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Millworks Technologies Limited IPO
Status: Closed
Overview
IPO date
14 Jul 2026 to 16 Jul 2026
Face value
₹ 5 per share
Price
₹ 315 to ₹331 per share
Issue Size
4,844,000 shares
(aggregating up to ₹ 160.34 Cr)
(aggregating up to ₹ 160.34 Cr)
Allotment Date
17 Jul 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Aerospace & Defence
Unlock Stock of the Month
T&C*
Strengths vs Risks of Millworks Technologies Limited
Know the pros & cons
Strengths
- Experienced Promoters having deep domain knowledge to scale up the business.
- Management team with an established track record.
- Established track record of successfully completed orders.
- Efficient operational team.
Risks
- The company's revenues has exhibited significant fluctuations in the past and may continue to vary in the future, which may adversely affect its business, financial condition and results of operations.
- The company's high level of trade receivables relative to its revenue from operations indicates elongated working capital cycles and exposes the company to collection risks, which may adversely affect its liquidity and financial condition.
- A substantial portion of the Company's revenue for the period ended March 31, 2026 was derived from its first/top customer. Accordingly, any reduction, delay, or termination of business from such customer, or the loss of such customer for any reason, could materially and adversely affect the Company's revenues, profitability, financial condition.
- Dependency on Certain Business Partners for Defense Sector Project Execution.
- The Company has some instances of non-compliances and delayed compliances with some statutory provisions of the Companies Act 2013 and delayed compliance may attract penalties against the company which could impact the financial position of its to that extent.
- The company is dependent on a few customers for a significant portion of its revenues. Further the company generally does not enter into long-term arrangements with its customers and any failures to continue the company's existing arrangements could adversely affect its business and results of operations.
- The markets in which the company's customers compete is characterized by sectors specific to the industries which its cater to, and their rapidly changing preferences and other related factors including lower manufacturing costs. Accordingly, the company may be affected by any disruptions in the industry which can adversely impact its business, financial condition, results of operations, cash flows and prospects.
- Any failures to compete effectively in the highly competitive global industry of high precision and critical components manufacturing could have a material adverse effect on the company's business, results of operations, financial condition, cash flows and future prospects.
- The Company has negative cash flows during certain fiscal years in relation to its operating, investing and financing activities. Sustained negative cash flows in the future would adversely affect the company's results of operations and financial condition.
- The company's business is working capital intensive. Any insufficient cash flows from its operations or inability to borrow to meet its working capital requirements, it may materially and adversely affect the company's business and results of operations.
- The company relies on third-party suppliers for raw materials, plant, machinery, and components on a purchase-order basis. Any failures or delay in supplier performance, supply disruptions, or price volatility may materially adversely affect its business, results of operations, financial condition, cash flows, and future prospects.
- There has been difference between the provisional estimation of Working Capital for Fiscal 2026 as inserted in the DRHP and the actual Working Capital for Fiscal 2026 as disclosed in the RHP. There also exists difference between holding days for Fiscal 2025 and 2024 in UDRHP and DRHP.
- The company operates through its Registered office and manufacturing facilities that are held by the company on leasehold basis. In the event its lose or are unable to renew such leasehold rights, the company's business, results of operations, financial condition, cash flows and prospects may be adversely affected.
- There has been some instances of delays in filing of statutory forms and regulatory dues in the past with the various government authorities.
- The Company is yet to place orders for the machinery for the expansion of the manufacturing unit. Any delay in placing orders or procurement of such machinery may delay the schedule of implementation and possibly increase the cost of operations.
- There are Certain changes made in financial numbers pertaining to Fiscal 2025 and Fiscal 2024 compared to DRHP to RHP.
- If the company fails to manage its growth effectively, the company be unable to execute its business plan or maintain high levels of service and satisfaction, and the company's business, results of operations, cash flows and financial condition could be adversely affected.
- The company's business is dependent on its manufacturing units. Any disruption, breakdown or failures of machinery, disruption to power sources or any temporary shutdown of the company's manufacturing unit, may have a material adverse effect on its business, results of operations, financial condition and cash flows.
- The company's inability to Attract, Retain and Recruit Experienced Middle Management Personnel May Adversely Affect Its Business Operations and Growth Prospects.
- The Company is party to certain legal proceeding. Any adverse decision in such proceedings may have a material adverse effect on its business, results of operations and financial condition.
- Volatility in Foreign Exchange Rates and Adverse Market Conditions May Increase the Company's Cost of Imported Raw Materials and Negatively Impact Its Profitability.
- Adverse Political Decisions, Geopolitical Tensions or International Conflicts May Disrupt the Company's Supply Chain, Delay Execution of Projects and Negatively Impact Its Margins.
- The company's group entity engages in activities that are similar to its business. This may be a potential source of conflict of interest for the company and which may have an adverse effect on its business, financial condition and results of operations.
- Under-utilization of the company's manufacturing capacities and an inability to effectively utilize its expanded manufacturing capacities could have an adverse effect on the company's business, future prospects and future financial performance.
- The Company has a short track record and limited operational experience as incorporated in 2021.
- There may be problems with the products the company manufacture that could result in liability claims against its, reduced demand for the company's products and damage to its reputation.
- The company's operations is labour intensive and its manufacturing operations may be subject to unionization, work stoppages or increased labour costs, which could adversely affect its business and results of operations.
- The company is subject to strict compliance of quality requirements which results in incurring significant expenses to maintain its product quality. Any failures in maintaining the company's quality accreditations and certifications may negatively impact its brand and reputation which may adversely affect the company's business, results of operations, financial condition, cash flows and future prospects.
- The company's Promoters has extended personal guarantees with respect to various loan facilities availed by the Company. Revocation of any or all of these personal guarantees may adversely affect its business operations and financial condition.
- If there are delays in setting up and the proposed expansion or the purchase of plant and machinery for the proposed facilities are higher than expected, it could have a material adverse effect on the company's financial condition, results of operations and growth prospects.
- The company may be unable to sufficiently obtain, maintain, protect, or enforce its intellectual property and other proprietary rights.
- The company requires certain approvals and licenses in the ordinary course of business and are required to comply with certain rules and regulations to operates its business, any failures to obtain, retain and renew such approvals and licences or comply with such rules and regulations may adversely affect its operations.
- Most of the company's directors does not has any prior experience of being a director in any other listed company in India.
- The company is heavily dependent on its Promoters and Key Managerial Personnel for the continued success of the company's business through their continuing services and strategic guidance and support.
- The company has incurred borrowings from commercial banks and any non-compliance with repayment and other covenants in the company's financing agreements could adversely affect its business and financial condition.
- Fraud, theft, employee negligence or similar incidents may adversely affect the company's results of operations and financial condition.
- The company's operations is subject to environmental and health and safety laws and other government regulations which could result in increased liabilities and increased capital expenditures.
- One of the Company's Promoter Sowmya Madhu does not have prior experience in the industry in which its operates.
- The average cost of acquisition of Equity Shares for the Company's Promoters may be lower than the Issue Price.
- The deployment of funds raised through this Issue shall be subject to any Monitoring Agency and shall also be dependent on the discretion of the management of the Company.
- The Industry in which the Company Operates is sensitive to general economic downturn which can affect its sales and profitability.
- The company is dependent on third-party transportation providers for the supply of raw materials and delivery of its finished products and any failures to maintain a continuous supply of raw materials or to deliver the company's products to its customers in an efficient and reliable manner could have a material and adverse effect on the company's business, financial condition and results of operations.
- The company's overall margins may fluctuate as a result of the product manufactured by its.
- The Company may not be successful in penetrating new export markets.
- The company may not has adequate insurance coverage for protecting its against any material hazards.
- Significant failures or disruption of the company's information technology systems could adversely impact its business, results of operations and financial condition.
- In addition to normal remuneration or benefits and reimbursement of expenses, some of the Company's Directors and key managerial personnel is interested in the Company to the extent of their shareholding in its Company.
- If the company fails to maintain an effective system of internal controls, its may not be able to successfully manage, or accurately report, the company's financial risks.
- The company's ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements and restrictive covenants in the company's financing arrangements.
- The Company's Promoters and Promoter Group will continue to exercise significant influence over its and may cause the company to take actions that are not in the best interest of its other shareholders.
- The company's Equity Shares has never been publicly traded and may experience price and volume fluctuations following the completion of the Issue, an active trading market for the Equity Shares may not develop, the price of its Equity Shares may be volatile and you may be unable to resell your Equity Shares at or above the Issue Price or at all.
- The company has not independently verified certain data in this Red Herring Prospectus.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- There is no guarantee that the company's Equity Shares will be listed on the Stock Exchanges in a timely manner or at all.
- The activities carried out at the company's manufacturing facilities, including any hazardous activity, can cause injury to people or property in certain circumstances.
Millworks Technologies Limited Peer Comparison
Understand the company’s industry standing
Unimech Aerospace and Manufacturing Ltd
Azad Engineering Ltd
Millworks Technologies Ltd
Face Value
5
2
10
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
287.46
648.63
153.4
EPS-Basis
12.44
20.57
30.67
EPS-Diluted
12.42
20.57
30.67
NAV Per Share
144.99
236.74
64.73
P/E-Basic EPS
87.87
96.45
0
P/E-Diluted EPS
---
---
---
RONW(%)
8.58
8.74
44.83
Latest NAV Period
---
---
---
Latest NAV
---
---
---
How to check the allotment status of Millworks Technologies Limited IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
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The IPO opens on 14 Jul 2026 & closes on 16 Jul 2026.
Millworks Technologies Limited was originally incorporated as Millworks Technologies Private Limited' a private limited company at Bangalore, Karnataka, dated November 01, 2021. Thereafter, name of the Company was changed from Millworks Technologies Private Limited'
to Millworks Technologies Limited', and a fresh certificate of incorporation was issued by the Registrar of Companies, Central Processing Centre on September 10, 2025.
Millworks Technologies is a precision engineering company engaged in the manufacture of machined components, sheet metal parts, and integrated assemblies used in mission-critical applications across the railways, aerospace, defence, and semiconductor sectors. As of November 30, 2025, Company operate four manufacturing facilities located in Bengaluru, Karnataka. These units collectively form production base for precision machining, sheet metal fabrication, and assembly operations. The manufacturing activities are primarily undertaken under Build-to-Print (BTP) and Build-to-Spec (BTS) engagement models.
In March 2025, Company has acquired business undertakings of M/s. Universal Automobile and Dairy Products, a partnership firm, engaged in in the business of springs and wires manufacturing, as a going concern basis via slump sale and further acquired he undertakings of M/s.
Hindustan Spring Mfg, a partnership firm as a going concern.
Company has filed a Draft Prospectus with SEBI and is planning the issuance of 50,00,000 Equity Shares having face value Rs 10 each through IPO.
Millworks Technologies Limited IPO will close on 16 Jul 2026.
- Experienced Promoters having deep domain knowledge to scale up the business.
- Management team with an established track record.
- Established track record of successfully completed orders.
- Efficient operational team.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Rashmi Sridhar Acharya | 1944675 | 15.23 | 1944675 | 11.04 |
| 2 | H K Madhu | 1836738 | 14.38 | 1836738 | 10.43 |
| 3 | Sowmya Madhu | 1944675 | 15.23 | 1944675 | 11.04 |
| 4 | Sridhar Acharya | 1836738 | 14.38 | 1836738 | 10.43 |
| 5 | V3 Technologies | 748323 | 5.86 | 748323 | 4.25 |
- The company's revenues has exhibited significant fluctuations in the past and may continue to vary in the future, which may adversely affect its business, financial condition and results of operations.
- The company's high level of trade receivables relative to its revenue from operations indicates elongated working capital cycles and exposes the company to collection risks, which may adversely affect its liquidity and financial condition.
- A substantial portion of the Company's revenue for the period ended March 31, 2026 was derived from its first/top customer. Accordingly, any reduction, delay, or termination of business from such customer, or the loss of such customer for any reason, could materially and adversely affect the Company's revenues, profitability, financial condition.
- Dependency on Certain Business Partners for Defense Sector Project Execution.
- The Company has some instances of non-compliances and delayed compliances with some statutory provisions of the Companies Act 2013 and delayed compliance may attract penalties against the company which could impact the financial position of its to that extent.
- The company is dependent on a few customers for a significant portion of its revenues. Further the company generally does not enter into long-term arrangements with its customers and any failures to continue the company's existing arrangements could adversely affect its business and results of operations.
- The markets in which the company's customers compete is characterized by sectors specific to the industries which its cater to, and their rapidly changing preferences and other related factors including lower manufacturing costs. Accordingly, the company may be affected by any disruptions in the industry which can adversely impact its business, financial condition, results of operations, cash flows and prospects.
- Any failures to compete effectively in the highly competitive global industry of high precision and critical components manufacturing could have a material adverse effect on the company's business, results of operations, financial condition, cash flows and future prospects.
- The Company has negative cash flows during certain fiscal years in relation to its operating, investing and financing activities. Sustained negative cash flows in the future would adversely affect the company's results of operations and financial condition.
- The company's business is working capital intensive. Any insufficient cash flows from its operations or inability to borrow to meet its working capital requirements, it may materially and adversely affect the company's business and results of operations.
- The company relies on third-party suppliers for raw materials, plant, machinery, and components on a purchase-order basis. Any failures or delay in supplier performance, supply disruptions, or price volatility may materially adversely affect its business, results of operations, financial condition, cash flows, and future prospects.
- There has been difference between the provisional estimation of Working Capital for Fiscal 2026 as inserted in the DRHP and the actual Working Capital for Fiscal 2026 as disclosed in the RHP. There also exists difference between holding days for Fiscal 2025 and 2024 in UDRHP and DRHP.
- The company operates through its Registered office and manufacturing facilities that are held by the company on leasehold basis. In the event its lose or are unable to renew such leasehold rights, the company's business, results of operations, financial condition, cash flows and prospects may be adversely affected.
- There has been some instances of delays in filing of statutory forms and regulatory dues in the past with the various government authorities.
- The Company is yet to place orders for the machinery for the expansion of the manufacturing unit. Any delay in placing orders or procurement of such machinery may delay the schedule of implementation and possibly increase the cost of operations.
- There are Certain changes made in financial numbers pertaining to Fiscal 2025 and Fiscal 2024 compared to DRHP to RHP.
- If the company fails to manage its growth effectively, the company be unable to execute its business plan or maintain high levels of service and satisfaction, and the company's business, results of operations, cash flows and financial condition could be adversely affected.
- The company's business is dependent on its manufacturing units. Any disruption, breakdown or failures of machinery, disruption to power sources or any temporary shutdown of the company's manufacturing unit, may have a material adverse effect on its business, results of operations, financial condition and cash flows.
- The company's inability to Attract, Retain and Recruit Experienced Middle Management Personnel May Adversely Affect Its Business Operations and Growth Prospects.
- The Company is party to certain legal proceeding. Any adverse decision in such proceedings may have a material adverse effect on its business, results of operations and financial condition.
- Volatility in Foreign Exchange Rates and Adverse Market Conditions May Increase the Company's Cost of Imported Raw Materials and Negatively Impact Its Profitability.
- Adverse Political Decisions, Geopolitical Tensions or International Conflicts May Disrupt the Company's Supply Chain, Delay Execution of Projects and Negatively Impact Its Margins.
- The company's group entity engages in activities that are similar to its business. This may be a potential source of conflict of interest for the company and which may have an adverse effect on its business, financial condition and results of operations.
- Under-utilization of the company's manufacturing capacities and an inability to effectively utilize its expanded manufacturing capacities could have an adverse effect on the company's business, future prospects and future financial performance.
- The Company has a short track record and limited operational experience as incorporated in 2021.
- There may be problems with the products the company manufacture that could result in liability claims against its, reduced demand for the company's products and damage to its reputation.
- The company's operations is labour intensive and its manufacturing operations may be subject to unionization, work stoppages or increased labour costs, which could adversely affect its business and results of operations.
- The company is subject to strict compliance of quality requirements which results in incurring significant expenses to maintain its product quality. Any failures in maintaining the company's quality accreditations and certifications may negatively impact its brand and reputation which may adversely affect the company's business, results of operations, financial condition, cash flows and future prospects.
- The company's Promoters has extended personal guarantees with respect to various loan facilities availed by the Company. Revocation of any or all of these personal guarantees may adversely affect its business operations and financial condition.
- If there are delays in setting up and the proposed expansion or the purchase of plant and machinery for the proposed facilities are higher than expected, it could have a material adverse effect on the company's financial condition, results of operations and growth prospects.
- The company may be unable to sufficiently obtain, maintain, protect, or enforce its intellectual property and other proprietary rights.
- The company requires certain approvals and licenses in the ordinary course of business and are required to comply with certain rules and regulations to operates its business, any failures to obtain, retain and renew such approvals and licences or comply with such rules and regulations may adversely affect its operations.
- Most of the company's directors does not has any prior experience of being a director in any other listed company in India.
- The company is heavily dependent on its Promoters and Key Managerial Personnel for the continued success of the company's business through their continuing services and strategic guidance and support.
- The company has incurred borrowings from commercial banks and any non-compliance with repayment and other covenants in the company's financing agreements could adversely affect its business and financial condition.
- Fraud, theft, employee negligence or similar incidents may adversely affect the company's results of operations and financial condition.
- The company's operations is subject to environmental and health and safety laws and other government regulations which could result in increased liabilities and increased capital expenditures.
- One of the Company's Promoter Sowmya Madhu does not have prior experience in the industry in which its operates.
- The average cost of acquisition of Equity Shares for the Company's Promoters may be lower than the Issue Price.
- The deployment of funds raised through this Issue shall be subject to any Monitoring Agency and shall also be dependent on the discretion of the management of the Company.
- The Industry in which the Company Operates is sensitive to general economic downturn which can affect its sales and profitability.
- The company is dependent on third-party transportation providers for the supply of raw materials and delivery of its finished products and any failures to maintain a continuous supply of raw materials or to deliver the company's products to its customers in an efficient and reliable manner could have a material and adverse effect on the company's business, financial condition and results of operations.
- The company's overall margins may fluctuate as a result of the product manufactured by its.
- The Company may not be successful in penetrating new export markets.
- The company may not has adequate insurance coverage for protecting its against any material hazards.
- Significant failures or disruption of the company's information technology systems could adversely impact its business, results of operations and financial condition.
- In addition to normal remuneration or benefits and reimbursement of expenses, some of the Company's Directors and key managerial personnel is interested in the Company to the extent of their shareholding in its Company.
- If the company fails to maintain an effective system of internal controls, its may not be able to successfully manage, or accurately report, the company's financial risks.
- The company's ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements and restrictive covenants in the company's financing arrangements.
- The Company's Promoters and Promoter Group will continue to exercise significant influence over its and may cause the company to take actions that are not in the best interest of its other shareholders.
- The company's Equity Shares has never been publicly traded and may experience price and volume fluctuations following the completion of the Issue, an active trading market for the Equity Shares may not develop, the price of its Equity Shares may be volatile and you may be unable to resell your Equity Shares at or above the Issue Price or at all.
- The company has not independently verified certain data in this Red Herring Prospectus.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- There is no guarantee that the company's Equity Shares will be listed on the Stock Exchanges in a timely manner or at all.
- The activities carried out at the company's manufacturing facilities, including any hazardous activity, can cause injury to people or property in certain circumstances.
The Issue type of Millworks Technologies Limited is Book Building - SME.
The minimum application for shares of Millworks Technologies Limited is 800.
The total shares issue of Millworks Technologies Limited is 4844000.
Initial public offer of up to 48,44,000* equity shares of face value Rs. 10 each (the "Equity Shares") of Millworks Technologies Limited ("The Company" or the "Issuer") for cash at an issue price of Rs. 331 per equity share (Including a Securities Premium of Rs. 321 Per Equity Share) ("Issue Price"), aggregating up to Rs. 160.34 Crores ( The " Issue") of which up to 4,24,000 equity shares of face value Rs. 10 each of aggregating to Rs. 14.03 Crores will be reserved for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. Issue of up to 44,20,000 equity shares of face value of Rs. 10 each at an issue price of Rs. 331 per equity share aggregating up to Rs. 146.30 Crores is hereinafter referred to as the " Net Issue". The issue and the net issue will constitute 27.5% and 25.09% respectively of the post-issue paid-up equity share capital of the company.
Price Band: Rs. 331/- per equity share of face value Rs. 10/- each.
The floor price is 33.1 times of the face value of the equity shares.
Bids can be made for a minimum of 800 equity shares and in multiples of 400 equity shares thereafter.