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    Manika Plastech IPO

    Updated 26 Oct 2026, 6:50 pm.

    Open Demat Account
    GMP disclaimer: GMP is unofficial and unregulated. It is not a recommendation or a reliable estimate of listing price or returns. Consider the RHP and your own risk assessment before applying.

    Minimum investment (Retail)

    ₹14,964

    1 lot · 348 shares at the upper price band

    Price band

    ₹43

    Latest GMP

    ₹1

    +2.3% of the ₹43 upper band

    Est. listing price

    ₹44

    Issue size

    ₹33 Cr

    As NSE lists it

    The exchange's own issue data, NSE symbol MANIKA · read 27 Oct 2026, 12:15 am

    Price band
    ₹40–43
    Bidding
    11 Sept 2026 – 16 Sept 2026
    Subscribed (NSE)
    —
    Shares offered
    —
    Listed
    21 Sept 2026
    Issue price
    ₹43

    NSE's subscription counts bids on its own platform and can differ from the combined NSE + BSE figure above.

    Allotment status

    Check it on the registrar's page or either exchange with your PAN or application number.

    1. Allotment finalised17 Sept 2026(done)
    2. Refunds start18 Sept 2026(done)
    3. Shares credited to demat18 Sept 2026(done)
    4. Listing21 Sept 2026(done)
    Check on MUFG Intime India Pvt.Ltd.Check on BSECheck on NSE

    GMP history

    Each point is a recorded observation from the scheduled data sync.

    ObservedGMPEst. listing price
    21 Sept 2026, 6:50 pm₹1₹44
    21 Sept 2026, 6:45 pm₹1₹44
    21 Sept 2026, 1:50 pm₹1₹44
    21 Sept 2026, 1:46 pm₹1₹44
    21 Sept 2026, 11:23 am₹1₹44
    21 Sept 2026, 8:45 am₹1₹44
    19 Sept 2026, 6:45 pm₹2₹45
    19 Sept 2026, 1:45 pm₹2₹45
    19 Sept 2026, 8:45 am₹2₹45
    18 Sept 2026, 6:45 pm₹2₹45
    18 Sept 2026, 1:45 pm₹2₹45
    18 Sept 2026, 8:45 am₹2₹45
    17 Sept 2026, 6:45 pm₹2₹45
    17 Sept 2026, 1:45 pm₹2₹45
    17 Sept 2026, 8:45 am₹2₹45
    16 Sept 2026, 6:45 pm₹5₹48
    16 Sept 2026, 1:45 pm₹3₹46
    16 Sept 2026, 8:50 am₹3₹46
    16 Sept 2026, 8:45 am₹3₹46
    15 Sept 2026, 9:28 pm₹7₹54
    15 Sept 2026, 9:20 pm₹11₹54
    15 Sept 2026, 8:37 pm₹11₹54
    15 Sept 2026, 8:30 pm₹11₹54
    15 Sept 2026, 8:00 pm₹11₹54
    15 Sept 2026, 2:12 pm₹8₹54
    15 Sept 2026, 2:10 pm₹11₹54
    15 Sept 2026, 12:09 am₹11₹53
    15 Sept 2026, 12:08 am₹10₹53
    14 Sept 2026, 2:27 pm₹11₹53
    14 Sept 2026, 2:25 pm₹10₹53
    12 Sept 2026, 9:50 pm₹13₹53
    12 Sept 2026, 9:49 pm₹10₹53
    12 Sept 2026, 5:41 pm₹13₹53
    12 Sept 2026, 5:40 pm₹10₹53
    12 Sept 2026, 1:26 pm₹7₹53
    12 Sept 2026, 1:25 pm₹10₹53
    11 Sept 2026, 10:33 pm₹10₹56
    11 Sept 2026, 10:31 pm₹13₹56
    11 Sept 2026, 6:20 pm₹12₹56
    11 Sept 2026, 6:19 pm₹13₹56
    11 Sept 2026, 1:35 pm₹12₹56
    11 Sept 2026, 1:33 pm₹13₹56
    11 Sept 2026, 12:30 pm₹12₹56
    11 Sept 2026, 12:25 pm₹13₹56
    11 Sept 2026, 12:20 pm₹13₹56
    11 Sept 2026, 11:58 am₹13₹56
    10 Sept 2026, 11:47 pm₹13₹56
    10 Sept 2026, 11:07 pm₹13₹56
    10 Sept 2026, 11:00 pm₹13₹56
    10 Sept 2026, 10:30 pm₹13₹56
    10 Sept 2026, 10:29 pm₹13₹56
    10 Sept 2026, 6:26 pm₹13₹56
    10 Sept 2026, 6:25 pm₹13₹56
    10 Sept 2026, 4:50 pm₹13₹56
    10 Sept 2026, 1:38 pm₹13₹56
    10 Sept 2026, 11:43 am₹13₹56
    10 Sept 2026, 11:40 am₹13₹56
    10 Sept 2026, 11:39 am₹13₹56
    9 Sept 2026, 10:39 pm₹17₹60

    GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.

    Issue details

    Board
    Mainboard
    Price band
    ₹43
    Issue size
    ₹33 Cr
    Lot size
    348
    Opens
    11 Sept 2026
    Closes
    16 Sept 2026
    Allotment
    17 Sept 2026
    Listing
    21 Sept 2026
    Est. listing price
    ₹44
    Listing price
    ₹43
    Listing gain
    Awaited
    Registrar
    MUFG Intime India Pvt.Ltd.
    Minimum investment
    ₹14,964 (1 lot · 348 shares)
    Face value
    ₹2 per share
    Issue type
    Bookbuilding IPO
    Sale type
    Fresh capital cum OFS
    Fresh issue
    ₹92 Cr
    Offer for sale
    ₹33 Cr
    Listing at
    BSE, NSE
    Refunds
    18 Sept 2026
    Shares credited
    18 Sept 2026
    Promoter holding
    100% before · 74.95% after
    Lead managers
    Pantomath Capital Advisors Pvt.Ltd.

    Offer documents & links

    Red Herring Prospectus (RHP)Check allotment statusCompany website

    Subscription by category

    As of 16 Sept 2026, 6:54 pm.

    Total subscription

    29.46x

    Qualified Institutional11.22×
    Non Institutional66.58×
    Retail Individual23.98×

    Full issue details

    Details as published for this issue, read 19 Sept 2026, 9:05 am. Verify against the RHP before applying.

    IPO Details

    IPO Date11 to 16 Sep, 2026
    Listing DateMon, Sep 21, 2026
    Face Value₹ 2 per share
    Price Band₹40 to ₹43
    Issue Price₹43 per share
    Lot Size348 Shares
    Sale TypeFresh capital cum OFS
    Issue TypeBookbuilding IPO
    Listing AtBSE, NSE
    Total Issue Size2,91,86,045 shares (agg. up to ₹ 125 Cr)
    Fresh Issue2,15,11,627 shares (agg. up to ₹ 92 Cr)
    Offer for Sale76,74,418 shares of ₹ 2 (agg. up to ₹ 33 Cr)
    Share Holding Pre Issue9,50,00,000 shares
    Share Holding Post Issue11,65,11,627 shares
    BSE Script Code / NSE Symbol544929 / MANIKA
    ISININE0KWF01020

    IPO Timetable

    IPO Open
    Fri, Sep 11, 2026
    IPO Close
    Wed, Sep 16, 2026
    Allotment
    Thu, Sep 17, 2026
    Refund
    Fri, Sep 18, 2026
    Credit of Shares
    Fri, Sep 18, 2026
    Listing
    Mon, Sep 21, 2026

    Issue Reservation

    • QIB50.00%
    • NII (HNI)15.00%
    • Retail35.00%
    Issue Reservation: Share of the issue reserved for each investor category. Figures as published in the table below.
    Investor CategoryShares% of Total IssueMax Allottees
    QIB1,45,93,02350.00%NA
    - Anchor Investor87,55,81330.00%NA
    - QIB (Ex. Anchor)58,37,21020.00%NA
    NII (HNI)43,77,90715.00%NA
    - bNII > ₹10L29,18,60510.00%599
    - sNII < ₹10L14,59,3025.00%299
    Retail1,02,15,11635.00%29,353
    Total2,91,86,046100.00%—

    Manika Plastech IPO comprises a total issue size of 2,91,86,046 shares. Out of which, 1,45,93,023 (50.00%) are allocated to QIB , 43,77,907 (15.00%) allocated to NII 1,02,15,116 (35.00%) allocated to RII .

    IPO Lot Size

    Retail (Min)₹14,964
    Retail (Max)₹1,94,532
    S-HNI (Min)₹2,09,496
    S-HNI (Max)₹9,87,624
    B-HNI (Min)₹10,02,588
    IPO Lot Size: What an application costs at the upper price band, by category. Figures as published in the table below.
    ApplicationLotsSharesAmount
    Retail (Min)1348₹14,964
    Retail (Max)134,524₹1,94,532
    S-HNI (Min)144,872₹2,09,496
    S-HNI (Max)6622,968₹9,87,624
    B-HNI (Min)6723,316₹10,02,588

    Investors can bid for a minimum of 348 shares and in multiples thereof.

    IPO Anchor Investors

    Bid DateThu, Sep 10, 2026
    Shares Offered87,55,813
    Anchor Portion (₹ Cr.)37.65
    Anchor lock-in period end date for 50% shares (30 Days)Sat, Oct 17, 2026
    Anchor lock-in period end date for remaining shares (90 Days)Wed, Dec 16, 2026

    Manika Plastech IPO raises ₹ 37.65 crore from anchor investors . Manika Plastech IPO Anchor bid date is September 10, 2026 .

    📝 Anchor Investors Letter (PDF)

    About Manika Plastech Ltd.

    Incorporated in 1996, Manika Plastech Limited is engaged in the manufacturing of rigid polymer packaging products, including battery casings, pails and thinwall containers.

    The Company manufactures battery casings, pails and thinwall containers, which cater to various industrial and consumer applications. The Company also manufactures pails used for packaging paints, lubricants and industrial chemicals, while its food-grade thinwall containers are used for the packaging and distribution of dairy and edible food products. Its products are designed to provide structural strength, protection and ease of handling throughout the expected product lifecycle.

    Manika Plastech provides end-to-end rigid polymer packaging solutions, covering design and development, sourcing of raw materials, manufacturing, heat sealing, labelling, quality assurance and delivery. The Company has developed capabilities to provide customized packaging products and designs its automotive battery casings in accordance with Japanese and German technical standards, including JIS and DIN standards, to meet customer-specific product specifications and quality requirements.

    The Company serves a diversified customer base across multiple end-user industries, including automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals, food and dairy, among others.

    During the three-month period ended June 30, 2026 and the preceding three Fiscals, the Company served 168 to 242 customers across 24 states and union territories in India. Its top 20 customers had an average relationship tenure of over 10 years as of June 30, 2026, while its long operating history of over two decades has enabled it to build relationships across multiple industries and reduce dependence on any particular customer or industry segment.

    The Company has 7 operating facilities, comprising 6 manufacturing facilities located in Dehradun, Hosur, Panipat, Una and Dadra, and 1 paint facility located in Hosur. As of July 31, 2026, it had an employee base of 352 employees and 809 contract labourers.

    The Company operates 6 manufacturing facilities and 1 painting facility across India. Its manufacturing units produce battery casings, pails, thinwall containers and automotive components, while the painting facility is used for painting automotive components.

    Dadra: Manufactures pails and thinwall containers, serving Vadilal Industries Limited and other leading food and dairy product manufacturers.

    Dehradun: Manufactures battery casings for customers including Livguard Energy Technologies Private Limited, Luminous Power Technologies Private Limited, Genus Innovation Limited and HSD Batteries (India) Pvt. Ltd.

    Hosur (Manufacturing): Produces battery casings, pails, thinwall containers and automotive components for customers such as Luminous Power Technologies Private Limited, Kansai Nerolac Paints Limited, JSW Paints Limited, Sakthi Accumulators Private Limited, Surya Batteries and Zunax Energy Products LLP.

    Hosur (Painting): Provides painting of automotive components for Ultraviolette Automotive Private Limited, TVS Motor Company Limited and other automotive component and commercial EV manufacturers.

    Panipat: Manufactures pails and thinwall containers, with Grasim Industries Limited as a key customer.

    Una: Manufactures battery casings, pails and thinwall containers for customers including Livguard Energy Technologies Private Limited, Luminous Power Technologies Private Limited and Kansai Nerolac Paints Limited.

    Company Financials (Restated Consolidated)

    Total Income

    31 Mar 2024368.76
    31 Mar 2025412.59
    31 Mar 2026437.26
    30 Jun 2026part period162.71

    Profit After Tax

    31 Mar 202411.53
    31 Mar 202519.33
    31 Mar 202622.40
    30 Jun 2026part period13.07

    EBITDA

    31 Mar 202430.86
    31 Mar 202545.30
    31 Mar 202658.14
    30 Jun 2026part period24.38

    NET Worth

    31 Mar 2024107.99
    31 Mar 2025125.17
    31 Mar 2026147.62
    30 Jun 2026part period156.78
    Company Financials (Restated Consolidated): Each line is scaled to its own largest period, ₹ crore - compare periods within a line, not one line against another. The muted bar is a part period, not a full year - it is shorter, not smaller. Figures as published in the table below.
    Period Ended30 Jun 202631 Mar 202631 Mar 202531 Mar 2024
    Assets317.00323.69320.99252.93
    Total Income162.71437.26412.59368.76
    Profit After Tax13.0722.4019.3311.53
    EBITDA24.3858.1445.3030.86
    NET Worth156.78147.62125.17107.99
    Reserves and Surplus136.97127.69105.2988.05
    Total Borrowing92.4688.1997.4593.06
    Amount in ₹ Crore

    Manika Plastech Ltd.'s revenue increased by 6% and profit after tax (PAT) rose by 16% between the financial year ending with March 31, 2026 and March 31, 2025.

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    IPO Objects of the Issue

    Funding the capital expenditure towards purchase of plant and machinery54.93
    Repayment and/or pre-payment, in part or full, of certain borrowings availed by Company15.00
    General Corporate Purposes11.71
    Offer Expense14.72
    IPO Objects of the Issue: What the proceeds are earmarked for (₹ Cr.). Figures as published in the table below.
    #Issue ObjectsEst Amt (₹ Cr.)
    1Funding the capital expenditure towards purchase of plant and machinery54.93
    2Repayment and/or pre-payment, in part or full, of certain borrowings availed by Company15.00
    3General Corporate Purposes11.71
    4Offer Expense14.72
    Total96.36

    The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

    Key Performance Indicator (KPI)

    ROE

    Mar 31, 202615.18%
    Jun 30, 2026part period8.34%

    ROCE

    Mar 31, 202618.77%
    Jun 30, 2026part period8.34%

    RoNW

    Mar 31, 202615.18%
    Jun 30, 2026part period8.34%

    PAT Margin

    Mar 31, 20265.12%
    Jun 30, 2026part period8.03%

    EBITDA Margin

    Mar 31, 202613.34%
    Jun 30, 2026part period15.01%
    Key Performance Indicator (KPI): The percentage ratios only; the table's absolute figures stay in the table. The muted bar is a part period, not a full year - it is shorter, not smaller. Figures as published in the table below.
    KPIJun 30, 2026Mar 31, 2026
    ROE8.34%15.18%
    ROCE8.34%18.77%
    Debt/Equity0.590.60
    RoNW8.34%15.18%
    PAT Margin8.03%5.12%
    EBITDA Margin15.01%13.34%
    NAV16.5015.54
    Price to Book Value2.612.77

    Check IPO Peer Comparison here.

    IPO Valuation

    Valuation MetricPre IPOPost IPO
    EPS (₹)2.364.49
    P/E (x)18.229.58
    Market Cap at Offer Price₹408.50 Cr.₹501.00 Cr

    Disclaimer

    The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue

    The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.

    The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of June 30, 2026 available in RHP.

    Shareholding Structure

    Pre IPO

    • Promoter and Promoter Group100%

    Post IPO

    • Promoter and Promoter Group74.95%
    • Public25.05%
    Shareholding Structure: Who holds the company before and after the issue. Figures as published in the table below.
    CategoryPre IPOPost IPO
    Promoter and Promoter Group100%74.95%
    Public—25.05%
    Total100%100%

    Company Promoters: Nikunj Mohanlal Kapadia, Munjal Nikunj Kapadia, Mihir Nikunj Kapadia, Pratik Nikunj Kapadia and Vridaa Holding Trust.

    Offer For Sale - Selling Shareholder

    NameCategoryNo. of Shares OfferedAmount (₹ cr.)
    VRIDAA Holding TrustPromoter76,74,41833.00
    Total—76,74,41833.00

    Manika Plastech IPO Recommendations

    Review BySubscribeMay ApplyNeutralAvoid
    Brokers5010
    Members0000

    IPO Subscription Status

    CategorySubscription (x)Shares OfferedShares bid for
    QIB (Ex Anchor)11.2258,37,2106,54,79,332
    NII66.5843,77,90729,14,69,836
    bNII (> ₹10L)74.1629,18,60521,64,32,336
    sNII (< ₹10L)51.4214,59,3027,50,37,500
    Retail23.981,02,15,11624,49,44,672
    Total29.462,04,30,23360,18,93,840

    The Manika Plastech IPO is subscribed 29.46 times on September 16, 2026 6:54:36 PM (Day 3). The public issue subscribed 23.98 times in the retail category, 11.22 times in the QIB category, and 66.58 times in the NII category. Check Day by Day Subscription Details (Live Status)

    Reload

    Total Applications: 4,57,032

    IPO Expenses

    #Issue ExpensesEst Amt (₹ Cr.)
    1Fixed fees payable to Book Running Lead Manager2.50
    2Underwriting / Selling Commission to the Book Running Lead Manager3.77
    3Commission/processing fee for SCSBs, Sponsor Bank(s) and fees payable to sponsor bank(s) for bids made by RIBs, Bankers to the Offer(s), Brokerage and Syndicate Fees, bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs1.54
    4Fees payable to the Registrar to the Offer0.05
    5Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses1.50
    6Printing and distribution of stationery0.08
    7Advertising and marketing expenses0.87
    8Fees payable to legal counsel0.66
    9Fees payable to other advisors to the Offer, including but not limited to Statutory Auditors, industry service provider, project management and Chartered Engineer and other advisors3.57
    10Miscellaneous expenses0.20
    Total14.72

    IPO Registrar

    MUFG Intime India Pvt.Ltd.

    022-49186000

    manikaplastech.ipo@in.mpms.mufg.com

    IPO Lead Manager(s)

    Pantomath Capital Advisors Pvt.Ltd.

    Contact Details

    Manika Plastech Ltd. Address

    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

    +91 22 4223 4300

    cs@manikaplastech.com

    Manika Plastech IPO in the news

    Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.

    Manika Plastech IPO subscribed 28.14 times on final day

    Prop News Time · 19 Sept 2026

    Manika Plastech IPO Allotment Status, Subscription Details Check

    HDFC Sky · 18 Sept 2026

    Manika Plastech IPO allotment: How to check your applications status, latest GMP & listing

    Business Today · 17 Sept 2026

    Manika Plastech IPO allotment finalised: How to check status online on NSE, BSE, MUFG Intime India; listing date, time revealed

    Upstox · 17 Sept 2026

    Manika Plastech IPO Allotment Status, Subscription Data Check

    HDFC Sky · 17 Sept 2026

    Manika Plastech IPO allotment likely today: GMP signals 5% listing gain. Here’s how to check status

    The Economic Times · 17 Sept 2026

    Manika Plastech IPO Allotment Today: How To Check Status On BSE, NSE And KFin Technologies

    NDTV Profit · 17 Sept 2026

    Manika Plastech IPO Subscribed 28x on Final Day

    Rediff MoneyWiz · 16 Sept 2026

    FAQ

    Manika Plastech: common questions

    Answered from this issue's own record.

    The Manika Plastech Mainboard IPO is priced at ₹43 per share, for an issue size of ₹33 crore.

    The issue opens on 11 Sept 2026 and closes on 16 Sept 2026, with listing expected on 21 Sept 2026.

    One lot is 348 shares, and applications must be in multiples of a lot. At the upper band that is ₹14,964 for one lot.

    Latest recorded subscription: QIB 11.22x, NII 66.58x, retail 23.98x (as of 26 Oct 2026).

    Manika Plastech listed at ₹43 on 21 Sept 2026.