Milestone Gears Ltd. on Tuesday applied for an initial public offering of shares worth Rs 1,100 crore. The IPO consists of a fresh issue of Rs 800 crore and an offer for sale by existing shareholders worth Rs 300 crore, as per the draft red herring prospectus.
Promoters Ashok Kumar Tandon, Aman Tandon, Amit Tandon, and Aradhna Tandon will offload shares via the OFS along with Gagandeep Kaur Chawla.
Details regarding IPO price band, minimum lot size, bidding period and listing date will be announced after SEBI approval to the DRHP.
JM Financial Ltd., Axis Capital Ltd., and Motilal Oswal Investment Advisors Ltd. are the merchant bankers to the deal.
About Milestone Gears
Milestone Gears manufactures high-precision, complex engineered transmission components which have applications across multiple sectors, including tractors, construction equipment, EV, locomotives, windmills and other heavy industries.
The Haryana-based commenced operations in 1984. It has nine manufacturing facilities spread across Punjab, Haryana and Himachal Pradesh.
Some of the customers include Tafe Motors & Tractors Ltd., Tractor & Farm Equipment Ltd., and Mahindra & Mahindra Ltd.
The company has exported to ten countries, including the US, the UK, Turkey, Germany, Belgium, Italy, Brazil, China, Hungary and Malaysia.
The proceeds from the fresh issue worth up to Rs 357 crore will be used to pare debt. As on September, 2025, the aggregate outstanding borrowings was Rs 381 crore.
For a proposed greenfield project for manufacturing electric vehicle components requiring high-speed precision gears, and heavy components for locomotives, windmills, and other heavy industries, Milestone Gears will spend Rs 297 crore.
The company reported a revenue of Rs 530 crore in fiscal 2025 and a net profit of Rs 22 crore. The opeating margin was 18.16%.
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