Millworks Technologies IPO
smelistedAbout the company
Incorporated in 2021, Millworks Technologies is a precision engineering company that manufactures machined components, sheet metal parts, and integrated assemblies which are used in critical applications across the railway, aerospace, defence, and semiconductor industries. The company supplies components and assemblies to Original Equipment Manufacturers (OEMs) operating in high-precision engineering sectors. It works under both Build-to-Print (BTP) and Build-to-Spec (BTS) models. Under the BTP model, it manufactures products as per customer drawings, while under the BTS model, it works closely with customers to develop products that meet specific performance requirements. It also undertakes both full-scale manufacturing and job-work assignments which allows it to cater to a wide range of customer requirements. Millworks Technologies operates four manufacturing facilities as of March 2026, all located in Bengaluru, Karnataka. The company operates in major sectors: Defence, Railways, Semiconductor and Aerospace. For the aerospace industry, it manufactures components such as turbochargers, fuel filters, turbine blades and nozzle components used in aero engines. Its defence portfolio includes missile airframe components, guidance system housings, structural brackets, hydraulic cylinder parts, as well as drone-related products including structural frames, motor housings, and BLDC motor stators and rotors. For railway applications, it manufactures components used in braking systems, train and metro door systems, couplers and pantograph systems. In the semiconductor machinery segment, it supplies machine base frames, precision brackets, alignment plates, equipment housings, and chip handling and load-testing fixtures. The Defence segment generated ₹10,325.82 lakhs, accounting for 69.43% of total revenue in FY26, compared with 6.81% in FY25, followed by Railway business at 23.65%. During FY26, exports accounted for 27.47% of revenue from operations. The Company supplied products to customers across 9 countries, including Canada, the USA, Israel, Germany, France, North Macedonia, Italy, the UK and the Czech Republic, mainly serving the aerospace and semiconductor machinery industries. Among overseas markets, Israel contributed 22.39% of total revenue from operations in FY26, making it the largest export destination. The Company served 74 customers in FY26, compared with 46 customers in FY25 and 40 customers in FY24. Repeat customers accounted for 44.59% of the total customer base in FY26. As of June 5, 2026, the Company had a pending order book worth ₹6,062.44 lakhs.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 16 Jul | ₹400 | ₹731 | 0 |
| 15 Jul | ₹400 | ₹731 | +100 |
| 14 Jul | ₹300 | ₹631 | 0 |
| 13 Jul | ₹300 | ₹631 | -95 |
| 12 Jul | ₹395 | ₹726 | +5 |
| 11 Jul | ₹390 | ₹721 | +40 |
| 10 Jul | ₹350 | ₹681 | 0 |
| 09 Jul | ₹350 | ₹681 | 0 |
Strengths
- Exposure to high-growth sectors such as aerospace, defence, railways, semiconductors, and precision engineering.
- Strong revenue and profit growth in recent financial periods.
- Healthy profit margins compared with many peers in the precision engineering industry.
- IPO proceeds will support capacity expansion through new machinery and additional working capital.
- AS9100D certification enhances credibility in aerospace manufacturing.
- Healthy order book provides near-term revenue visibility.
- Manageable debt levels and a relatively healthy balance sheet.
- Focus on high-precision manufacturing with value-added engineering capabilities.
Risks
- SME listing may result in lower liquidity and higher share price volatility.
- Dependence on a limited number of key customers increases concentration risk.
- Significant exposure to aerospace, defence, and engineering sectors could impact business if these industries slow down.
- Future growth depends on successful execution of expansion plans and efficient utilization of new capacity.
- Relatively short operating history compared with established listed engineering companies.
- Raw material price fluctuations could affect profit margins.
- Supply chain disruptions may impact production schedules and deliveries.
- Stringent quality standards and customer approval processes may delay execution or increase costs.
- Any slowdown in capital expenditure by customers could reduce order inflows.
- SME stocks generally carry higher investment risk than mainboard-listed companies.
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed14 Jul 2026Bidding starts for all investor categories
IPO Closes
Completed16 Jul 2026Last day to place your bid
Basis of Allotment
Completed17 Jul 2026Share allotment finalised
Refund Initiation
Completed20 Jul 2026Refunds credited for non-allottees
Credit to Demat
Completed20 Jul 2026Allotted shares credited to demat account
Listing on Exchange
Completed21 Jul 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 400 | ₹132,400 | 1 | ₹132,400 | 1 lot only |
| HNI | 2 | 800 | ₹264,800 | 2 | ₹264,800 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 2,476,780 | 80 | 0 | 0.00x | 100% |
| NII | 15% | 743,034 | 24 | 9,941,795 | 13.38x | 7.5% |
| Retail | 35% | 1,733,746 | 56 | 27,306,500 | 15.75x | 6.3% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
