THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY AND IS NOT A PROSPECTUS ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE TO SECURITIES. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY OUTSIDE INDIA.

MILLWORKS TECHNOLOGIES LIMITED

(Formerly known as Millworks Technologies Private Limited)

CIN: U29200KA2021PLC153863

Our Company was originally incorporated as 'Millworks Technologies Private Limited' a private limited company under the Companies Act, 2013 at Bangalore, Karnataka, pursuant to a certificate of incorporation dated November 03, 2021, issued by the Registrar of Companies, Central Registration Centre. Thereafter, name of our Company was changed from 'Millworks Technologies Private Limited' to 'Millworks Technologies Limited', consequent to conversion of our Company from private to public company, pursuant to a special resolution passed by the shareholders in extra ordinary general meeting of our Company held on August 22, 2025 and a fresh certificate of incorporation consequent to conversion of the company was issued by the Registrar of Companies, Central Processing Centre on September 10, 2025. Our Company's Corporate Identity Number is U29200KA2021PLC153863. For details of change in administration of our Company, please refer to the chapter titled "History and Certain Corporate Matters" on page 150 of the Prospectus.

• Our revenues have exhibited significant fluctuations in the past and may continue to vary in the future, which may adversely affect our business, financial condition and results of operations.

• Our high level of trade receivables relative to our revenue from operations indicates elongated working capital cycles and exposes us to collection risks, which may adversely affect our liquidity and financial condition.

• A substantial portion of the Company's revenue for the period March 31, 2026 was derived from its first/top customer. Accordingly, any reduction, delay, or termination of business from such customer, or the loss of such customer for any reason, could materially and adversely affect the Company's revenues, profitability, financial condition.

• Dependency on Certain Business Partners for Defense Sector Project Execution.

• Our Company has some instances of non-compliances and delayed in compliances with some statutory provisions of the Companies Act 2013 and delayed compliance may attract penalties against our company which could impact the financial position of us to that extent.

• We are dependent on a few customers for a significant portion of our revenues. Further we generally do not enter into long-term arrangements with our customers and any failure to continue our existing arrangements could adversely affect our business and results of operations.

• The markets in which our customers compete are characterized by sectors specific to the industries which we cater to, and their rapidly changing preferences and other related factors including lower manufacturing costs. Accordingly, we may be affected by any disruptions in the industry which can adversely impact our business, financial condition, results of operations, cash flows and prospects.

• Any failure to compete effectively in the highly competitive global industry of high precision and critical components manufacturing could have a material adverse effect on our business, results of operations, financial condition, cash flows and future prospects.

• Our Company had negative cash flows during certain fiscal years in relation to our operating, investing and financing activities. Sustained negative cash flows in the future would adversely affect our results of operations and financial condition.

• Our business is working capital intensive. Any insufficient cash flows from our operations or inability to borrow to meet our working capital requirements, it may materially and adversely affect our business and results of operations.

Details of suitable ratios of the company for the latest full financial year

1. Price Earning (P/E) Ratio in relation to the Price Band of Rs. 315 to Rs. 331 per Equity Share of Face Value of Rs. 10/- each fully paid up

2. Net Asset Value (NAV) per Equity Share

a) NAV (asset value per share) = networth divided by number of shares outstanding at the end of the year.

b) The Figures disclosed above are based on the Restated Financial Statements of the company.

c) Net worth is computed as the sum of the aggregate of paid-up equity share capital, all reserves created out of the profits, securities premium account received in respect of equity shares and Section credit balance of profit and loss account.

d) Issue Price per Equity Share has been determined by our company in consultation with the BRLM.

3. Comparison of Accounting Ratios with Industry Peers

The following peer group has been determined on the basis of companies listed on Indian stock exchanges, whose business profile is comparable to our businesses-

a) P/E Figures for the peers are based on closing market prices of equity shares on NSE on June 30, 2026, divided by the Diluted EPS as of March 31, 2026.

b) EPS refers to the Diluted EPS data. NAV is based on the net worth after tax for FY 25-26, divided by the number of outstanding shares as per the Annual Report.

c) Return on Net Worth (%) for listed industry peers has been computed based on the Net Profit After Tax for the year ended March 31, 2026 divided by Net Worth as on March 31, 2026.

d) NAV per share for listed peers is sourced from the Annual Reports for FY 25-26 of the respective companies.

4. Weighted Average Cost of Acquisition (WACA), Floor Price and Cap Price

a) The price per share of our Company based on the primary / new issue of shares:

The details of the Equity Shares excluding shares issued under ESOP/ESOS, and issuance of bonus shares during the 18 months preceding the date of this Prospectus where such issuance is equal to or more than 5 per cent of the fully-diluted paid-up share capital of the Issuer Company (calculated based on the pre-issue capital before such transaction), in a single transaction or multiple transactions combined together over a span of rolling 30 days is as follows:

The Company has issued Equity Shares or convertible securities, during the 18 months preceding the date of this Prospectus, where such issuance is equal to or more than 5% of the fully diluted paid-up share capital of our Company (calculated based on the pre-issue capital before such transaction) and excluding ESOPs (granted but not vested), in a single transaction or multiple transactions combined together over a span of rolling 30 days.

1. The company had allotted Bonus shares in the ratio of 200:1 (200 Equity shares for every 1 (one) Equity Share) on December 15, 2025 and the effect of same has been given.

2. Weighted average cost of acquisition has been computed for transactions after considering the impact of the following corporate actions: Bonus issuance made by the Company.

b) The price per share of our Company based on the secondary sale / acquisition of shares:

There have been no secondary sale / acquisitions of Equity Shares, where the promoters, members of the promoter group or shareholder(s) having the right to nominate director(s) to the board of directors of the Company are a party to the transaction (excluding gifts), during the 18 months preceding the date of this Prospectus, where either acquisition or sale is equal to or more than 5% of the fully diluted paid-up share capital of the Company (calculated based on the pre-issue capital before such transaction) and excluding employee stock options granted but not vested, in a single transaction or multiple transactions combined together over a span of rolling 30 days.

c) Weighted average cost of acquisition (WACA), floor price and cap price for the last 3 years preceding the DRHP: The price per share of our Company based on the primary/new issue of shares (equity / convertible securities):

Since there are no transactions to report under B (a), the details of issuance of Equity Shares or convertible securities during the 3 years preceding the date of this Prospectus based on last 5 primary or secondary transactions where promoter/promoter group entities or selling shareholders selling shares through offer for sale in IPO or shareholders having the right to nominate directors in the Board of the issuer company, are party to the transactions, irrespective of the size of the transactions is not applicable.

Weighted average cost of acquisition, floor price and cap price:

5. The Issue Price is 33.1 times of the Face Value of the Equity Shares.

The Issue price of Rs. 331 per share for the Public Issue is justified in view of the above parameters. The investors may also want to peruse the Risk Factors and Financials of the Company including important profitability and return ratios, as set out in the Financial Statements included in this Prospectus to have more informed view about the investment proposition. The Face Value of the Equity Shares is Rs. 10 per share and the Issue Price is 33.1 times of the face value (i.e. Rs. 331 per share).

This Issue is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (the "SCRR") read with Regulation 229 of the SEBI ICDR Regulations and in compliance with Regulation 253 (1) and 253 (2) of the SEBI ICDR Regulations read with SEBI ICDR (Amendment) Regulations, 2025, wherein not more than 50.00% of the Net Issue shall be available for allocation on a proportionate basis to Qualified Institutional Buyers ("QIBs") (the "QIB Portion"), provided that our Company in consultation with the BRLMs may allocate up to 60.00% of the QIB Portion to Anchor Investors on a discretionary basis ("Anchor Investor Portion"), of which, 40% shall be reserved in the following manner, (i) 33.33% shall be available for allocation to domestic Mutual Funds, and (ii) 6.67% shall be available for Life Insurance Companies and Pension Funds, subject to valid Bids being received from domestic Mutual Funds, Life Insurance Companies and Pension Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription in (ii) above, the allocation may be made to domestic Mutual Funds. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than the Anchor Investor Portion) ("Net QIB Portion"). Further, 5.00% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, other than Anchor Investors, including Mutual Funds, subject to valid Bids being received at or above the Issue Price. However, if the aggregate demand from Mutual Funds is less than 5.00% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to QIBs. Further, the SEBI ICDR Regulations read with SEBI ICDR (Amendment) Regulations, 2025, states that not less than 35% of the Net Issue shall be available for allocation to Individual Investors who applies for minimum application size. Not less than 15% of the Net Issue shall be available for allocation to Non-Institutional Investors of which one-third of the Non-Institutional Portion will be available for allocation to Bidders with an application size of more than two lots and up to such lots as equivalent to not more than Rs. 10.00 Lakhs and two-thirds of the Non-Institutional Portion will be available for allocation to Bidders with an application size of more than Rs. 10.00 Lakhs and under-subscription in either of these two sub-categories of Non-Institutional Portion may be allocated to Bidders in the other sub-category of Non-Institutional Portion. Subject to the availability of shares in non-institutional investors' category, the allotment to each Non-Institutional Investors shall not be less than the minimum application size in Non-Institutional Category and the remaining available Equity Shares, if any, shall be allocated on a proportionate basis in accordance with the conditions specified in this regard in Schedule XIII of the SEBI (ICDR) (Amendment) Regulations, 2025. All Potential Bidders, other than Anchor Investors, are required to participate in the Issue by mandatorily utilising the Application Supported by Blocked Amount ("ASBA") process by providing details of their respective ASBA Account (as defined hereinafter) in which the corresponding Bid Amounts will be blocked by the Self-Certified Syndicate Banks ("SCSBs") or under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts. Anchor Investors are not permitted to participate in the Issue through the ASBA process. For details, please refer to the chapter titled "Issue Procedure" on page 250 of the Prospectus. The investors are advised to refer to the Prospectus for the full text of the Disclaimer clause pertaining to BSE. For the purpose of this Issue, the designated Stock Exchange will be the BSE Limited. The trading is proposed to be commenced on or before July 21, 2026*

*Subject to the receipt of listing and trading approval from the BSE SME ("BSE SME").

The bidding for Anchor Investors opened and closed on Monday, July 13, 2026. The Company received a total of 9 Anchor Investor Application Forms from 9 Anchor Investors for 13,30,800 Equity Shares and the aggregate amount collected from applications made by such Anchor Investors was Rs. 44,04,94,800/-. Out of the total 9 Anchor Investor Application Forms, Nil Anchor Investor Application Forms were received from Domestic Mutual Funds (applying through Nil Schemes) for Nil Equity Shares. A total of 13,25,200 Equity Shares were allocated under the Anchor Investor Portion at Rs 331 per Equity Share (including a share premium of Rs 321 per Equity Share) aggregating to Rs. 43,86,41,200.

The Issue (excluding Anchor Investors Portion) received 498775 Applications for 690039200 Equity Shares (before technical rejections) resulting in 142.45235 times subscription (including reserved portion of market maker). The details of the Applications received in the Issue from various categories are as under (before technical rejections):

Detail of the Applications Received:

Final Demand

A summary of the final demand as per BSE as on the Bid/ Issue Closing Date at different Bid prices is as under:

The Basis of Allotment was finalised in consultation with the Designated Stock Exchange, being BSE Limited on July 17, 2026.

1) Allotment to Individual Investors (After Technical Rejections)

The Basis of Allotment to the Individual Investors, who have Bid at cut-off Price or at or above the Issue Price of Rs. 331/- per Equity Share, was finalized in consultation with BSE Limited. The category has been subscribed to the extent of 214.24 times. The total number of Equity Shares Allotted in this category is 15,47,200 Equity Shares to 1934 successful applicants. The details of the Basis of Allotment of the said category is as under:

2) Allotment to Non-Institutional Investors - Above Rs. 2 Lakhs and Upto Rs. 10 Lakhs (After Technical Rejections)

The Basis of Allotment to the Non-Institutional Investors, who have Bid at cut-off Price or at or above the Issue Price of Rs. 331/- per Equity Share, was finalized in consultation with BSE Limited. The category has been subscribed to the extent of 206.77 times. The total number of Equity Shares Allotted in this category is 221200 Equity Shares to 183 successful applicants. The details of the Basis of Allotment of the said category is as under:

3) Allotment to Non-Institutional Investors - Above Rs. 10 Lakhs (After Technical Rejections)

The Basis of Allotment to the Non-Institutional Investors, who have Bid at cut-off Price or at or above the Issue Price of Rs. 331/- per Equity Share, was finalized in consultation with BSE Limited. The category has been subscribed to the extent of 289.54 times. The total number of Equity Shares Allotted in this category is 442400 Equity Shares to 368 successful applicants. The details of the Basis of Allotment of the said category is as under:

4. Allotment to QIBs excluding Anchor Investors (After Technical Rejections)

Allotment to QIBs, who have bid at the Issue Price of Rs. 331/- per Equity Share or above, has been done on a proportionate basis in consultation with BSE Limited. This category has been subscribed to the extent of 193.93 times of QIB portion. As per the SEBI Regulations, Mutual Funds were Allotted 5% of the Equity Shares of QIB Portion available i.e., 44400 Equity Shares and other QIBs and unsatisfied demand of Mutual Funds were Allotted the remaining available Equity Shares i.e., 3377200 Equity Shares on a proportionate basis. The total number of Equity Shares Allotted in the QIB Portion is 884000 Equity Shares which were allotted to 137 successful QIB Investors. The category-wise details of the Basis of Allotment are as under:

5. Allocation to Market Maker (After Technical Rejections & Withdrawal):

The Basis of Allotment to Market Maker who have bid at Issue Price of Rs. 331/- per Equity Shares or above, was finalized in consultation with BSE Limited. The category was subscribed 1.00 times i.e. for 424000 Equity Shares the total number of shares allotted in this category is 1 Equity Shares. The category wise details of the Basis of Allotment are as under:

6. Allotment to Anchor Investors (After Technical Rejections)

The Company in consultation with the BRLM has allocated 13,25,200 Equity Shares to 9 Anchor Investors at the Anchor Investor issue price of Rs. 331/- per Equity Shares in accordance with the SEBI ICDR Regulations. This represents 60% of the QIB Category.

The Board of Directors of our Company at its meeting held on July 17, 2026 has taken on record the basis of allotment of Equity Shares approved by the Designated Stock Exchange, being BSE Limited and has allotted the Equity Shares to various successful applicants. The Allotment Advice Cum Refund Intimation will be dispatched to the address of the investors as registered with the depositories. Further, instructions to the SCSBs have been dispatched/ mailed for unblocking of funds and transfer to the Public Issue Account on or before July 20, 2026 and payment to non-Syndicate brokers have been issued on July 21, 2026. In case the same is not received within ten days, investors may contact the Registrar to the Issue at the address given below. The Equity Shares allotted to the successful allottees shall be uploaded on or before July 20, 2026 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company is in the process of obtaining the listing and trading approval from BSE Limited and the trading of the Equity Shares is expected to commence on July 21, 2026.

Note: All capitalized terms used and not defined herein shall have the respective meaning assigned to them in the Prospectus dated July 17, 2026 ("Prospectus").

The details of the allotment made would also be hosted on the website of the Registrar to the Issue PURVA SHAREGISTRY (INDIA) PVT. LIMITED at www.purvashare.com.

All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First/Sole applicant, serial number of the Application Form, number of shares applied for and Bank Branch where the application had been lodged and payment details at the address of the Registrar given below:

	Purva Sharegistry (India) Private Limited
	Address: Unit no. 9, Shiv Shakti Ind. Estt., J.R. Boricha Marg, Lower Parel, Mumbai-400011.
	Facsimile: N.A.
	Telephone: +91 22 4961 4132
	Email: support@purvashare.com
	Investor Grievance e-mail: newissue@purvashare.com
	Website: www.purvashare.com
	Contact Person: Ms. Deepali Dhuri
	SEBI registration number: INR000001112
	CIN: U67120MH1986PTC040279

Disclaimer: MILLWORKS TECHNOLOGIES LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed the Prospectus with the Registrar of Companies, Bangalore on July 17, 2026 and thereafter with SEBI and the Stock Exchange. The Prospectus is available on the website of BSE SME at www.bsesme.com and is available on the websites of the BRLM at www.gyrcapitaladvisors.com. Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, please refer to the Prospectus including the section titled "Risk Factors" beginning on page 23 of the Prospectus.

The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended or any state securities laws in the United States, and unless so registered, and may not be issued or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, 1933 and in accordance with any applicable U.S. State Securities laws. The Equity Shares are being issued and sold outside the United States in 'offshore transactions' in reliance on Regulation "S" under the Securities Act, 1933 and the applicable laws of each jurisdiction where such issues and sales are made. There will be no public offering in the United States.