Manika Plastech's IPO received 1.42 times subscription on the first day of bidding on Friday, September 11, 2026, according to stock exchange data at 17:00 IST. The issue received bids for 3.04 crore shares against 2.13 crore shares on offer. The IPO will remain open for subscription until September 16, 2026, with the price band fixed at ₹40-43 per share and a minimum bid of 348 equity shares. The retail investor portion was subscribed 1.69 times while the non-institutional investor (NII) category was subscribed 0.68 times.
Steamhouse India and Manika Plastech are launching concurrent IPOs on the mainboard to raise ₹539 crore collectively. According to reports from The Hindu BusinessLine, Steamhouse India will raise ₹414 crore while Manika Plastech will raise ₹125 crore. The Manika Plastech IPO comprises a fresh issue of ₹92.50 crore and an offer for sale of 76.74 lakh equity shares worth approximately ₹33 crore. From the fresh issue proceeds, ₹54.93 crore will be used for capital expenditure towards purchase of plant and machinery, with the company expecting the proposed expansion to increase installed capacity to 38,000 tonnes per annum from the existing 29,200 tonnes per annum. Another ₹15 crore will be used for repayment of borrowings, with the remaining funds earmarked for general corporate purposes.
Manika Plastech manufactures rigid polymer packaging products, including battery casings, pails and thinwall containers, serving industries such as automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals, food and dairy. The company operates seven facilities, including six manufacturing facilities in Dehradun, Hosur, Panipat, Una and Dadra, and one paint facility in Hosur, with a combined installed capacity of 29,200 tonnes per annum covering more than 51,000 square metres. During the three months ended June 30, 2026, the company served 168-242 customers across 24 states and union territories, with its top 20 customers having average relationship tenure exceeding 10 years. The shares are proposed to be listed on both BSE and NSE on September 21.
Manika Plastech reported consolidated sales of ₹435.98 crore for FY2026, representing 7.3% growth, with operating profit rising 28.3% to ₹58.14 crore and 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 had consolidated borrowings of ₹92.46 crore as of June 30, 2026, compared with ₹88.19 crore as of March 31, 2026. The proposed ₹15 crore debt repayment from fresh issue proceeds is expected to reduce its interest burden significantly.
Manika Plastech has identified customer concentration, dependence on repeat orders, crude oil-linked raw material prices, working capital requirements and reliance on leased manufacturing sites as key risks to its business. Its top five customers accounted for 58.75% of revenue in the three months ended June 2026 and 62.95% in FY2026. The company raised ₹37.6 crore from four anchor investors, allotting 87.55 lakh equity shares at ₹43 per share ahead of the IPO opening. In the grey market, Manika Plastech shares were commanding a premium of ₹10 over the upper price band of ₹43, with the estimated listing price at ₹53.
