Bengaluru-based precision engineering company Millworks Technologies Limited listed on the BSE SME platform today at ₹628.90 a share, nearly 90% above its ₹331 issue price. The ₹160.34 crore issue drew bids worth over ₹22,489 crore, an oversubscription of 219.54 times across 4,89,779 applications. QIBs subscribed 194.05 times, non-institutional investors 260.37 times, and individual investors 216.60 times. GYR Capital Advisors was the book running lead manager; Purva Sharegistry (India) served as registrar.
A Journey of Trust
Managing Director Sridhar Acharya traced the company’s roots to 2014-15, when he and co-founder H K Madhu left their jobs in Chennai and returned to Bengaluru to start a CNC machine shop. They took over Nithi Technologies from its previous owners, Nagendra and Anand Subramanian, with Anand Subramanian staying on for over 11 years to run manufacturing operations.
“It is eleven years and five months now,” Sridhar told the crowd at the listing ceremony. “Our success has been built on trusting each other and moving on, all decisions we take together.” He thanked both founders’ families for standing by them through the journey.
Growth was slow at first: five old machines, with two or three added each year. That changed during COVID, when the company started picking up inquiries through global sourcing platforms and began exporting. The overseas orders pushed Millworks Technologies to invest heavily in its own facilities. It now runs more than 90 machines across four units in Bengaluru — a 60,000 sq ft main factory, a sheet metal facility with laser cutting and press operations commissioned in 2025, and a fourth unit spanning over 35,000 sq ft.
“Our mantra with customers has always been simple: give top quality, and deliver on time,” Sridhar said. “That is what keeps existing customers coming back with more and more projects. This listing is a validation of Indian precision manufacturing. When nearly five lakh investors back a components company from Peenya, it tells you where India’s manufacturing story is headed. We are committed to using every rupee of these proceeds to build capacity, capability and credibility on the shop floor.”
Components across railways, aerospace and defence
Millworks Technologies makes precision machined components, sheet metal parts and integrated assemblies for railways, aerospace, defence, semiconductors and drones, working under both Build-to-Print and Build-to-Spec models. All four factories hold AS9100 aerospace certification, obtained as early as 2017-18.
The company’s parts show up in places most people wouldn’t expect: door components, couplers and braking system parts for the Vande Bharat Express and metro trains in India and abroad; precision components for Jaguar aircraft and HAL platforms through several indigenisation projects; and parts for semiconductor manufacturing equipment.
It has also been acquiring. Millworks bought Hindustan Springs in Mysuru, with plans to manufacture recoil springs for guns and ammunition, and folded Vidwan Aeronautics, an aero-engine machining specialist, into its Unit 4 operations. A strategic stake in a Noida-based drone manufacturer marks its entry into a sector Sridhar called central to where “our economy, and Millworks” are headed. The drone partner’s platforms have already been used in mine detection and disaster response.
H K Madhu, Director, said: “We started with five machines and a lot of trust in each other. Today, the trust of over 4.8 lakh investors humbles us. This is a responsibility we carry into every component we machine, for the railways, for our armed forces, and for the industries building India’s future.”
What the IPO Proceeds Will Build
The ₹146 crore fresh issue proceeds are earmarked for plant and machinery, working capital and general corporate purposes. Sridhar laid out a five-year plan: new capacity at Unit 4, including an air-conditioned facility for difficult-to-machine aerospace and defence components; deeper involvement in India’s defence indigenisation programmes, where Millworks Technologies is already L1 on some projects; and a growing order pipeline from Europe and Israel. The company also plans to invest in machine monitoring systems, ERP upgrades, lean manufacturing, and AI-driven technology, alongside continued acquisitions in India and Europe.also on the cards, alongside continued strategic acquisitions in India and Europe.
