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Tue, 15 Sept 2026
12:54:46 pm
Tue, 15 Sept 2026
12:54:46 pm
Rudransh Sangwan
Published at: September 15, 2026, 11:49 AM
Synopsis
Manika Plastech IPO details, including GMP, price band, lot size, subscription, listing information, financials and valuation for investors evaluating the issue.
Manika Plastech IPO is a mainboard book-building issue of ₹125.50 crore, comprising a fresh issue of 2.15 crore shares worth ₹92.50 crore and an offer for sale of 76.74 lakh shares worth ₹33 crore. The IPO opened on September 11, 2026, and will close on September 16, 2026.
The Manika Plastech IPO price band is fixed at ₹40 to ₹43 per share, with a lot size of 348 shares. At the upper price band, retail investors need a minimum investment of ₹14,964. The shares are proposed to list on BSE and NSE on September 21, 2026.
Manika Plastech IPO GMP is currently ₹4 per share, according to the latest grey market data updated on September 15, 2026, at 4:32 PM.
With the upper IPO price of ₹43, the estimated listing price is ₹47, implying a potential gain of around 9.30% over the issue price.
The GMP has fallen sharply from ₹20 on September 7 to ₹4 currently, indicating weakening grey market sentiment ahead of the IPO closing.
| Date | IPO Price | GMP | Est. Listing Price | Est. Gain |
|---|---|---|---|---|
| 15-Sep-2026 | ₹43 | ₹4 ▼ | ₹47 (9.30%) | ₹1,392 |
| 14-Sep-2026 | ₹43 | ₹11 ─ | ₹54 (25.58%) | ₹3,828 |
| 13-Sep-2026 | ₹43 | ₹11 ▼ | ₹54 (25.58%) | ₹3,828 |
| 12-Sep-2026 | ₹43 | ₹15 ▲ | ₹58 (34.88%) | ₹5,220 |
| 11-Sep-2026 | ₹43 | ₹7 ▼ | ₹50 (16.28%) | ₹2,436 |
| 10-Sep-2026 | ₹43 | ₹13 ─ | ₹56 (30.23%) | ₹4,524 |
| 09-Sep-2026 | ₹43 | ₹13 ▼ | ₹56 (30.23%) | ₹4,524 |
| 08-Sep-2026 | ₹43 | ₹17 ▼ | ₹60 (39.53%) | ₹5,916 |
| 07-Sep-2026 | ₹43 | ₹20 ▲ | ₹63 (46.51%) | ₹6,960 |
Note: GMP is unofficial and based on grey market activity. It is indicative and should not be treated as a guaranteed listing price.
| Particular | Details |
|---|---|
| IPO Date | September 11 to September 16, 2026 |
| Listing Date | September 21, 2026 |
| Price Band | ₹40 to ₹43 |
| Lot Size | 348 shares |
| Minimum Investment | ₹14,964 |
| Issue Size | ₹125.50 crore |
| Fresh Issue | ₹92.50 crore |
| OFS | ₹33 crore |
| Issue Type | Bookbuilding |
| Listing | BSE, NSE |
| Face Value | ₹2 per share |
| Registrar | MUFG Intime India |
| Lead Manager | Pantomath Capital Advisors |
| Event | Date |
|---|---|
| IPO Opens | September 11, 2026 |
| IPO Closes | September 16, 2026 |
| Allotment | September 17, 2026 |
| Refund | September 18, 2026 |
| Credit of Shares | September 18, 2026 |
| Listing | September 21, 2026 |
Investors can bid for a minimum of 348 shares and in multiples thereof.
| Investor | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 348 | ₹14,964 |
| Retail Maximum | 13 | 4,524 | ₹1,94,532 |
| S-HNI Minimum | 14 | 4,872 | ₹2,09,496 |
| S-HNI Maximum | 66 | 22,968 | ₹9,87,624 |
| B-HNI Minimum | 67 | 23,316 | ₹10,02,588 |
The issue has reserved 50% of shares for QIBs, 15% for NIIs and 35% for retail investors.
| Category | Shares | Reservation |
|---|---|---|
| QIB | 1,45,93,023 | 50% |
| NII | 43,77,907 | 15% |
| Retail | 1,02,15,116 | 35% |
| Total | 2,91,86,046 | 100% |
The company also raised ₹37.65 crore from anchor investors ahead of the IPO.
Incorporated in 1996, Manika Plastech Limited manufactures rigid polymer packaging products such as battery casings, pails and thinwall containers.
Its products serve industries including automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals, food and dairy.
The company provides end-to-end packaging solutions covering product design, raw material sourcing, manufacturing, heat sealing, labelling, quality assurance and delivery.
Manika Plastech has six manufacturing facilities and one painting facility across India, located in Dehradun, Hosur, Panipat, Una and Dadra. As of July 31, 2026, the company had 352 employees and 809 contract labourers.
The company's revenue increased from ₹412.59 crore in FY25 to ₹437.26 crore in FY26, while profit after tax increased from ₹19.33 crore to ₹22.40 crore.
| Financial Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | ₹368.76 Cr | ₹412.59 Cr | ₹437.26 Cr |
| PAT | ₹11.53 Cr | ₹19.33 Cr | ₹22.40 Cr |
| EBITDA | ₹30.86 Cr | ₹45.30 Cr | ₹58.14 Cr |
| Net Worth | ₹107.99 Cr | ₹125.17 Cr | ₹147.62 Cr |
| Borrowings | ₹93.06 Cr | ₹97.45 Cr | ₹88.19 Cr |
As of June 30, 2026, total income stood at ₹162.71 crore and PAT was ₹13.07 crore.
At the upper price band of ₹43, the post-issue market capitalisation is estimated at ₹501 crore. The post-issue P/E ratio is stated at 9.58x, based on the supplied IPO data.
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | ₹2.36 | ₹4.49 |
| P/E | 18.22x | 9.58x |
| Market Cap | ₹408.50 Cr | ₹501 Cr |
The company reported FY26 ROE of 15.18%, ROCE of 18.77% and debt-to-equity of 0.60.
Promoters currently hold 100% of the company. After the IPO, promoter and promoter group holding is expected to reduce to 74.95%, while public shareholding will increase to 25.05%.
The promoters are Nikunj Mohanlal Kapadia, Munjal Nikunj Kapadia, Mihir Nikunj Kapadia, Pratik Nikunj Kapadia and Vridaa Holding Trust.
The OFS consists of 76.74 lakh shares being sold by VRIDAA Holding Trust for ₹33 crore.
The fresh issue will contribute capital to the company, while the OFS proceeds will go to the selling shareholder.
Manika Plastech has an established presence in rigid polymer packaging and serves multiple industries across India. Its long-standing customer relationships, diversified product portfolio and manufacturing network are among the key positives.
Financial performance has also improved, with higher revenue, EBITDA and profit in FY26 and a reduction in borrowings compared with FY25.
However, investors should consider the company's relatively modest return ratios and the risks associated with the packaging and polymer industry before applying.
The latest GMP of ₹4 suggests a much lower potential listing premium than the levels seen earlier in the IPO period. Investors should therefore not rely solely on GMP while evaluating the issue.
As per the latest supplied subscription data, the IPO was subscribed 7.61 times on September 15, 2026. Retail demand stood at 7.68 times, NII at 5.95 times and QIB ex-anchor at 0.37 times at the earlier reported stage.
Subscription figures can change throughout the bidding period.
Phone: 022-49186000 Email: manikaplastech.ipo@in.mpms.mufg.com
Investors can use the registrar's platform to check Manika Plastech IPO allotment status after the allotment is finalized.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. GMP figures are unofficial and indicative, and actual listing prices may differ. Investors should conduct their own research before making investment decisions.
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