Millworks Technologies IPO
Millworks Technologies Limitedmillworksindia.com
- Price band
- ₹315 – ₹331
- Issue size
- ₹160 Cr
- Lot size
- 400 sh
- Bidding
- 14 – 16 Jul
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 21 Jul 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Millworks Technologies makes precision machined components, sheet metal parts and integrated sub-assemblies at four units in and around Bengaluru, selling to original equipment manufacturers in railways, aerospace, defence and semiconductor equipment under Build-to-Print, Build-to-Spec and job-work arrangements, as the record's business description sets out. Revenue from operations on record runs Rs 9.39 Cr in FY24, Rs 22.10 Cr in FY25 and Rs 148.77 Cr in FY26, with profit after tax of Rs 1.95 Cr, Rs 5.25 Cr and Rs 37.06 Cr across the same three years. The Rs 160.34 Cr issue was entirely fresh equity, with no offer for sale, at a band of Rs 315 to Rs 331, and the single subscription row recorded — day 3, on the 16 July 2026 close — shows 219.54 times overall. It listed on BSE SME on 21 July 2026 at Rs 628.90 against the Rs 331 band top, 90% above it, and was quoted at Rs 951.65 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Millworks Technologies, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2021 · Bengaluru, Karnataka · 161 employees
Millworks Technologies makes precision machined components, sheet metal parts and integrated sub-assemblies at four manufacturing units in and around Bengaluru. The parts go into railways, aerospace, defence and semiconductor equipment, and are sold to original equipment manufacturers rather than end users. Work comes in under two models: Build-to-Print, where the customer supplies drawings and technical specifications, and Build-to-Spec, where the customer states functional and performance requirements and the company engineers the part to meet them. It also takes job-work. The shops run 3-, 4- and 5-axis CNC machining centres, CNC turning and turn-mill centres, wire EDM, fibre laser cutting and CNC press brakes, with AS9100D and ISO 9001:2015 quality systems certified on a multi-site basis. Exports were 27.47% of FY26 revenue from operations, to customers in nine countries. It employed 161 people at 30 April 2026.
Millworks earns per-part manufacturing revenue on OEM contracts under Build-to-Print, Build-to-Spec and job-work arrangements. Revenue from operations rose from Rs 938.60 lakhs in FY24 to Rs 2,210.01 lakhs in FY25 and Rs 14,876.70 lakhs in FY26, at a 36.71% FY26 EBITDA margin and Rs 3,706.39 lakhs profit after tax. Cost sits in metal, imported inputs and a capital-intensive machine base across four units, funded partly by Rs 1,701.82 lakhs of borrowings at 31 March 2026 against Rs 8,266.99 lakhs of net worth. The structural constraint is concentration: one customer, Quick Pay Private Limited, was 47.02% of FY26 sales, the top five 81.07% and the top ten 92.06% of revenue from operations.
The company on paper
- Legal name
- Millworks Technologies Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 1 Nov 2021
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U29200KA2021PLC153863
- Sector
- Industrials · Precision machined components and sub-assemblies for aerospace, defence, railways and semiconductor equipment
- Employees
- 161
- Registered office
- Bengaluru, Karnataka
- Promoters
- Sridhar Acharya, H K Madhu, Sowmya Madhu, Rashmi Sridhar Acharya
- Promoter holding, pre-issue
- 65.1%
- Promoter holding, post-issue
- 47.2%
- Website
- millworksindia.com
The numbers
Financial performance
Revenue has compounded at 298.0% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹160 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹160 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 4,24,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 17.9% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹331.00
- Listed at
- ₹628.90
- Listing gain
- up 90.0%
- Since listing
- up 52.7%
- Against the issue price
- up 190.2%
Trading at ₹960.55 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 800
- At cut-off price
- ₹331.00
- Amount blocked
- ₹2,64,800
One lot is 400 shares at ₹1,32,400. This issue requires a minimum of 2 lots, so the smallest application is ₹2,64,800. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~0.5%
chance of one lot, per application
- Retail subscription
- 216.60×
- Applicants per share available
- 216.6× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹628.90
listed at, 90.0% against the issue price
- Issue price
- ₹331.00
- Premium said
- —
- If allotted 400 shares
- ₹1,19,160
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue from operations was Rs 9.39 Cr in FY24, Rs 22.10 Cr in FY25 and Rs 148.77 Cr in FY26: a rise of 135.36% from FY24 to FY25 and of 573.17% from FY25 to FY26, which puts FY26 at 6.73 times the FY25 figure.
- The company was profitable in each of the three years the record carries: profit after tax of Rs 1.95 Cr on revenue of Rs 9.39 Cr in FY24 (20.77%), Rs 5.25 Cr on Rs 22.10 Cr in FY25 (23.76%) and Rs 37.06 Cr on Rs 148.77 Cr in FY26 (24.91%). EBITDA on the same three revenue lines was Rs 2.78 Cr, Rs 7.89 Cr and Rs 56.30 Cr, or 29.61%, 35.70% and 37.84%, higher in each successive period present.
- Net worth was Rs 2.33 Cr in FY24, Rs 23.31 Cr in FY25 and Rs 82.67 Cr in FY26, against borrowings of Rs 4.57 Cr, Rs 9.63 Cr and Rs 17.02 Cr on the same dates; borrowings were 1.96 times net worth in FY24, 0.41 times in FY25 and 0.21 times in FY26.
- The record's business description states that the four units run 3-, 4- and 5-axis CNC machining, CNC turning and turn-mill centres, wire EDM, fibre laser cutting and CNC press brakes under AS9100D and ISO 9001:2015 quality systems certified on a multi-site basis, that exports were 27.47% of FY26 revenue from operations to customers in nine countries, and that 161 people were employed at 30 April 2026.
What to weigh against it
- The record's business description states that one customer, Quick Pay Private Limited, was 47.02% of FY26 sales, the top five 81.07% and the top ten 92.06% of revenue from operations. The record gives no equivalent split for FY24 or FY25, and its keyCustomers list is empty.
- The company was incorporated on 1 November 2021 and the earliest financial period on record is FY24, at Rs 9.39 Cr of revenue. FY26 revenue of Rs 148.77 Cr is 6.73 times the FY25 figure of Rs 22.10 Cr, and the record holds no interim or quarterly period inside FY26 to show how that year's revenue was spread.
- The Rs 160.34 Cr issue was 1.94 times the FY26 net worth of Rs 82.67 Cr and was entirely fresh equity, with the offer for sale recorded at Rs 0; the offerObjects list is empty, so the record does not state what the proceeds were for. Promoter holding is recorded at 65.08% before the issue and 47.18% after, a fall of 17.90 percentage points.
Easy to miss in the prospectus
- Cash flow from operations is null for FY24, FY25 and FY26, as are total expenses and total assets in all three periods, so the Rs 37.06 Cr of FY26 profit after tax cannot be set against cash generated anywhere in this record.
- The business description puts the FY26 EBITDA margin at 36.71%, while the financials table's EBITDA of Rs 56.30 Cr on revenue of Rs 148.77 Cr works out at 37.84%; the two figures do not reconcile within the record.
- The subscription table holds one row only — day 3, dated 16 July 2026, at 194.05 times QIB, 260.37 times NII, 216.60 times retail and 219.54 times overall. There is no day 1 or day 2 entry, and the anchor, allocation and valuation blocks are all null, with the peers list empty.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- GYR Capital Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- Purva Sharegistry (India) Pvt. Ltd.
How these figures were checked
Reconciled to Millworks Technologies's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Millworks Technologies Red Herring Prospectus dated 07 July 2026 (company website) · read 16 Oct 2026
- BSE equity bhavcopy 21 July 2026 (listing-day OHLC for scrip 544826) · read 16 Oct 2026
- BSE equity bhavcopy 09 October 2026 (ISIN, series M, NewBrdLotQty) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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