Millworks Technologies IPO Opens On 14 July After ₹43.86 Crore Anchor Book

Millworks Technologies has completed its anchor book a day before its initial public offering (IPO) opens for subscription.

The Bengaluru-based precision engineering company has raised ₹43.86 crore from nine anchor investors after allotting 13.25 lakh equity shares at ₹331 apiece, the upper end of the price band.

The company plans to raise ₹160.3 crore through an entirely fresh issue of 48.44 lakh equity shares. The IPO will open on 14 July and close on 16 July 2026. The shares are expected to be allotted on 17 July, with the proposed listing on the BSE SME platform scheduled for 21 July.

Who Invested In Millworks Technologies' Anchor Book?

Nine investors participated in the anchor round, including Teal Rise Fund, Inti Capital, Evergrow Capital Opportunities Fund, Saint Capital Fund, LRSD Securities, Vikasa India and Abundantia Capital, among others.

The IPO has a price band of ₹315-331 per share, valuing the company at around ₹583 crore.

The issue comprises only a fresh issue. Of the 48.44 lakh shares on offer, 4.24 lakh shares have been reserved for the market maker, while 44.20 lakh shares are available for public subscription.

The company plans to use ₹61.03 crore from the fresh issue to buy plant and machinery. Another ₹81.50 crore has been earmarked for working capital, while the balance will be used for general corporate purposes.

What Does Millworks Technologies Do?

Founded in 2021, Millworks Technologies manufactures precision-engineered components for the railways, aerospace, defence and semiconductor industries.

The company operates four manufacturing facilities in Bengaluru equipped with CNC machining centres. It works under both Build-to-Print (BTP) and Build-to-Spec (BTS) models, supplying machined components, sheet metal parts and integrated assemblies mainly to original equipment manufacturers (OEMs).

The domestic market remained the company's biggest source of business in FY25, with India contributing 70% of revenue. The balance came from exports. Millworks competes with listed precision engineering companies such as Unimech Aerospace and Manufacturing and Azad Engineering.

How Fast Is Millworks Technologies Growing?

Revenue from operations increased to ₹148.8 crore in FY26, up from ₹22.1 crore in FY25. Profit after tax rose to ₹37.06 crore from ₹5.25 crore during the same period.

According to the restated financial statements, total income stood at ₹153.40 crore in FY26. Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) increased to ₹56.30 crore, while net worth improved to ₹82.67 crore. Total assets rose to ₹198.37 crore.

GYR Capital Advisors is the sole book-running lead manager for the IPO.

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