024 31 Mar 2023
Assets 115.83 40.84 10.64 3.79
Total Income 68.02 22.42 9.40 1.78
Profit After Tax 20.50 5.25 1.95 0.33
EBITDA 30.69 7.89 2.78 0.45
NET Worth 56.82 23.32 2.33 0.38
Reserves and Surplus 56.76 23.26 2.28 0.33
Total Borrowing 16.67 9.63 4.57 2.30

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IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

  • # Issue Objects
    Est Amt (₹ Cr.)
  • 1 Funding capital expenditure of our company to purchase Plant and Machinery
    61.03
  • 2 Funding the working capital requirements of the company
    87.00
  • 3 General Corporate Purposes
  • Total
    148.03

Key Performance Indicator (KPI)

KPI Mar 31, 2026
ROE 69.94%
ROCE 56.44%
Debt/Equity 0.21
RoNW 44.83%
PAT Margin 24.91%
EBITDA Margin 36.71%
Price to Book Value 5.11
Pre IPO Post IPO
EPS (₹) 4.11 17.45
P/E (x) 80.48 18.96
Promoter Holding 65.08%
Market Cap ₹583.05 Cr.
Sridhar Acharya, H K Madhu, Sowmya Madhu and Rashmi Sridhar Acharya
  • The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
  • The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 available in RHP.
  • The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of November 30, 2025 available in RHP.

IPO Registrar

Purva Sharegistry (India) Pvt.Ltd.

IPO Lead Manager(s)

  1. GYR Capital Advisors Pvt.Ltd.  (Past IPO Performance)

Lead Manager Reports

  • Lead Manager Performance Summary
  • Lead Manager Performance Tracker

Contact Details

Millworks Technologies Ltd. Address
No.458/1, 10th a Cross, Phase-4,
Peenya Industrial Area, Peenya Small Industries
Bangalore Urban, Karnataka, 560058

IPO FAQs

Millworks Technologies IPO is a SME IPO of 48,44,000 equity shares of the face value of ₹10 aggregating up to ₹160 Crores. The issue is priced at ₹315 to ₹331. The minimum order quantity is 400.

The IPO opens on Tue, Jul 14, 2026, and closes on Thu, Jul 16, 2026.

Purva Sharegistry (India) Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.

Angel One customers can apply online in Millworks Technologies IPO using UPI as a payment gateway. Angel One customers can apply in Millworks Technologies IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Millworks Technologies IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Millworks Technologies IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

The Millworks Technologies IPO opens on Tue, Jul 14, 2026 and closes on Thu, Jul 16, 2026.

Millworks Technologies IPO lot size is 400, and the minimum amount required for application is ₹2,64,800, with 2 lots being the minimum application size.

You can apply in Millworks Technologies IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

The finalization of Basis of Allotment for Millworks Technologies IPO will be done on Friday, July 17, 2026, and the allotted shares will be credited to your demat account by Mon, Jul 20, 2026. Check the Millworks Technologies IPO allotment status.

The Millworks Technologies IPO listing date is not yet announced. The tentative date of listing is Tue, Jul 21, 2026.

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