Milestone Gears Limited has taken its first formal step toward tapping the public markets, filing its Draft Red Herring Prospectus (DRHP) dated November 18, 2025 with SEBI and the stock exchanges for an initial public offering aggregating ₹1,100 crore.
The proposed offering comprises a fresh issue of equity shares worth ₹800 crore and an offer for sale (OFS) of up to ₹300 crore by promoter selling shareholders.
JM Financial, Axis Capital and Motilal Oswal Investment Advisors are acting as the book running lead managers (BRLMs).
Also Read: Tenneco Clean Air India Limited Raises ₹3,600 Crore in Strongly Subscribed IPO
A Deepening Pipeline in India’s Manufacturing & Engineering Sector
Milestone Gears operates in a segment that has been drawing rising interest from both private and public investors: precision-engineered transmission components for automotive and heavy-industry applications.
The company manufactures high-accuracy gears and complex components used across:
agricultural machinery and tractors
construction equipment
electric vehicles
locomotives
wind energy systems
industrial machinery
Its client base includes domestic and global OEMs, and its facilities are equipped with 5-axis CNC gear analyzers and optical measuring systems, enabling tight tolerances and high repeatability — a key differentiator in a sector where precision defines value.
This diversified application footprint positions the company at the intersection of multiple growth narratives: EV expansion, mechanised agriculture, infrastructure development and renewable energy.
Legal Advisory
Khaitan & Co – Counsel to the Issuer
Khaitan & Co is advising Milestone Gears Limited as issuer’s counsel on the proposed IPO, covering the full capital markets spectrum — due diligence, regulatory engagement, drafting and review of offer documents, and overall transaction execution.
Deal Team:
Gautham Srinivas (Partner – Lead)
Sathvik Ponnappa (Partner)
Sanjeev Chowdhary (Principal Associate)
Mainak Pani (Associate)
Vidushi Tanya (Associate)
Aditi Dubey (Associate)
Harshitha Kiran (Associate)
Anushaka Sharma (Associate)
Trilegal – Counsel to the BRLMs
Trilegal is advising the BRLMs — JM Financial, Axis Capital and Motilal Oswal Investment Advisors — on regulatory review, disclosure matters and coordination with intermediaries throughout the IPO process.
Deal Team:
Albin Thomas (Partner – Lead)
Malika Grewal (Counsel)
Janhavi Shah (Associate)
Kavya Krishnaswamy (Associate)
Adhish Mohanty (Associate)
Sanskriti Singh (Associate)
Hogan Lovells – International Counsel
Hogan Lovells is acting as international legal counsel to the BRLMs, advising on cross-border regulatory considerations and foreign investor-facing aspects of the offer documentation.
Deal Team:
Biswajit Chatterjee (Head of India Practice & Dubai Office Managing Partner – Lead)
Kaustubh George (Counsel)
Aditya Rajput (Senior Associate)
Purva Mishra (Associate)
What This IPO Signals for the Market
The transaction reinforces the renewed momentum in India’s manufacturing-linked IPO pipeline, particularly in precision engineering and industrial components.
The issuer’s diversified end-use industries — spanning EVs to wind energy — align well with market themes attracting institutional interest.
The involvement of both leading Indian firms and a global counsel underscores the increasing cross-border sophistication of Indian mainboard equity offerings.
Also Read: JSW Paints Raises ₹3,300 Crore via Maiden NCD Issuance
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions
