Manika Plastech IPO is a book-building issue worth ₹125.50 crore. The IPO includes a fresh issue of 2.15 crore shares, amounting to ₹92.50 crore. In addition, there is an Offer for Sale (OFS) of 76.74 lakh shares, valued at ₹33.00 crore.
The IPO opened for subscription on September 11, 2026, and the bidding will remain open until September 16, 2026. The share allotment is expected to be finalized on September 17, 2026. The company is proposed to be listed on both NSE and BSE, with September 21, 2026 as the tentative listing date.
The IPO has a price band of ₹40 to ₹43 per share. Each application lot consists of 348 shares. At the upper price of ₹43, a retail investor needs a minimum investment of ₹14,964 for one lot.
Pantomath Capital Advisors Pvt. Ltd. is acting as the Book Running Lead Manager for the issue, while MUFG Intime India Pvt. Ltd. is the Registrar of the IPO.
Manika Plastech IPO Details
| IPO Open Date | 11-09-2026 |
| IPO Close Date | 16-09-2026 |
| Face Value | ₹2 Per Equity Share |
| IPO Price Band | ₹40 to ₹43 Per Share |
| Issue Size | Approx 125.50 cr. |
| Fresh Issue | Approx 92.5 cr. |
| Offer For Sale | Approx 76,74,418 |
| Issue Type | Book Build Issue |
| IPO Listing | NSE,BSE |
Issue Reservation
| Investor Category | Shares Offered % |
|---|---|
| Retail Shares Offered | 35% |
| NII Shares Offered | 15% |
| QIB Shares Offered | 50% |
Manika Plastech IPO Market Lot
The Manika Plastech IPO minimum market lot is 348 shares with ₹14,964 application amount. The retail investors can apply up-to 13 lots with 4,524 shares of ₹1,94,532 amount.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 348 | ₹14,964 |
| Retail Maximum | 13 | 4,524 | ₹1,94,532 |
| S-HNI Minimum | 14 | 4,872 | ₹2,09,494 |
| S-HNI Maximum | 66 | 22,968 | ₹9,87,624 |
| B-HNI Minimum | 67 | 23,316 | ₹10,02,588 |
Manika Plastech IPO Anchor Investors
| Anchor Bidding Date | 10-09-2026 |
| Shares Offered | 87,55,813 Shares |
| Lock-in period end date 50% shares(30 Days) | 17-10-2026 |
| Lock-in period end date 50% shares (90 Days) | 16-12-2026 |
Manika Plastech IPO Dates
The Manika Plastech IPO Open date is September 11 and the close date is September 16. The Manika Plastech IPO allotment will be finalized on September 17 and the IPO listing on September 21.
| IPO Open Date: | 11-09-2026 |
| IPO Close Date: | 16-09-2026 |
| Basis of allotment: | 17-09-2026 |
| Refunds: | 18-09-2026 |
| Credit to Demat Account: | 18-09-2026 |
| IPO Listing Date: | 21-09-2026 |
Key Strengths and Hidden Risks
Hidden Benefits
✅ Improving Profitability
EBITDA margin has steadily improved.
✅ Lower Debt Burden
Debt-to-equity has declined over the years.
✅ Strong Customer Retention
Repeat customers contribute a major share of revenue.
✅ Customer Proximity Advantage
Manufacturing units are located close to key customers.
✅ Capacity Expansion
IPO funds will support plant, machinery and capacity growth.
Hidden Risks
⚠️ High Customer Concentration
Top 5 customers contribute over 58% of revenue.
⚠️ Battery Casing Dependence
Battery casings remain the company’s largest revenue segment.
⚠️ Weak Cash Conversion
Operating cash flow has weakened relative to EBITDA.
⚠️ Raw Material Dependence
PPCP forms a major portion of total purchases.
⚠️ Working Capital Pressure
Higher working-capital requirements may affect cash flows.
Pre and Post-IPO Shareholding Pattern
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 100% | 74.95% |
| Public | 25.05% | |
| Total | 100% | 100% |
Company Promoters: Nikunj Mohanlal Kapadia, Munjal Nikunj Kapadia, Mihir Nikunj Kapadia, Pratik Nikunj Kapadia and Vridaa Holding Trust.
Use of Funds
| Purpose | Crores |
|---|---|
| Investment in Plant & Machinery | ₹59.82 |
| Repayment / Prepayment of Existing Loans | ₹25 |
| General Corporate Requirements | ₹- |
About
Manika Plastech Limited is a design-led and precision-engineered rigid plastic packaging manufacturer serving a diverse range of industries, including energy storage, paints, lubricants, agrochemicals, food, dairy, construction chemicals, and automotive applications. Established in 1996, the company has built a strong presence in the rigid polymer packaging segment through its focus on product innovation, quality manufacturing, and customer-centric solutions.
The company manufactures battery casings, pails, thin-wall containers, and automotive components, while also offering painting services for automotive parts. Its products are used across several critical industries and are supported by in-house design and development capabilities, including multiple registered product designs.
Manika Plastech operates a network of manufacturing facilities located in Dadra, Dehradun, Hosur, Panipat, and Una, enabling it to serve customers efficiently across India. The company follows a strategy of locating facilities close to major customers, helping reduce logistics costs and strengthen long-term business relationships. Key customers include leading brands such as Luminous Power Technologies, Livguard Energy Technologies, Kansai Nerolac Paints, JSW Paints, Grasim Industries, and Vadilal Industries.
The IPO consists of a fresh issue of up to ₹925 million along with an offer for sale by the promoter selling shareholder. The company intends to utilize the proceeds to support its expansion plans, enhance manufacturing capabilities, and capitalize on the growing demand for rigid plastic packaging solutions in India.
Manika Plastech IPO Company Financial Report
| Period Ended | Revenue | Expense | Pat | Assets |
|---|---|---|---|---|
| 2024 | ₹368.76 | ₹352.40 | ₹11.53 | ₹252.93 |
| 2025 | ₹412.59 | ₹387.16 | ₹19.33 | ₹320.99 |
| 2026 | ₹437.26 | ₹406.83 | ₹22.40 | ₹323.69 |
Manika Plastech IPO Valuation – FY2026
Check Manika Plastech IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
|---|---|
| ROE | 15.18% |
| ROCE | 18.77% |
| EBITDA Margin | 13.34% |
| PAT Margin | 5.12% |
| Debt to equity ration | 0.60 |
| Earning Per Share(EPS) | ₹2.36 |
| P/E Ratio | N/A |
| Return on Net Worth (RoNW) | 15.18% |
| Net Asset Value(NAV) | ₹15.54% |
Peer Group Comparison
| Company | Income cr. | EPS | PE Ratio | RoNW | NAV |
|---|---|---|---|---|---|
| Hitech Corporation Ltd | 640.40 cr. | 8.84 | 37.85 | 5.34% | 165.72 |
| Mold-Tek Packaging Ltd | 886.61 cr. | 21.93 | 32.34 | 10.56% | 207.64 |
| Shaily Engineering Plastics Ltd | 990.67 cr. | 36.97 | 88.85 | 23.71% | 155.95 |
Manika Plastech IPO Lead Managers aka Merchant Bankers
- Pantomath Capital Advisors Pvt. Ltd.
Company Address
Manika Plastech Ltd.
Gala Number C/22-26,
First Tax Free Industrial Estate, Silvassa
Khanvel Road, Village Saily,
Silvassa, Dadra and Nagar Haveli and Daman and Diu, 396230
Phone: +91 22 4223 4300
Email: cs@manikaplastech.com
Website: http://www.manikaplastech.com/
Manika Plastech IPO Registrar
MUFG Intime India Pvt. Ltd.
Phone: 022-49186000
Email: manikaplastech.ipo@in.mpms.mufg.com
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Disclaimer
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The content published on this website should not be considered financial advice, investment advice, or a recommendation to buy, sell, or hold any security. Investors should conduct their own research and consult a SEBI-registered financial advisor before making any investment decisions.