Bookbuilding IPO | ₹160 Cr | Listing at BSE SME | Tue, Jul 14, 2026 - Thu, Jul 16, 2026
Millworks Technologies IPO is a book build issue of ₹160.34 crores. The issue is entirely a fresh issue of 0.48 crore shares of ₹160.34 crore.
Millworks Technologies IPO opens for subscription on Jul 14, 2026 and closes on Jul 16, 2026. The allotment for the Millworks Technologies IPO is expected to be finalized on Jul 17, 2026. Millworks Technologies IPO will list on the BSE SME with a tentative listing date fixed as Jul 21, 2026.
Millworks Technologies IPO is set issue price band at ₹315 to ₹331 per share. The lot size for an application is 400 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,64,800 (800 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (1,200 shares), amounting to ₹3,97,200.
GYR Capital Advisors Pvt.Ltd. is the book running lead manager and Purva Sharegistry (India) Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Pace Stock Broking Services Pvt.Ltd.
Refer to Millworks Technologies IPO RHP for detailed Information.
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 Date | 14 to 16 Jul, 2026 |
| Listing Date | Tue, Jul 21, 2026T |
| Face Value | ₹10 per share |
| Price Band | ₹315 to ₹331 |
| Lot Size | 400 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 Pace Stock Broking Services Pvt.Ltd. (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 |
Millworks Technologies IPO comprises a total issue size of 48,44,000 shares. The net offer to the public is 44,20,000 shares, after excluding 4,24,000 shares allotted on a firm basis. Of the Net offer 22,09,200 (49.98%) are allocated to QIB, 6,63,600 (15.01%) allocated to NII 15,47,200 (35.00%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 22,09,200 | 49.98% | 45.61% |
| − Anchor Investor Shares Offered | 13,25,200 | 27.36% | |
| − QIB (Ex. Anchor) Shares Offered | 8,84,000 | 18.25% | |
| NII (HNI) Shares Offered | 6,63,600 | 15.01% | 13.70% |
| − bNII > ₹10L | 4,42,400 | 9.13% | |
| − sNII < ₹10L | 2,21,200 | 4.57% | |
| Retail Shares Offered | 15,47,200 | 35.00% | 31.94% |
| Firm Reservations | |||
| Market Maker Shares Offered | 4,24,000 | 8.75% | |
| Total Shares Offered | 48,44,000 | 100.00% | 100.00% |
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 |
Incorporated in November 2021, Millworks Technologies Limited is a precision engineering and manufacturing company specializing in the design, development, and production of high-precision components and assemblies for the railway, aerospace, defence, metro rail, drone, and semiconductor industries. The company manufactures a wide range of mission-critical products, including railway coach components, braking systems, door mechanisms, metro train couplers, aerospace and aeronautical components, drone parts, and precision components for semiconductor manufacturing equipment.
Business Verticals:
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 March 31, 2026, 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 equipment, and dedicated assembly and inspection areas.
As of April 30, 2026, the company employed 161 permanent personnel across production, quality, design, administration, finance, HR, and management functions.
Competitive Strengths:
Business Verticals:
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:
Millworks Technologies Ltd.'s revenue increased by 584% and profit after tax (PAT) rose by 606% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 198.37 | 39.82 | 10.54 |
| Total Income | 153.40 | 22.42 | 9.40 |
| Profit After Tax | 37.06 | 5.25 | 1.95 |
| EBITDA | 56.30 | 7.89 | 2.78 |
| NET Worth | 82.67 | 23.31 | 2.33 |
| Reserves and Surplus | 69.90 | 23.25 | 2.28 |
| Total Borrowing | 17.02 | 9.63 | 4.57 |
| Amount in ₹ Crore | |||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Accord Transformer & Switchgear Ltd. | SME | ₹25.59 Cr | ₹46 | 11.41 | ₹52.50 | +14.13% | ₹55.00 (+0.77%) |
| Avana Electrosystems Ltd. | SME | ₹35.22 Cr | ₹59 | 12.4 | ₹80.30 | +36.10% | ₹127.50 (+2.95%) |
| Powerica Ltd. | Mainboard | ₹1,100.00 Cr | ₹395 | 24.45 | ₹390.00 | -1.27% | ₹567.25 (-0.44%) |
| Atlanta Electricals Ltd. | Mainboard | ₹687.34 Cr | ₹754 | 46.33 | ₹823.35 | +9.20% | ₹1,695.40 (+2.03%) |
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 Company to purchase Plant and Machinery | 61.03 |
| 2 | Funding the working capital requirements of the Company | 81.50 |
| 3 | General Corporate Purposes | |
| Total | 142.53 |
| 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 (₹) | 29.02 | 21.04 |
| P/E (x) | 11.4 | 15.73 |
| Promoter Holding | 65.08% | |
| Market Cap | ₹583.05 Cr. |
Lead Manager Reports
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.
Zerodha customers can apply online in Millworks Technologies IPO using UPI as a payment gateway. Zerodha customers can apply in Millworks Technologies IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Millworks Technologies IPO through Zerodha
Visit Zerodha 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 Zerodha, 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.
