Millworks Technologies IPO: Anchor Book Surges as Precision Engineering Firm Sets Sights on Rs 583 Crore Valuation

Millworks Technologies IPO: Anchor Book Surges as Precision Engineering Firm Sets Sights on Rs 583 Crore Valuation​

Bengaluru-based precision engineering company Millworks Technologies has received strong validation ahead of its public listing. The firm successfully closed its anchor book, raising Rs 43.86 crore from nine significant anchor investors on July 13. This successful private placement highlights investor confidence in the rapidly growing manufacturing sector.

The IPO is scheduled to open for subscription on July 14 and close on July 16. Millworks Technologies has set a market capitalization valuation of Rs 583 crore, based on a price band fixed between Rs 315 and Rs 331 per share. The initial public offering includes a fresh issue component comprising 48.44 lakh equity shares.

Anchor Investment Details and Share Allocation​

The nine anchor investors who participated in the capital raise include Teal Rise Fund, Inti Capital, Evergrow Capital Opportunities Fund, Saint Capital Fund, LRSD Securities, Vikasa India, and Abundantia Capital. The company allocated 13.25 lakh shares to these anchor investors at the upper end of the defined price band.

Millworks Technologies is expected to complete the share allotment process by July 17. Following this, the stock is anticipated to commence trading on the BSE SME platform on July 21. GYR Capital Advisors has been appointed as the sole merchant banker for the IPO, guiding the company through this critical stage.

Strategic Financial Allocation of Proceeds​

The capital raised from the IPO will be strategically utilized to fuel the next phase of growth and operational scale-up. The company intends to allocate Rs 61.03 crore towards the purchase of new plant and machinery. A substantial amount, Rs 81.50 crore, is designated for meeting working capital requirements. The remaining net proceeds are earmarked for general corporate purposes.

Operational Scope in Advanced Manufacturing​

Incorporated in 2021, Millworks Technologies operates four modern manufacturing facilities based in Bengaluru. These facilities are equipped with advanced CNC machining centers and cater to complex industry needs. The company offers comprehensive services across both Build-to-Print (BTP) and Build-to-Spec (BTS) engagement models.

Its client base includes Original Equipment Manufacturers (OEMs), providing critical components for the railways, aerospace, defence, and semiconductor sectors. This diverse clientele underlines the company's expertise in high precision engineering.

Exponential Financial Growth Trajectory​

Millworks Technologies has demonstrated remarkable financial ascent, competing alongside listed industry peers like Unimech Aerospace and Manufacturing and Azad Engineering. The firm reported a massive more than seven-fold jump in profit for the financial year ended March 2026.

Profit rose to Rs 37.1 crore, dramatically up from Rs 5.2 crore recorded in the preceding fiscal year. Furthermore, revenue from operations has also seen an increase of nearly seven-fold, rising to Rs 148.8 crore from the previous Rs 22.1 crore. In FY25, domestic business contributed 70 percent of the total revenue, while exports accounted for the remaining 30 percent.