Milestone Gears files for ₹1,100cr IPO

Business Nov 18, 2025

Milestone Gears is looking to raise ₹1,100 crore through an IPO—₹800 crore will come from new shares and ₹300 crore from existing promoters selling part of their stake.
JM Financial, Axis Capital, and Motilal Oswal are leading the process.

What does Milestone Gears do?

Milestone Gears makes precision transmission parts used in tractors, EVs, construction equipment, locomotives, and windmills.
They supply over 50 customers—including India's top nine tractor makers—and work with both Indian and global brands.

Where will the money go?

Funds from the IPO will help pay off about ₹357 crore in debt and kickstart a new greenfield project worth nearly ₹296 crore.
The company might also do a pre-IPO placement of up to ₹160 crore.