Milestone Gears Limited has taken the first step toward going public by filing its Draft Red Herring Prospectus with SEBI, proposing an initial public offering worth up to ₹1,100 crore. The company, which has built a strong reputation in high-precision transmission engineering, plans to use the public issue to strengthen its balance sheet and expand its production capabilities.
The IPO structure comprises an ₹800-crore fresh issue and a ₹300-crore offer for sale. Proceeds from the fresh issuance will be deployed toward repaying or prepaying borrowings, financing capital expenditure toward a new greenfield unit in Mohal Bated, Tehsil Baddi, and fulfilling general corporate needs.
Milestone Gears has emerged as a one-stop manufacturing partner for a wide range of transmission systems used in tractors, construction equipment, EV powertrains, railways and wind energy. Between April 2022 and June 2025, the company supplied components to more than 50 OEMs globally, maintaining long-standing partnerships with leading players. Its product line includes transmission gears, shafts, rear axles, internal ring gears, bevel gears and other critical drivetrain components.
The company emphasises a technology-driven, end-to-end manufacturing setup, which allows it to maintain engineering accuracy while adapting to new specifications across industries.
The shares are proposed to be listed on BSE and NSE, with JM Financial, Axis Capital and Motilal Oswal Investment Advisors managing the issue as BRLMs.
