Mumbai-based plastic products manufacturer Manika Plastech has successfully raised ₹37.6 crore from four anchor investors on September 10, a day ahead of its public issue opening. The company has announced the price band for its upcoming IPO at ₹40-43 per share with a face value of ₹2. The ₹125.5 crore fundraising initiative opened for public subscription on September 11, with the price band set to attract investors. According to the company's filing with stock exchanges, Manika Plastech allocated 87.55 lakh equity shares to four anchor investors at the upper end of the price band. The Wealth Company Alternates Trust-Bharat Value Fund-Series III, a Pantomath Group subsidiary, emerged as the largest investor, acquiring 41.04 lakh shares for ₹17.6 crore. Trust Mutual Fund through its two schemes picked up 23.26 lakh shares for ₹10 crore, while Finavenue Capital Trust and Nova Global Opportunities Fund PCC each invested ₹5 crore in the company.
The public issue comprises a fresh issue of ₹92.5 crore and an Offer For Sale (OFS) of 76.74 lakh shares aggregating ₹33 crore at the higher end, taking the total issue size to ₹125.5 crore. The company is likely to finalise IPO share allotment by September 17, with trading in its equity shares expected to commence on the bourses from September 21. The public issue has been reduced from the original draft proposal, where the company had planned to raise ₹115 crore through a fresh issue alongside an OFS of 1.5 crore equity shares. The anchor book opened for institutional investors on September 10, while public participation is available until September 16.
According to Moneycontrol, Manika Plastech operates seven manufacturing facilities with a total capacity of 29,200 MTPA. The company's products are used across several industries, including vehicle batteries, inverters, paints, agrochemicals, lubricants, food and dairy products, and construction chemicals. The company competes with listed peers such as Mold-Tek Packaging, Shaily Engineering Plastics and Hitech Corporation. As a precision-engineered rigid polymer packaging manufacturer, Manika Plastech specialises in products such as battery casings, pails and thin-wall containers, catering to automotive, energy storage, telecommunications, and other sectors.
In the latest quarter ended June 2026, Manika Plastech reported a profit of ₹13 crore and revenue of ₹162.4 crore. For the fiscal year ended March 2026, its profit grew 15.9 percent to ₹22.4 crore, while revenue from operations increased 7.3 percent year-on-year to ₹436 crore. The company's financial performance demonstrates consistent growth across both quarterly and annual periods, with the latest quarter showing strong operational metrics.
The company intends to use ₹54.9 crore of the net fresh issue proceeds to purchase plant and machinery, while ₹15 crore will be used for debt repayment against total outstanding borrowings of ₹77.9 crore as of July 2026. The remaining proceeds will be utilised for general corporate purposes. Pantomath Capital Advisors has been appointed as the merchant banker for managing the Manika Plastech IPO, while MUFG Intime India serves as the registrar. The shares are proposed to be listed on both BSE and NSE on September 21.
