Millworks Technologies IPO 2026: Date, Price Band, GMP & Full Review
By Kaushik Brahmakshatriya
Published On 12 July 2026.
Millworks Technologies IPO
A new player from India’s precision engineering space is stepping into the public markets. Millworks Technologies Limited, a Bengaluru-headquartered manufacturer serving the aerospace, defence, railways and semiconductor sectors, is launching its SME IPO this week. With India’s defence and manufacturing push gaining momentum, this issue has caught the attention of retail and HNI investors alike.
About Millworks Technologies Limited
Set up in the Peenya Industrial Area of Bengaluru, Millworks Technologies designs and manufactures high-precision machined components, sheet metal parts and integrated assemblies. The company works under two engagement models — Build-to-Print, where it manufactures to a client’s exact drawings, and Build-to-Spec, where it engineers a solution to meet performance requirements. Its client base spans mission-critical industries such as missile systems, aero-engine parts, structural mounts and semiconductor equipment components. The company runs four manufacturing units equipped with CNC machining setups, wire EDM units, laser cutting systems and dedicated assembly lines.
Millworks Technologies IPO Key Details
| Particulars | Details |
| IPO Open Date | July 14, 2026 |
| IPO Close Date | July 16, 2026 |
| Issue Type | Fresh Issue (Book Build) |
| Price Band | ₹315 – ₹331 per share |
| Issue Size | ₹160.34 Crore approx. |
| Total Shares Offered | 48,44,000 equity shares |
| Face Value | ₹10 per share |
| Listing Exchange | BSE SME |
| Tentative Listing Date | July 21, 2026 |
| Allotment Date | July 17, 2026 |
Lot Size and Minimum Investment
| Investor Category | Lots | Shares | Approx. Investment |
| Retail (Minimum) | 2 Lots | 800 Shares | ₹2,64,800 |
| HNI (Minimum) | 3 Lots | 1,200 Shares | ₹3,97,200 |
Financial Snapshot
| Financial Year | Revenue (₹ Cr) | Profit After Tax (₹ Cr) |
| FY 2024 | 9.40 | 1.95 |
| FY 2025 | 22.42 | 5.25 |
The company has posted a sharp jump in both revenue and profit between these two years, largely credited to increased order flow from defence and aerospace clients. Investors should note that such steep growth in an SME company deserves closer scrutiny of order books and repeat business before making a long-term commitment.
Objects of the Issue
The company plans to use the funds raised primarily for buying additional plant and machinery to expand production capacity, meeting working capital needs, and covering general corporate expenses. This suggests the company is looking to scale operations rather than repay existing debt, which is typically viewed as a growth-oriented use of IPO proceeds.
Promoters and Management
Millworks Technologies is led by Mr. Sridhar Acharya as Promoter and Managing Director, along with Mr. H K Madhu, Ms. Sowmya Madhu and Ms. Rashmi Sridhar Acharya. GYR Capital Advisors Pvt. Ltd. is managing the issue as the book-running lead manager, while Purva Sharegistry (India) Pvt. Ltd. is handling registrar duties.
Should You Apply? A Quick View
The company operates in a sector benefiting from India’s growing defence indigenisation and manufacturing focus, which is a positive long-term tailwind. At the same time, being a relatively newer entrant to public markets on the SME platform, investors should weigh the concentration of clients, order book visibility and pricing before applying, rather than relying purely on grey market sentiment.
Current GMP
current GMP is ~₹295 (89% premium over the ₹331 upper band), with a caution note since GMP shifts daily.
Frequently Asked Questions (FAQs)
Q1. When does the Millworks Technologies IPO open?
The IPO opens for subscription on July 14, 2026, and closes on July 16, 2026.
Q2. What is the price band of Millworks Technologies IPO?
The price band has been fixed between ₹315 and ₹331 per equity share.
Q3. What is the minimum investment required for retail investors?
Retail investors need to apply for a minimum of 2 lots (800 shares), amounting to approximately ₹2,64,800 at the upper price band.
Q4. On which exchange will Millworks Technologies list?
The shares will be listed on the BSE SME platform, with a tentative listing date of July 21, 2026.
Q5. What business does Millworks Technologies operate in?
The company manufactures precision-machined components and assemblies for the aerospace, defence, railways and semiconductor industries.
Q6. Who are the promoters of the company?
The promoters are Sridhar Acharya, H K Madhu, Sowmya Madhu and Rashmi Sridhar Acharya.
Disclaimer: IPO investments are subject to market risks. Please read the RHP carefully and consult your financial advisor before applying.
