Millworks Technologies IPO: Price Band, Lot Size, Financials & Review
Millworks Technologies IPO listed on BSE on Tue, 21 Jul 2026. The issue was subscribed 219.68x overall.
- Open Date
- 14 Jul 2026
- Close Date
- 16 Jul 2026
Last updated
- Price band
- ₹315 – ₹331
- Lot size
- 400 shares
- Min. investment
- ₹2,64,800
- Issue size
- ₹160 Cr
- Last GMP
- +₹395
- Subscribed
- 🔥 219.68x
Millworks Technologies IPO details
Millworks Technologies IPO is a ₹160 Cr book-building IPO on the SME segment, listing on BSE. It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
The issue was open from Tue, 14 Jul 2026 to Thu, 16 Jul 2026. Allotment was finalised on Fri, 17 Jul 2026, and the shares listed on BSE on Tue, 21 Jul 2026.
The price band is ₹315 to ₹331 per share and the lot size is 400 shares, so the minimum retail application is ₹2,64,800. Retail investors can apply for up to 2 lots (800 shares, ₹2,64,800).
Purva Sharegistry India Pvt Ltd is the registrar, and GYR Capital Advisors Private Limited is the book running lead manager.
Grey market premium (GMP)
Day-wise GMP →The last Millworks Technologies IPO GMP before listing was +₹395 (+119.34% against the upper price band of ₹331), implying an estimated listing price of ₹726. Across 10 days of tracking, GMP ranged from +₹300 (13 Jul) to +₹400 (15 Jul).
| Last GMP | +₹395 |
|---|---|
| GMP vs upper band | +119.34% |
| Estimated listing price | ₹726 |
| Highest (15 Jul) | +₹400 |
| Lowest (13 Jul) | +₹300 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Millworks Technologies IPO day-wise GMP.
Subscription
Day-wise subscription →Millworks Technologies IPO was subscribed 219.68x overall: QIB 194.05x, NII 261.01x and retail 216.60x.
| Category | Subscribed |
|---|---|
| QIB | 194.05x |
| NII | 261.01x |
| └ bNII (above ₹10 lakh) | 290.80x |
| └ sNII (₹2–10 lakh) | 201.44x |
| Retail | 216.60x |
| Total | 219.68x |
Final figures at the close of bidding on 16 Jul 2026. Category-wise bids, application-wise breakup and allotment chances are on the Millworks Technologies IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Qualified Institutions | 8,84,000 | 28.56% |
| Non-Institutional | 6,63,600 | 21.44% |
| └ BNII | 4,42,400 | 14.29% |
| └ SNII | 2,21,200 | 7.15% |
| Retail Investors | 15,47,200 | 49.99% |
| Total | 30,94,800 | 100.00% |
Millworks Technologies IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 800 | ₹2,64,800 |
| Retail (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 |
Amounts at the upper end of the price band.
Issue structure and valuation
It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
At the upper price band of ₹331, the issue is priced at 11.40x pre-issue earnings and 15.73x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 92.16x (2 companies).
| EPS (pre-issue) Latest earnings per share before the issue | ₹29.02 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 11.40x |
| EPS (post-issue) EPS on the enlarged share capital | ₹21.04 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 15.73x |
| Promoter holding (pre-issue) | 65.08% |
| Promoter holding (post-issue) | 0.00% |
Millworks Technologies Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹22.42 Cr to ₹153.4 Cr, and profit after tax rose from ₹5.25 Cr to ₹37.06 Cr. The PAT margin for 31 Mar 2026 was 24.16%.
| 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 |
| Net Worth | 82.67 | 23.31 | 2.33 |
| Reserve & Surplus | 69.90 | 23.25 | 2.28 |
| Total Borrowings | 17.02 | 9.63 | 4.57 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 69.94 | 40.94 | 144.46 |
| ROCE % | 56.44 | 23.02 | 38.61 |
| Debt / Equity | 0.21 | 0.41 | 1.96 |
| RoNW % | 44.83 | 22.52 | 83.88 |
| Pat Margin % | 24.91 | 23.75 | 20.82 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Millworks Technologies Ltd | 10 | — | 30.67 | 30.67 | 44.83% | 64.73 |
| Unimech Aerospace and Manufacturing Ltd | 5 | 87.87 | 12.44 | 12.42 | 8.58% | 144.99 |
| Azad Engineering Ltd | 2 | 96.45 | 20.57 | 20.57 | 8.74% | 236.74 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Funding capital expenditure of our company to purchase Plant and Machinery |
| 2 | Funding of the working capital requirement of our Company |
| 3 | General corporate purposes |
About Millworks Technologies Limited
Millworks Technologies Limited is a precision engineering company engaged in the manufacturing of high-accuracy machined components, sheet metal parts, and integrated assemblies for mission-critical applications across the aerospace, defence, railways, and semiconductor industries. The company primarily caters to Original Equipment Manufacturers (OEMs) and industrial customers through its expertise in precision manufacturing and engineering solutions.
The company operates under both Build-to-Print (BTP) and Build-to-Spec (BTS) business models. Under the BTP model, components are manufactured strictly according to customer-provided drawings and technical specifications, while the BTS model focuses on developing components based on customer-defined functional and performance requirements. In addition, Millworks undertakes full-scope manufacturing and job-work assignments.
Its diversified product portfolio includes:
- Aerospace: Precision-machined components and sub-assemblies for aero-engine applications, including turbine blades, nozzle components, fuel filter screens, and turbocharger parts.
- Defence: Components such as missile airframe structures, guidance system housings, drone structures, BLDC motor parts, hydraulic cylinder components, structural brackets, mounts, and anti-drone system housings.
- Railways: Precision components used in braking systems, automated train and metro door mechanisms, pantographs, train couplers, actuators, and rolling stock infrastructure.
- Semiconductor Machinery: Precision-engineered components and fixtures for semiconductor manufacturing and testing equipment, including machine base frames, alignment plates, precision brackets, mounts, and equipment housings.
The company operates four advanced manufacturing facilities in Bengaluru, Karnataka, equipped with modern manufacturing infrastructure such as 3-axis, 4-axis, and 5-axis CNC machining centres, CNC turning and turn-mill centres, wire EDM machines, fibre laser cutting systems, CNC press brakes, welding stations, and dedicated assembly and inspection facilities. As of 30 April 2026, Millworks Technologies employed 161 personnel.
Competitive Strengths
- Expertise in precision engineering and manufacturing of complex components across a wide range of materials.
- Certified quality management systems ensuring consistent manufacturing standards.
- Comprehensive manufacturing infrastructure with advanced machining and fabrication capabilities.
- Long-standing relationships with global customers and a strong export-oriented business model.
- Dedicated research and development capabilities supporting product and process innovation.
- Experienced management team supported by a skilled technical workforce.
- Strong order book of ₹9,594.45 lakh as of 10 January 2026, providing healthy revenue visibility.
Millworks Technologies has established itself as a reliable precision engineering partner by combining advanced manufacturing capabilities, stringent quality standards, and diversified exposure across high-growth sectors such as aerospace, defence, railways, and semiconductor equipment manufacturing.
Promoters
- Mr. Sridhar Acharya
- Mr. H K Madhu
- Mrs. Sowmya Madhu
- Mrs. Rashmi Sridhar Acharya
Contact details
Millworks Technologies Ltd.
No.458/1, 10th a Cross, Phase-4,
Peenya Industrial Area, Peenya Small Industries
Bangalore Urban, Karnataka, 560058
Email-id:cs@millworksindia.com
Tel.: +91 9187045959
Website:https://millworksindia.com/
Millworks Technologies IPO FAQs
- What is the Millworks Technologies IPO price band?
- The Millworks Technologies IPO price band is ₹315 to ₹331 per share.
- What is the Millworks Technologies IPO lot size and minimum investment?
- The Millworks Technologies IPO lot size is 400 shares. The minimum retail investment is ₹2,64,800 for one lot at the upper price band. Retail investors can apply for up to 2 lots (800 shares), costing ₹2,64,800.
- When was Millworks Technologies IPO open for subscription?
- Millworks Technologies IPO was open for subscription from Tue, 14 Jul 2026 to Thu, 16 Jul 2026.
- What is the Millworks Technologies IPO subscription status?
- Millworks Technologies IPO was subscribed 219.68x overall: QIB 194.05x, NII 261.01x and retail 216.60x. Day-wise and category-wise figures are on the subscription page.
- What was the Millworks Technologies IPO GMP before listing?
- The last Millworks Technologies IPO GMP before listing was +₹395 (+119.34% against the upper price band of ₹331), implying an estimated listing price of ₹726. Across 10 days of tracking, GMP ranged from +₹300 (13 Jul) to +₹400 (15 Jul). GMP is an unofficial grey market indicator and can change quickly.
- What is the Millworks Technologies IPO allotment date?
- The Millworks Technologies IPO basis of allotment was finalised on Fri, 17 Jul 2026. You can check your allotment status on the Purva Sharegistry India Pvt Ltd website.
- What is the Millworks Technologies IPO listing date?
- Millworks Technologies IPO listed on BSE on Tue, 21 Jul 2026.
- Is the Millworks Technologies IPO a fresh issue or an offer for sale?
- It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
- Who are the registrar and lead managers of the Millworks Technologies IPO?
- The registrar for the Millworks Technologies IPO is Purva Sharegistry India Pvt Ltd, and the book running lead manager is GYR Capital Advisors Private Limited.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.