Shares of Manika Plastech made their debut on the BSE and NSE today at ₹43 per share, opening at par with the IPO issue price. However, the stock has since declined 5% to ₹40.85 on the NSE and ₹40.86 on the BSE, showing initial weakness despite the flat listing. The stock hit a high of ₹43 and a low of ₹40.86 during the trading session, with over 4.10 lakh shares traded on the BSE so far. The company's market valuation stood at ₹476.07 crore at the current trading levels, reflecting the market's cautious response to the debut.
The Manika Plastech IPO was a ₹125.49 crore book-built issue, comprising a fresh issue of 2.15 crore shares aggregating to ₹92.5 crore and an offer for sale (OFS) of 76.74 lakh shares worth ₹33 crore. As reported by The Hindu BusinessLine, the company had set the IPO price band at ₹40–₹43 per share, with a lot size of 348 shares requiring a minimum investment of ₹14,964 for retail investors at the upper price band. The entire proceeds will be utilized for capital expenditure needs towards the purchase of plant and machinery, debt clearance and corporate general purposes. Of the proceeds from the fresh issue, ₹54.93 crore will be used for capital expenditure towards the purchase of plant and machinery, with the company expecting the proposed expansion to increase its installed capacity to 38,000 tonnes per annum from the existing 29,200 tonnes per annum. Another ₹15 crore will be used for repayment or pre-payment, in part or full, of certain borrowings, with the remaining funds earmarked for general corporate purposes. Pantomath Capital Advisors Pvt. Ltd. acted as the book-running lead manager, while MUFG Intime India Pvt. Ltd. served as the registrar of the issue.
The IPO opened for subscription on September 11, 2026, and closed on September 16, 2026. According to The Hindu BusinessLine, it received an overall subscription of 28.14 times, with the retail portion subscribed 22.72 times, the non-institutional investor (NII) category 63.09 times and the qualified institutional buyer (QIB) category 10.94 times. The initial public offering received bids for 60,18,61,476 shares as against 2,13,86,919 shares on offer. Ahead of the issue, Manika Plastech raised ₹37.65 crore from anchor investors including The Wealth Company Alternates Trust-Bharat Value Fund-Series III, TRUSTMF Multi Cap Fund, and Finavenue Capital Trust - Finavenue Growth Fund. The grey market had anticipated a listing gain of 1-2 percent, which was almost met by the actual listing performance, though the current trading at ₹40.85 shows some initial market caution.
Manika Plastech is a design-led, precision-engineered, rigid polymer packaging manufacturing company that caters to diversified critical industries such as energy storage, paints, chemicals, dairy and edible food products. The company operates seven facilities, including six manufacturing facilities in Dehradun, Hosur, Panipat, Una and Dadra, and one paint facility in Hosur. These facilities have a combined installed capacity of 29,200 tonnes per annum and cover more than 51,000 square metres. For FY2026, consolidated sales increased 7.3% to ₹435.98 crore, while operating profit rose 28.3% to ₹58.14 crore with the operating profit margin improving to 13.34% from 11.14% in FY2025. Profit before tax increased 19.7% to ₹30.44 crore, while profit after tax rose 15.9% to ₹22.40 crore. For the three months ended June 2026, net profit stood at ₹13.07 crore on net sales of ₹162.45 crore with an operating profit margin of 15.01%. The company served between 168 and 242 customers across 24 states and union territories during the last three financial years, with its top 20 customers having an average relationship tenure of more than 10 years as of June 30, 2026.
