Manika Plastech Shares Make Flat Stock Market Debut at Par With Issue Price of 43 Rupees

Shares of rigid polymer packaging manufacturer Manika Plastech Ltd made a muted debut on Dalal Street on Monday, listing at par with their issue price of ₹43 per share on both the National Stock Exchange (NSE) and BSE. The flat listing matched grey market trends, where premia had remained modest in the days leading up to the market debut.

Following the listing, the scrip witnessed minor selling pressure, touching an intra-day low of ₹40.86 on the BSE before hovering around the ₹41 mark during morning trade.

Public Issue Overview

The initial public offering (IPO) of Manika Plastech was an issue worth ₹125.50 crore. The price band for the offering was set at ₹40 to ₹43 per equity share with a face value of ₹2 each.

The public offering consisted of:

• A fresh issue of 2.15 crore equity shares aggregating to ₹92.50 crore.
• An offer for sale (OFS) of up to 76.74 lakh equity shares aggregating to ₹33 crore by promoter entity VRIDAA Holding Trust.

The IPO had opened for public bidding on September 11, 2026, and closed on September 16, 2026. Before the issue opened, the company mobilized ₹37.65 crore from anchor investors. Pantomath Capital Advisors acted as the book-running lead manager to the issue, while MUFG Intime India served as the registrar.

Subscription Response

The offering received a healthy overall subscription of 28.14 times, receiving bids for 60,18,93,840 shares against the net offer of 2,13,86,919 equity shares. The non-institutional investor (NII) segment saw the highest bidding momentum, followed by retail individual investors and qualified institutional buyers.

Key Objectives of the Proceeds:

• Capacity Expansion: Allocation of ₹54.93 crore towards capital expenditure to purchase plant and machinery, aimed at scaling installed manufacturing capacity from 29,200 tonnes per annum to 38,000 tonnes per annum.
• Debt Reduction: Allocation of ₹15 crore towards full or partial prepayment or repayment of outstanding borrowings.
• Corporate Requirements: Utilization of the remaining funds toward general corporate purposes.

Business and Financial Profile

Incorporated in 1996 and headquartered in Silvassa, Manika Plastech manufactures rigid polymer packaging solutions, including automotive and inverter battery casings, industrial pails, and thinwall food containers. The company caters to clients across industries such as automotive, power storage, chemicals, paints, lubricants, and dairy. It operates manufacturing facilities across multiple locations including Dehradun, Hosur, Panipat, Una, and Dadra.

Financially, the company posted a 7.3% increase in consolidated revenue to ₹435.98 crore for FY2026, compared to the preceding financial year. Consolidated profit after tax (PAT) rose 15.9% to ₹22.40 crore in FY2026. For the first quarter ended June 30, 2026, Manika Plastech reported net sales of ₹162.45 crore and a net profit of ₹13.07 crore, with an operating profit margin of 15.01%.

Tags: Manika Plastech BSE NSE IPO Packaging Sector SEBI