About Millworks Technologies IPO
Millworks Technologies IPO Details
Millworks Technologies IPO is a 100% book-built issue of 48.44 lakh equity shares worth up to ₹160 crore, entirely a fresh issue of 44.20 lakh equity shares worth up to ₹146 crore, with a face value of ₹10 per share. The company filed its DRHP with SEBI on February 16, 2026.
The price band of the issue is ₹315 to ₹331 per share and the lot size for an application is 400 shares. The minimum amount of investment required by an individual investor is ₹2,64,800 (800 shares). The IPO will be open for subscription from July 14 to 16, 2026, on the BSE SME platform, with a tentative listing date fixed as July 21, 2026. The book-running lead manager of the issue is GYR Capital Advisors Pvt. Ltd.; while the registrar to the offer is Purva Sharegistry (INDIA) Pvt. Ltd.
Millworks Technologies IPO Date & Timeline
The Millworks Technologies IPO is officially set to open for subscription on Jul 14, 2026 and will close on Jul 16, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on February 16, 2026 and has now finalised its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Jul 17, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Jul 20, 2026. Finally, shares of Millworks Technologies Ltd. are tentatively scheduled to list on the stock exchanges on Jul 21, 2026.
Millworks Technologies IPO Timeline
| IPO Open Date | Tue, Jul 14, 2026 |
| IPO Close Date | Thu, Jul 16, 2026 |
| Basis of Allotment | Fri, Jul 17, 2026 |
| Initiation of Refunds | Mon, Jul 20, 2026 |
| Credit of Shares to Demat | Mon, Jul 20, 2026 |
| Listing Date | Tue, Jul 21, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Millworks Technologies IPO Details
| Detail | Description |
|---|---|
| IPO Date | 14 to 16 Jul, 2026 |
| Listing Date | 21 Jul, 2026 |
| Face Value | ₹ 10 Per Equity Share |
| Issue Price Band | ₹ 315 to ₹ 331 |
| Lot Size | 400 Shares |
| Sale Type | Fresh capital only |
| 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) |
| Issue Type | Book Built Issue |
| Listing At | BSESME / NSESME |
| Share Holding Pre Issue | 1,27,70,755 shares |
| Share Holding Post Issue | 1,76,14,755 shares |
Millworks Technologies IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Millworks Technologies IPO GMP is currently trading at ₹280, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹611, which is 84.59% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Millworks Technologies GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 9 Jul 2026 | ₹331.00 | ₹350 | 9 Jul, 202609:46 AM |
| 08 Jul, 2026 | ₹331.00 | ₹280 | 08 Jul, 202609:50 AM |
Company Background
Millworks Technologies Ltd. was incorporated as a private limited company on November 1, 2021, in Bangalore, Karnataka; then, on September 10, 2025, the company transformed into a public limited company to proceed with its public listing procedure, as in February 2026 the company drafted papers with SEBI for public listing.
Headquartered in the Peenya Industrial Area of Bangalore, the firm has established itself as a focused player in the technical machining sector, catering to specialised industrial requirements. The company operates 4 manufacturing facilities in Bengaluru, together spanning 40,000 sq ft and housing 52 CNC machines, including 5-axis milling and turning centres. With this listing, the company will purchase plant and machinery to enhance its production capacity as per the market requirements.
Operations & Product Range
The core activities of Millworks Technologies Ltd. involve precision machining as well as the implementation of engineering ideas into practical form. The core activities of Millworks Technologies revolve around providing specialized manufacturing solutions, and the process involves complex machining procedures. Through the provision of such technical services, Millworks Technologies acts as an integral part of the supply chains of the companies that are its main targets since most of them come from industries that have very strict engineering requirements.
Facilities & Capacity
Millworks Technologies Ltd., situated in the Peenya Industrial Area, which is a renowned industrial area in Bangalore having a significant concentration of small and medium-sized industrial enterprises, enjoys the advantage of being situated in an established industrial environment. The location has all the necessary infrastructure that is required for carrying out its manufacturing processes. The company runs 4 manufacturing units in Bengaluru covering a total area of 40,000 sq ft and possessing 52 CNC machines, which include 5-axis milling and turning centres.
Brands & Market Presence
Millworks Technologies Ltd. has concentrated on establishing itself as a reliable and technically sound organisation in the field of machining. The company's presence in the industrial scenario of Bangalore has enabled it to interact with varied domestic clients. Being a B2B service provider, the brand value of the organisation is determined by their engineering precision and client-focused approach. With their dedication towards maintaining quality standards, the company has emerged as a suitable partner for companies requiring machining and manufacturing services domestically.
Revenue Streams & Business Model
Millworks Technologies Limited generates income from manufacturing and supplying precision-machined components, sheet metal parts and assemblies. The company's business strategy depends upon manufacturing scale, industrial and defence-linked demand for such products, capacity utilisation and certification-led quality compliance. Revenue contribution is derived from the successful completion of these manufacturing contracts, which are often tailored to the specifications provided by the client. The company's financial performance is tied to its operational efficiency and its ability to secure and deliver on recurring project orders.
Management & Shareholding
The promoters of Millworks Technologies Ltd. are Mr. Sridhar Acharya, Mr. H K Madhu, Mrs. Sowmya Madhu and Mrs. Rashmi Sridhar Acharya. Before the IPO, promoters held a 59.22% stake and the promoters' group held a 5.86% stake in the company, but after the IPO, the promoters' and promoters' ownership will be slightly diluted as the offering is entirely a fresh issue of shares and no existing shareholding is getting diluted.
Board & Key Management
The leadership of Millworks Technologies Ltd. is led by a team of experts with many years of experience. Mr. Sridhar Acharya serves as the Chairman & Managing Director and gives strategic direction to the firm, also handles the daily operations, along with Whole-Time Directors Madhu H K and Mrs. Sowmya Madhu. To ensure good governance, the board includes Independent Directors Mr. Maniyil Indrabalan and Mr. S Ganesan for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Millworks Technologies IPO Financial Information
Latest Revenue
65.71
₹ Crore
Profit After Tax
20.5
₹ Crore
Net Worth
56.82
₹ Crore
Total Borrowing
16.67
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 30 Nov 2025 | 115.83 | 65.71 | 20.5 | 56.82 | 56.76 | 16.67 | |||
| 31 Mar 2025 | 40.84 | 22.1 | 5.25 | 23.32 | 23.26 | 9.63 | |||
| 31 Mar 2024 | 10.64 | 9.38 | 1.95 | 2.33 | 2.28 | 4.57 | |||
| 31 Mar 2023 | 3.79 | 1.77 | 0.33 | 0.38 | 0.33 | 2.3 | |||
| Amount in ₹ Crore | |||||||||
Millworks Technologies Key Performance Indicator
| KPI | Values |
|---|---|
| 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 (Rs) | 4.11 | 17.45 |
| P/E (x) | 80.48 | 18.96 |
Millworks Technologies IPO Objectives
The company intended to utilise the Millworks Technologies IPO proceeds for strategic purposes:
- • Purchase of plant and machinery
- • Funding the working capital requirements
- • General corporate purposes
Millworks Technologies IPO Review
Millworks Technologies Ltd. is engaged in a niche position in the machining and manufacturing industry. The company has shown a focused approach to building its technical capabilities since its incorporation in 2021. Its growth trajectory from a private entity to a public Ltd. company reflects the maturity of its business processes and the strategic intent of its promoters to scale operations within the competitive Indian manufacturing landscape.
Financially, the company has shown growing and profitable financial statements; for Q2 FY26, the total revenue was reported at ₹65.71 crore and PAT was at ₹20.49 crore, with an EBITDA of ₹30.69 crore. Notably, the top 10 customers of the company contributed around ₹58.93 crore, which is 90.86% of the total revenue from operations.
However, before making any decisions about investment, it is important for investors to know about the strengths and possible risks that are associated with the firm. The strength of the firm lies in the specialization of operations and the location of the firm in the industrial center. Some of the risks associated with the firm include specific industry competition, reliance on project-based income, and market fluctuation. In summary, the IPO suggests that the success of Millworks Technologies in the future will depend on efficient project execution and capacity building.
Conclusion
Millworks Technologies IPO is an opportunity for investors to invest in a growing manufacturing company that is mainly engaged in the manufacturing of machine equipments, sheet metal parts and so on, while maintaining quality, for which Millworks is certified under AS9100D and ISO 9001:2015. Financially, the company has shown good results to its existing investors, with a 1.35% growth in revenue from operations. Overall, this IPO is a good chance to invest in a manufacturing company, as with this listing the company will use proceeds in the purchase of plant & machinery for better production and market-required results.
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Competitive Strengths
Expertise in specialised machining and technical manufacturing solutions tailored to client specifications.
Strategic presence in the Peenya Industrial Area, providing access to a robust industrial and manufacturing ecosystem.
A focused management team with a clear commitment to maintaining precision and engineering quality.
Operational agility that allows for the adaptation of processes to meet diverse industrial requirements.
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 800 | 264800 |
| Individual investors (Retail) (Max) | 2 | 800 | 264800 |
| S-HNI (Min) | 3 | 1200 | 397200 |
| S-HNI (Max) | 7 | 2800 | 926800 |
| B-HNI (Min) | 8 | 3200 | 1059200 |