Millworks Technologies will open its Rs 160.3 crore IPO on July 14, with a price band set at Rs 315-331 per share. The company, which makes precision components for aerospace and defense, reported a net profit of Rs 37.1 crore for FY26.
Millworks Technologies, a Bengaluru-based manufacturer of precision-machined components, has announced the details for its upcoming initial public offering (IPO). The company plans to raise Rs 160.3 crore through the sale of 48.44 lakh equity shares. Investors will be able to subscribe to the issue starting July 14, with the subscription window scheduled to close on July 16. The price band for the offering has been fixed between Rs 315 and Rs 331 per share, giving the company a market valuation of approximately Rs 583 crore.
The company operates four manufacturing facilities in Bengaluru, providing parts and integrated assemblies for sectors including aerospace, defense, rail transport, and semiconductors. Its business model relies on both Build-to-Print and Build-to-Spec production, where it manufactures components based on client designs or specific technical requirements. In the last fiscal year, domestic sales made up 73% of its total revenue, while export markets accounted for 27%.
Financial performance has been a focal point for the company, as it recently recorded a substantial increase in profitability. For the fiscal year ending in 2026, Millworks Technologies reported a net profit of Rs 37.1 crore, up from Rs 5.2 crore in the previous year. Revenue also grew significantly to Rs 148.8 crore in FY26, compared to Rs 22.1 crore in FY25. This follows a period where the company saw its profits nearly triple and revenue more than double between FY24 and FY25.
The company intends to use the capital raised from this public offer to support its growth strategy and day-to-day operations. A major portion of the proceeds, approximately Rs 61.03 crore, is allocated for the purchase of new plant and machinery to expand production capacity. Another Rs 81.5 crore has been set aside to meet working capital requirements, ensuring the company has sufficient funds to manage its rising operational needs. The remaining funds are designated for general corporate purposes.
Investors looking at the company may want to monitor how efficiently it manages the planned expansion, as the company was only established in 2021. The ability to maintain profit margins while scaling up production will be a key factor to watch following the IPO. Additionally, because a significant portion of its revenue comes from specialized sectors like aerospace and defense, the company's performance is tied to long-term government and corporate procurement cycles in these industries. The final outcome of the IPO and subsequent listing will depend on market demand and the company's ability to execute its production goals on schedule.