Milestone Gears Limited (“the Company”) filed its Draft Red Herring Prospectus (DRHP) with the market regulator, the Securities and Exchange Board of India (SEBI), on November 18, 2025. The company has received SEBI’s nod to raise funds through an offer of equity shares (face value ₹2 each) via an Initial Public Offering (IPO) aggregating up to ₹1,100 crore.
The offer comprises a fresh issue of equity shares aggregating up to ₹800 crore (the “Fresh Issue”) and an Offer for Sale (OFS) by selling shareholders aggregating up to ₹300 crore.
Milestone Gears is a manufacturer of high-precision, complex engineered transmission components with applications across multiple sectors, including tractors, construction equipment, electric vehicles (EVs), locomotives, windmills, and other heavy industries. The company supplies its products to Indian and global original equipment manufacturer (OEM) customers, including their affiliated entities.
Between April 1, 2022, and June 30, 2025, the company supplied products to more than 50 customers, including all the top nine OEMs in the tractor sector in India (Source: 1Lattice Report), and has established long-standing relationships with the majority of them.
The equity shares proposed to be offered through the Red Herring Prospectus are intended to be listed on BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE).
JM Financial Limited, Axis Capital Limited, and Motilal Oswal Investment Advisors Limited are the Book Running Lead Managers (BRLMs) to the issue.
