| IPO Date | July 14, 2026 to July 16, 2026 |
| Listing Date | July 21, 2026 |
| Face Value | ₹ 10 / Share |
| Price Band | ₹ 315 to ₹ 331 / Share |
| Lot Size | 400 Shares |
| Total Issue Size | 4844000 (Aggregating up to 160 ) |
| Fresh Issue | 4420000 (Aggregating up to 146 ) |
| Offer for Sale | 4420000 (Aggregating up to 146 ) |
| Employee Discount | |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share holding pre issue | 12770755 |
| Share holding post issue | 17614755 |
| Market Maker portion |
Millworks Technologies IPO opens on July 14, 2026, and closes on July 16, 2026.
| IPO Open Date | July 14, 2026 |
| IPO Close Date | July 16, 2026 |
| Basis of Allotment | July 17, 2026 |
| Initiation of Refunds | July 20, 2026 |
| Credit of Shares to Demat | July 20, 2026 |
| Listing Date | July 21, 2026 |
| Cut-off time for UPI mandate confirmation | -- |
Investors can bid for a minimum of 800 shares and in multiples of 400 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 800 | Rs.264,800 |
| Retail (Max) | 2 | 800 | Rs.264,800 |
| S-HNI (Min) | 3 | 1,200 | Rs.397,200 |
| S-HNI (Max) | 7 | 2,800 | Rs.926,800 |
| B-HNI (Min) | 8 | 3,200 | Rs.1,059,200 |
| HNI (Min) |
| Share Holding Pre Issue | 12770755 |
| Share Holding Post Issue | 17614755 |
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 | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 1325200 |
27.36 |
| Market Maker Shares Offered | 424000 |
8.75 |
| Other Shares Offered | |
|
| QIB Shares Offered | 884000 |
18.25 |
| NII (HNI) Shares Offered | 6,63,600 15.01 |
13.70 |
| bNII > ₹10L | 442400 |
9.13 |
| sNII < ₹10L | 221200 |
4.57 |
| Retail Shares Offered | 1547200 35.00 |
31.94 |
| Employee Shares Offered | |
|
| Total Shares Offered | 4844000 100.00 |
| Bid Date | 2026-07-13 |
| Shares Offered | 1325200 |
| Anchor Portion Size (In Cr.) | 43.86 |
| Anchor lock-in period end date for 50% shares (30 Days) | August 16, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | October 15, 2026 |
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:
| KPI | Values |
|---|---|
| ROE | 69.94 |
| ROCE | 56.44 |
| Debt/Equity | 0.21 |
| RoNW | 44.83 |
| P/BV | 5.11 |
| PAT Margin (%) | 24.91 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 29.02 | 21.04 |
| P/E (x) | 11.4 | 15.73 |
Sridhar Acharya, H K Madhu, Sowmya Madhu, Rashmi Sridhar Acharya
Millworks Technologies Ltd. Address No.458/1, 10th a Cross, Phase-4, Peenya Industrial Area Peenya Small Industries Bangalore Urban, Karnataka, 560058
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