Milestone Gears Files DRHP for ₹1,100-Crore IPO

Milestone Gears Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI to launch an IPO worth up to ₹1,100 crore. The issue comprises a fresh share sale of ₹800 crore and an offer for sale of ₹300 crore by existing shareholders.

Proceeds from the fresh issue will be used to repay debt, fund a new manufacturing facility in Baddi, Himachal Pradesh, and meet general corporate needs.

The company manufactures high-precision transmission components used in tractors, construction equipment, EVs, locomotives and windmills, and supplies to more than 50 domestic and global OEMs, including all top nine tractor makers in India.

JM Financial, Axis Capital and Motilal Oswal Investment Advisors are the book-running lead managers. The shares are proposed to be listed on the BSE and NSE.