Millworks Technologies IPO

The Millworks Technologies SME IPO opens for subscription on 14 Jul 2026 and closes on 16 Jul 2026, offered at a price band of ₹315–331 per share, and is set to list on BSE. In total, the issue aims to mobilise ₹160.34 crore. Retail investors bid in lots of 400 shares, a minimum application of ₹2,64,800.

Issue structure

The IPO is structured entirely as a fresh issue of ₹146.3 crore, so the full proceeds flow to the company to fund its stated objects of the issue.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward funding the working capital requirements of the company (₹81.5 crore), alongside funding capital expenditure of company to purchase plant and machinery (₹61.03 crore). In all, 4 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Millworks Technologies reported revenue of ₹153.4 crore and a net profit of ₹37.06 crore. Revenue grew from ₹9.4 crore in FY2024 to ₹153.4 crore in FY2026 (+1532.0%). Net worth stood at ₹82.67 crore at the end of FY2026. At the upper band, that puts the issue at roughly 11.4× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 15.73× post-issue earnings and 5.11× book value, against a return on net worth of 44.83% and a debt-to-equity ratio of 0.21. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Azad Engineering Ltd and Unimech Aerospace and Manufacturing Ltd, with a median peer P/E of about 92.2×. The issue's own post-issue P/E works out to 15.73×.

Promoters

The promoters of the company are <p>Sridhar Acharya, H K Madhu, Sowmya Madhu, Rashmi Sridhar Acharya</p>. Promoter holding stands at 65.08% before the issue and comes down to 47.18% after listing.

Grey market premium (GMP)

In the unofficial grey market, Millworks Technologies shares are quoted at a premium of ₹395 implying an expected listing around ₹726, about +119.3% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The Millworks Technologies IPO was subscribed 219.54 times overall. The strongest demand came from non-institutional investors (NII) at 260.37 times, with qualified institutional buyers (QIB) at 194.05× and retail investors at 216.6×.

Listing performance

Millworks Technologies listed on 21 Jul 2026 at ₹628.9, a premium of +90.0% over the issue price of ₹331.

What to weigh

When evaluating the Millworks Technologies IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Millworks Technologies

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)