Mumbai-based Manika Plastech, a specialist in design-focused rigid polymer packaging, is set to launch its Initial Public Offering (IPO) for public subscription on September 11. The IPO will remain open until September 16, offering investors an opportunity to participate in the company's growth.
Manika Plastech IPO Details
The company has fixed the price band for its equity shares at Rs 40 to Rs 43 per share, with each share having a face value of Rs 2. The public issue comprises a fresh issuance of equity shares worth Rs 92.5 crore, alongside an Offer for Sale (OFS) of up to 76.74 lakh shares by the promoter entity, VRIDAA Holding Trust.
Use of Proceeds and Timeline
Manika Plastech intends to allocate Rs 54.9 crore from the fresh issue proceeds towards the acquisition of new plant and machinery. Additionally, Rs 15 crore will be utilized for debt repayment, with the remaining capital earmarked for general corporate purposes. Institutional investors will have a one-day window for anchor bidding on September 10.
The finalization of share allotment is anticipated by September 17. Following this, Manika Plastech's equity shares are expected to be listed on the stock exchanges around September 21. Pantomath Capital Advisors has been appointed as the merchant banker for this issue.
Company Profile and Financials
Promoted by the Kapadia family, Manika Plastech specializes in manufacturing standard and customized rigid polymer products. Their diverse product portfolio includes battery casings, pails and containers, automotive components, and thin-wall containers. The company caters to a wide array of industries, such as vehicle batteries, inverters, paints, agrochemicals, lubricants, food and dairy, and construction chemicals.
Manika Plastech operates seven manufacturing facilities, boasting a combined annual production capacity of 29,200 metric tonnes. For the quarter ending June 2026, the company reported a profit of Rs 13 crore on revenue of Rs 162.4 crore. In the fiscal year 2026, its profit increased by 15.9% year-on-year to Rs 22.4 crore, while revenue from operations grew by 7.3% to Rs 436 crore. As of July 2026, the company's total outstanding borrowings stood at Rs 77.9 crore.
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