Manika Plastech IPO

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Price Band

40 – ₹43

Issue Size

125.5 Cr

Issue Dates

11 Sept 16 Sept 2026

Listing Date

21 Sept 2026

About Manika Plastech Ltd.

Incorporated in 1996, Manika Plastech Limited is engaged in the manufacturing of rigid polymer packaging products, including battery casings, pails and thinwall containers. The Company manufactures battery casings, pails and thinwall containers, which cater to various industrial and consumer applications. The Company also manufactures pails used for packaging paints, lubricants and industrial chemicals, while its food-grade thinwall containers are used for the packaging and distribution of dairy and edible food products. Manika Plastech provides end-to-end rigid polymer packaging solutions, covering design and development, sourcing of raw materials, manufacturing, heat sealing, labelling, quality assurance and delivery. The Company has developed capabilities to provide customized packaging products and designs its automotive battery casings in accordance with Japanese and German technical standards, including JIS and DIN standards, to meet customer-specific product specifications and quality requirements. The Company serves a diversified customer base across multiple end-user industries, including automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals, food and dairy, among others. During the three-month period ended June 30, 2026 and the preceding three Fiscals, the Company served 168 to 242 customers across 24 states and union territories in India. The Company has 7 operating facilities, comprising 6 manufacturing facilities located in Dehradun, Hosur, Panipat, Una and Dadra, and 1 paint facility located in Hosur. As of July 31, 2026, it had an employee base of 352 employees and 809 contract labourers.

IPO Details

Price Band₹40 – ₹43
Face Value₹2
Issue Size₹125.5 Cr
Fresh Issue₹92.5 Cr
Offer for Sale33 Cr
Total Shares Offered2,91,86,045
Listed OnBoth

Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: (1) Funding the capital expenditure towards purchase of plant and machinery - Rs. 54.93 Cr; (2) Repayment and/or pre-payment, in part or full, of certain borrowings availed by the Company - Rs. 15.00 Cr; (3) General Corporate Purposes (amount not disclosed). Total of specified objects: Rs. 69.93 Cr. The Offer for Sale of 76,74,418 equity shares of Rs. 2 each (aggregating Rs. 33.00 Cr) comprises shares sold entirely by VRIDAA Holding Trust (Promoter).

Key Financial Metrics

EPS (Basic)

2.36

P/E Ratio

18.22x

ROE

8.34%

ROCE

8.34%

Debt / Equity

0.59

Financial Performance

Particulars (₹ Cr)FY2024FY2025FY2026Q1 FY2027
Revenue
EBITDA30.8645.358.1424.38
PAT11.5319.3322.413.07
Total Assets252.93320.99323.69317
Net Worth107.99125.17147.62156.78
Total Borrowings93.0697.4588.1992.46

Valuation

Market Capitalisation

Pre-IPO₹409 Cr
Post-IPO₹501 Cr

P/E Ratio

Pre-IPO18.22x
Post-IPO9.58x

Promoter Holding

Pre-IPO100%
Post-IPO74.95%

Public Holding

Pre-IPO0%
Post-IPO25.05%

Lot Size & Allocation

Investment by Category

CategoryLot SizeMin InvestmentMax Investment
retail_min348 shares₹14,964
retail_max348 shares₹1,94,532
shni_min14 × 348₹2,09,496
shni_max348 shares₹9,87,624
bhni_min67 × 348₹10,02,588

Reservation / Allocation

CategoryAllocationCut-off
QIB Shares Offered50%No
Retail Shares Offered35%Yes
NII (HNI) Shares Offered15%No

Registrar & Lead Managers

Registrar

MUFG Intime India Pvt. Ltd.

Lead Managers (1)

Pantomath Capital Advisors Pvt. Ltd.

Peer Comparison

CompanyListedMkt Cap (₹ Cr)EPS (₹)P/EROE %
Manika Plastech IPO (this IPO)501₹2.3618.22x8.34%
Knack Packaging Ltd.Yes18.33x
Dhaval Packaging Ltd.Yes12.05x
Diksha Polymers Ltd.Yes9.79x

Frequently Asked Questions

5 questions about Manika Plastech IPO IPO

Manika Plastech IPO is a book build issue of 2,91,86,045 equity shares of face value Rs. 2, comprising a fresh issue of Rs. 92.50 crores and an offer for sale of 76.74 lakh shares by the promoter, VRIDAA Holding Trust, aggregating up to Rs. 33.00 crores, for a total issue size of Rs. 125.50 crores. The issue is priced in the band of Rs. 40 to Rs. 43 per share.

Important Dates

Issue Opens11 Sept 2026
Issue Closes16 Sept 2026
Allotment17 Sept 2026
Refund Initiation18 Sept 2026
Demat Credit18 Sept 2026
Listing Date21 Sept 2026

Live GMP

Grey Market Premium7
GMP %16.28%
View GMP History

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