Millworks Technologies IPO
Aerospace & Defence • ₹160.34 Cr
High risk because:
- 5 material risk factors disclosed in DRHP
- High customer concentration flagged in the DRHP
- SME listing with thinner post-listing liquidity
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹331
Lot Size
400 shares
Issue Size
₹160.34 Cr
Open
14 Jul 2026
Close
16 Jul 2026
Subscription
193×
IPO Schedule
| Issue Open Date | 14 Jul 2026 |
| Issue Close Date | 16 Jul 2026 |
| Allotment Date | 17 Jul 2026 |
| Listing Date | 20 Jul 2026 |
About Millworks Technologies
Millworks Technologies is a precision engineering company engaged in the manufacture of machined components, sheet metal parts, and integrated assemblies used in the railways, aerospace, defence, and semiconductor sectors. It operates under Build-to-Print (BTP) and Build-to-Spec (BTS) models, manufacturing products based on customer drawings, technical specifications, or functional requirements. Its product portfolio includes precision components and sub-assemblies for aero-engines, defence platforms, railway systems, and semiconductor manufacturing equipment. The company primarily supplies its products to original equipment manufacturers (OEMs). As of November 30, 2025, it operates four manufacturing facilities in Bengaluru, Karnataka, equipped with CNC machining centres, laser cutting systems, press brakes, welding equipment, and assembly and inspection infrastructure. The company’s manufacturing operations are supported by quality management systems certified under AS9100D and ISO 9001:2015. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Funding capital expenditure of the company to purchase plant and machinery — Rs 61.03 crore Funding the working capital requirements of the company — Rs 87 crore General corporate purposes.
Company Details
Registrar
Purva Sharegistry (I) Pvt Ltd
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Investment Analysis
Millworks Technologies — IPOFins Verdict
QuantitativeDriven by QIB demand at 194.1x and elevated disclosed risk (7/10), Millworks Technologies listed at a premium of 90.0% to its issue price. SME listings are also thinner and more volatile after listing. The signals lean constructive — still confirm valuation against listed peers and read the DRHP before applying beyond one lot.
- The company claims to manufacture precision-engineered components for mission-critical industries such as aerospace, defence, railways, and semiconductors. It works with a wide range of materials, inc
- The company is certified under AS9100D and ISO 9001:2015 for its quality management systems. These certifications cover the manufacture and supply of precision-machined components, sheet metal parts,
- The company claims to operate four manufacturing facilities in Bengaluru, Karnataka, with dedicated capabilities across machining, fabrication, assembly, and inspection. These facilities are equipped
- The company has an export-oriented business, with exports contributing around 37.25% of its revenue from operations for the eight months ended November 30, 2025. It supplies customers across 12 countr
- The company claims to have an in-house research and development (R&D) function focused on process improvement and Industry 4.0 initiatives. It also states that it has developed capabilities for design
Score breakdown — what drove this verdict
High risk from DRHP → score -0.8
Institutional subscription → score +2.0
Strong retail interest → score +0.5
Actual listing outcome → score +1.5
SME IPOs have lower liquidity after listing → score −0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
Listing Performance
Issue Price
₹331
Listing Price
₹628.9
Listing Gain/Loss
+90.00%
Listing Date
20 Jul 2026
Price Since Listing
Returns are measured against the ₹331 issue price.
Listing
₹628.9
+90.0%
1 Week
₹798.85
+141.3%
Current
₹745
+125.1%
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FAQ
What is the price band of Millworks Technologies IPO?
The price band is ₹331 per share with a lot size of 400 shares. Minimum investment: ₹1,32,400.
What does Millworks Technologies do?
Millworks Technologies is a precision engineering company engaged in the manufacture of machined components, sheet metal parts, and integrated assemblies used in the railways, aerospace, defence, and semiconductor sectors. It operates under Build-to-Print (BTP) and Build-to-Spec (BTS) models, manufacturing products based on customer drawings, technical specifications, or functional requirements. Its product portfolio includes precision components and sub-assemblies for aero-engines, defence platforms, railway systems, and semiconductor manufacturing equipment. The company primarily supplies its products to original equipment manufacturers (OEMs). As of November 30, 2025, it operates four manufacturing facilities in Bengaluru, Karnataka, equipped with CNC machining centres, laser cutting systems, press brakes, welding equipment, and assembly and inspection infrastructure. The company’s manufacturing operations are supported by quality management systems certified under AS9100D and ISO 9001:2015. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Funding capital expenditure of the company to purchase plant and machinery — Rs 61.03 crore Funding the working capital requirements of the company — Rs 87 crore General corporate purposes.
Should I apply for Millworks Technologies IPO?
Millworks Technologies listed at ₹628.9 (+90.0% premium to the ₹331 issue price) after 192.7x subscription. IPOFins Score 8/10: Driven by QIB demand at 194.1x and elevated disclosed risk (7/10), Millworks Technologies listed at a premium of 90.0% to its issue price. SME listings are also thinner and more volatile after listing. The signals lean constructive — still confirm valuation against listed peers and read the DRHP before applying beyond one lot.