Summary
The IPO of Manika Plastech will commence from September 11, 2026, till September 16, 2026. The price band remains fixed at ₹40-43 per share, while the total issue size is ₹125.50 crore.
Manika Plastech produces precision-engineered rigid polymer packaging products. The issue lot size is 348 shares, and the minimum investment required is ₹14,964.
Retailers may bid for a maximum of 4,524 shares, with an investment of ₹1,94,532.
At the upper price band of ₹43, the minimum number of shares available for S-HNI is 4,872, valued at ₹2,09,496. And a maximum is 22,968 shares of ₹9,87,624.
The Manika Plastech IPO is one of the mainboard IPOs with an issue size of ₹125.50 crore. The IPO would be open for subscription starting from September 11, 2026, up to September 16, 2026. The allotment will be released on September 17, 2026, and the company’s shares will be listed on the NSE and BSE on September 21, 2026.
The price band has been set at ₹40-43 per share. The IPO lot size is 348 shares, with a minimum investment of ₹14,964 per lot at the upper price band. Retail investors are subject to a maximum application limit of 4,524 shares (13 lots). For the B-HNI category, the minimum is 67 lots, totalling 23,316 shares, for ₹10,02,588.
Manika Plastech IPO Key Details
Here is a quick look at the important details of the Manika Plastech IPO:
| IPO Open Date | 11 September, 2026 |
| Close Date | 16 September, 2026 |
| Face value | ₹2 per share |
| Price Band | ₹40 to ₹43 |
| Issue price | – |
| IPO Lot Size | 348 shares |
| Offer for sale | 76,74,418 shares of ₹2 (₹33 cr) |
| Fresh issue | 2,15,11,627 shares (₹92.50 cr) |
| Issue Type | Book-building IPO |
| Listing at | BSE, NSE |
| Total Issue Size (₹ Crore) | 2,91,86,045 Shares (₹125.50 cr) |
| Minimum Investment | ₹14,964 (348 shares) |
Manika Plastech IPO Timeline
The key dates for the Manika Plastech IPO are given below:
| Bidding Opens | 11 September, 2026 |
| Bidding Closes | 16 September, 2026 |
| Allotment Planned For | 17 September, 2026 |
| Refunds Start On | 18 September, 2026 |
| Share Credit to Demat | 18 September, 2026 |
| Listing Scheduled | 21 September, 2026 |
| Cut-off for UPI mandate | 16 September, 2026 5:00 PM |
Manika Plastech Key Performance Indicators (KPIs)
Manika Plastech IPO KPIs are presented in the following table:
| KPIs | FY 2026 | FY 2025 | FY 2024 |
| ROE (%) | 15.18% | 15.44% | 10.68% |
| ROCE (%) | 18.77% | 14.79% | 8.84% |
| Debt-Equity (times) | 0.60 | 0.78 | 0.86 |
| RoNW (%) | 15.18% | 15.44% | 10.68% |
| PAT Margin (%) | 5.12% | 4.69% | 3.13% |
| EBITDA Margin (%) | 13.34% | 11.14% | 8.55% |
| Price Book Value | 2.61 | 2.77 |
Manika Plastech IPO Financials
Here is an overview of the company’s financial figures:
| Period | FY 2026 | FY 2025 | FY 2024 |
| Total Assets | 3,236.92 | 3,209.85 | 2,529.29 |
| Revenue from operations | 4,359.82 | 4,065.02 | 3,607.72 |
| Profit After Tax | 224.02 | 193.31 | 115.33 |
Manika Plastech IPO Subscription Status
Subscription Details Not Yet Available
Subscription information will be displayed once the bidding process starts.
Bidding is open from 10:00 AM to 5:00 PM on public issue days.
Manika Plastech IPO Grey Market Premium
The listing date for the Manika Plastech IPO is expected on 21, September 2026, with a price range of ₹40- ₹43 per equity share. Grey market premiums (GMPs) can fluctuate frequently because they are unofficial.
| GMP Date | GMP | Est. Listing Price (cap price + GMP) | Est. Profit* | Last Updated |
|---|---|---|---|---|
| 10-09-2026 | ₹13 ─ | ₹56 (30.23%) | ₹4,524 | 10-Sep-2026 21:02 |
| 09-09-2026 | ₹13 ▼ | ₹56 (30.23%) | ₹4,524 | 9-Sep-2026 23:30 |
| 08-09-2026 | ₹17 ▼ | ₹60 (39.53%) | ₹5,916 | 8-Sep-2026 23:29 |
| 07-09-2026 | ₹20 ▲ | ₹63 (46.51%) | ₹6,960 | 7-Sep-2026 23:34 |
| 06-09-2026 | ₹0 ─ | ₹ (%) | 6-Sep-2026 9:30 |
Note: GMP represents sentiment in the unofficial market and should not be considered an indication of assured listing returns.
Manika Plastech IPO Reservation
The share allocation for each investor category is outlined below:
| Investor Category | Reservation |
| Market Maker | – |
| QIB | Not more than 50% of the offer size |
| NIIs | Not less than 15% of the offer |
| Retail Investors | Not less than 35% of the offer |
| Total Shares | – |
Manika Plastech IPO Lot Size
The applicable lot sizes for different investor categories are as follows:
| Application Type | Lots | Shares | Amount |
| Individual Investor – Minimum | 1 | 348 | ₹14,964 |
| Individual Investor – Maximum | 13 | 4,524 | ₹1,94,532 |
| S-HNI Minimum | 14 | 4,872 | ₹2,09,496 |
| S-HNI Maximum | 66 | 22,968 | ₹9,87,624 |
| B-HNI Minimum | 67 | 23,316 | ₹10,02,588 |
Manika Plastech IPO Anchor Investors
The allotment status of the Manika Plastech IPO is currently not yet available. As a result, information related to anchor bidding, share allocation, investment value, and lock-in periods will be added once it is disclosed.
Manika Plastech IPO Prospectus
For more information on the Manika Plastech IPO, check the links below:
About Manika Plastech IPO
Incorporation: 1996
Managing Director: Munjal Nikunj Kapadia
Manika Plastech is a company that manufactures rigid packaging from polymers and offers a range of packaging solutions for diverse industries. The major products of this company include battery cases, pails and thinwall packages. These packaging materials are used in batteries, energy storage, paints, lubricants, chemicals, food and dairy products. This company also offers design, manufacturing, labelling, quality testing, and delivery services, providing an all-round packaging solution to its clients. It operates manufacturing and painting plants all over India and serves customers from various industries.
| Issue Registrar | MUFG Intime India Pvt Ltd. |
| Lead Manager | Pantomath Capital Advisors Pvt Ltd |
Manika Plastech IPO Objectives
Funds received from the IPO will be directed towards the following purposes:
| Particulars | Amount (in ₹ Million) |
| Funding the capital expenditure towards purchase of plant and machinery | 549.29 |
| Repayment of certain borrowing availed by the company | 150 |
| General corporate purposes |
Strengths of Manika Plastech IPO
There are many features of Manika Plastech that may make it a good IPO prospect. The company shows signs of improved financial performance and customer loyalty, with plans to increase its production capacity.
- High repeat-customer business: The company earned 66.53% of its FY26 revenue from repeat customers, demonstrating strong customer loyalty. Good relationships with customers can help a company gain better visibility and avoid the need to acquire new customers regularly.
- Increased production capacity: At the moment, Manika Plastech has a capacity of about 29,200 MTPA and intends to increase it to 38,000 MTPA through IPO proceeds, representing a 30% increase in capacity.
- Operating Margin improvement: The company’s EBITDA margin improved from 8.55% for the fiscal year 24 to 13.34% for the fiscal year 26. The return on capital employed (ROCE) also improved from 8.84% to 18.77%. These changes mean that the company is getting better at turning its sales and capital investments into profit.
- Product and Industry Diversification: Manika Plastech supplies battery casings, pails, thin-wall containers, and other polymer products to industries such as automotive, energy storage, paints, food, and dairy. The battery casing contribution has also come down from 67.26% of revenue in the fiscal year 24 to 56.54% in the fiscal year 26.
Risks of Manika Plastech IPO
Although Manika Plastech has demonstrated improvements in profit and revenue, one must not overlook the risks that may affect its further development.
- Customer concentration is high: revenue from the top five customer accounts accounted for 62.95% of the company’s total operating revenue. This poses substantial dependence of the company on a few customers. A decrease in orders or a change in suppliers for one of these customers can significantly impact the company’s income and cash flows.
- Dependence on battery casing products: Battery cases account for a considerable share of the company’s product portfolio. Slower sales of inverter and automotive batteries will affect demand for Manika Plastech’s products; therefore, the company’s performance depends on these markets to some extent.
- Low net profit margin: While profits have increased, the company’s PAT margin was around 5.12% during FY26. This suggests that even a small rise in the cost of raw materials, energy, labour, or other operational costs would affect net profit. Therefore, it would be prudent to see if margins hold up after listing.
- Expansion is capital intensive: The company is expanding by acquiring new plant and machinery. In this case, such an expansion strategy has advantages and disadvantages, including the need for a large amount of capital and successful utilisation of the expanded capacity.
- Losses at Subsidiary: Losses at subsidiary named “Manika Automotive Pvt Ltd”, non-owned premises/lease termination risk, related party transactions, untraceable bank statements for certain past share allotments and a 0.03 million MCA fine on each individual promoter.
Manika Plastech IPO Review
Plastech Manika is one such organisation that operates in the field of rigid plastic packaging and the production of battery casings, pails, thin-wall packaging, and auto components. It has been performing better financially, with revenue from operations increasing from ₹3,607.72 million in FY24 to ₹4,359.82 million in FY26.
Important aspects of the business’s operations include repeat customers, diversified end-use industries, and manufacturing facilities. However, another important aspect of the organisation has been customer concentration, wherein sales from its top five customers accounted for approximately 58%-69% of its total sales in the periods considered in the latest disclosure.
Hence, the IPO involves strong financial performance coupled with customer concentration risks.
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Manika Plastech IPO FAQs
The Manika Plastech IPO is a primary market listing, including both a new issue and an offer for sale. The total issue size will be up to ₹125.50 crore, and the price band will be ₹40-₹43 per share. The listing of shares will be on both the NSE and the BSE.
The investor can apply for the IPO through their broker or the broker’s online investment website. Applications can normally be submitted using either UPI or ASBA. Investors must select the appropriate number of lots and place their bids during the IPO subscription period.
Manika Plastech has shown improvements in its performance, both financially and in profitability, and operates in the field of rigid polymer packaging. But customer concentration and dependence on key product segments are also important factors to consider for the IPO.
The return from an IPO cannot be forecast, as the share listing price depends on market conditions and investor interest. The price band will be at ₹40-43 per share. Whether the share is listed at a premium or discount price will affect the profit or loss of the allotted investors.
The Manika Plastech IPO will open for record subscription from September 11, 2026, and will close on September 16, 2026. It is mandatory for investors to apply within the given period.
IPO lot size will be 348 shares. At the upper price band of ₹43, one lot will cost a minimum of ₹14,964. There can be applications for more than one lot provided the investment limit is not exceeded by the investor under his/her respective category.
The date of allotment is September 17, 2026. Refund will be credited to the investor on September 18, 2026. However, the actual date might vary depending on any amendments to the IPO schedule.
The Manika Plastech shares will list on the NSE and BSE on September 21, 2026. The allotment process is to be completed on September 17, after which the shares will be credited to the demat accounts of successful applicants on September 18.
