Millworks Technologies SME IPO
ListedBSE SMEOpens 14 July 2026Closes 16 July 2026
Millworks Technologies Limited, incorporated in November 2021, is a high-growth precision engineering and manufacturing firm specializing in the development of custom machined components, structured sheet metal parts,…
Millworks Technologies Limited, incorporated in November 2021, is a high-growth precision engineering and manufacturing firm specializing in the development of custom machined components, structured sheet metal parts, and integrated mechanical assemblies. Operating under both Build-to-Print (BTP) and Build-to-Spec (BTS) engagement models, the company caters to mission-critical applications across the aerospace, defense, railways, metro rail, drone, and semiconductor equipment sectors. Millworks operates four advanced, state-of-the-art production facilities centralized in the Peenya Industrial Area of Bengaluru, Karnataka, deploying multi-axis CNC centers, fiber laser cutters, and dedicated clean inspection zones to service elite global export pipelines and domestic enterprise grids.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
14 Jul
IPO Closes
16 Jul
Allotment
17 Jul
Listing
21 Jul
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 14 July 2026 |
| IPO Close Date | 16 July 2026 |
| Allotment Date | 17 July 2026 |
| Listing Date | 21 July 2026 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹2,64,800 |
SHNI (Min) | 3 | ₹3,97,200 |
SHNI (Max) | 7 | ₹9,26,800 |
BHNIAbove ₹10,00,000 | 8 | ₹10,59,200 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 49.98% |
| NII (Non-Institutional Investor) | 15.01% |
| SHNI (Small Non-Institutional Investor) | 4.57% |
| BHNI (Big Non-Institutional Investor) | 9.13% |
| Retail | 35.00% |
| Market Maker | 8.75% |
| Total | 100.00% |
IPO Objectives
- Funding ongoing intensive working capital requirements to manage expanding multi-sector project fulfillment loops (₹81.50 Cr).
- Funding critical capital expenditure layouts towards purchasing advanced plant machinery and precision technical manufacturing assets (₹61.03 Cr).
- General Corporate Purposes.
Strengths
- The company delivers Astronomical Financial Growth, tracking a staggering vertical spike in operational performance with revenue climbing by 584% and profit after tax (PAT) surging by 606% year-on-year in FY26.
- It provides an Unbelievable Valuation Discount, being priced exceptionally generously at a post-issue P/E multiple of just 5.73x, which creates a massive arbitrage window against premium listed peers trading above 80x.
- The offering commands a Stellar Gray Market Euphoria, with its unofficial gray market premium tracking at a massive ₹400 to signal a projected 120.85% multi-bagger debut layout out of the gate.
- The operations leverage Elite Sector Tailwinds, utilizing high-end diversification structures that successfully capture high-margin workflows across defense electronics, aero-engines, metro couplers, and booming semiconductor base frames.
- The business maintains Bulletproof Debt Insulation, functioning on a highly conservative, lean financial layout with an ultra-safe post-issue debt-to-equity matrix tier of just 0.21.
Weaknesses
- The firm has an Incredibly Short Operational Track Record, having been incorporated very recently in November 2021, which presents a brief historical baseline window to gauge long-term operational performance consistency.
- It faces significant Hockey-Stick Sustainability Concerns, where a massive single-year operational jump from a ₹22.42 Cr topline in FY25 to ₹153.40 Cr in FY26 creates clear 'pre-IPO seasoning' scrutiny regarding whether these spikes are multi-year structural or a one-off order bunching event.
- The model handles Intense Working Capital Friction, as heavy project dependencies lock up significant cash loops, requiring a major ₹81.50 Crore block (over 50% of the overall IPO proceeds) purely to keep up with active execution cycles.
Financial Performance
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets (₹ Cr.) | 198.37 | 39.82 | 10.54 |
| Revenue (₹ Cr.) | 153.4 | 22.42 | 9.4 |
| PAT (₹ Cr.) | 37.06 | 5.25 | 1.95 |
| Net Worth (₹ Cr.) | 82.67 | 23.31 | 2.33 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Millworks Technologies Ltd. | 5.11 | 15.73 | 69.94% | 82.67 |
| Unimech Aerospace & Manufacturing | 8.34 | 97.25 | 8.58% | 131.21 |
| Azad Engineering Limited | 10.45 | 119.66 | 8.69% | 215.11 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0x | 0.22x | 194.05x |
| NII | 13.38x | 68.32x | 260.32x |
| S-HNI | 13.98x | 58.69x | 201.27x |
| B-HNI | 13.07x | 73.13x | 289.84x |
| RII | 15.75x | 71.73x | 216.31x |
| Total | 10.74x | 50.57x | 219.39x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 8,84,000 | 17,15,36,800 | 5,677.87 |
| NII | 6,63,600 | 17,27,46,000 | 5,717.89 |
| Small NII | 2,21,200 | 4,45,21,600 | 1,473.66 |
| Big NII | 4,42,400 | 12,82,24,400 | 4,244.23 |
| RII | 15,47,200 | 33,46,76,000 | 11,077.78 |
| Total | 30,94,800 | 67,89,58,800 | 22,473.54 |
Company Details
- Millworks Technologies Ltd.
- No.458/1, 10th a Cross, Phase-4, Peenya Industrial Area, Peenya Small Industries, Bangalore Urban, Karnataka, 560058
- +91 9187045959
- cs@millworksindia.com
- http://www.millworksindia.com/
Registrar Details
- Purva Sharegistry (India) Pvt.Ltd.
- 022-41343255
- newissue@purvashare.com
- https://www.purvashare.com/
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Sources
We match Millworks Technologies SME IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- Purva Sharegistry (India) Pvt.Ltd.Official site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.