Manilam Industries India Limited is coming to market with a ₹10 face value offer, sized at about ₹39.95 crore. It is a book built SME issue of up to 57,90,000 equity shares, split between a fresh issue of up to 46,98,000 and an offer for sale of up to 10,92,000.
The subscription window runs from 20 February 2026 to 24 February 2026. The basis of allotment is expected on 25 February 2026, and the listing is proposed on NSE Emerge on 27 February 2026.
The offer is priced in a ₹65 to ₹69 range and the lot is 2,000 shares. Minimum application is 4,000 shares, which works out to ₹2,76,000 at the cap price, while S HNI starts at ₹4,14,000 and B HNI begins at ₹11,04,000.
Manilam Industries India IPO Details
This table brings together the main issue details in one place.
| Particulars | Details |
| IPO Opens | 20 February 2026 |
| IPO Closes | 24 February 2026 |
| IPO Lot Size | 2,000 equity shares |
| Face value | ₹10 per equity share |
| Price Band | ₹65 to ₹69 per share |
| Offer for Sale (OFS) | 10,92,000 equity shares (₹7.53 crore) |
| Fresh Issue | 46,98,000 equity shares (₹32.42 crore) |
| Issue Type | SME IPO, book built (100% book building offer) |
| Listing at | NSE Emerge |
| Total Issue | ₹39.95 crore (57,90,000 equity shares) |
| Minimum Investment | 4,000 shares |
Timeline of the Manilam Industries India IPO
Here are the key dates to track for the IPO-
| Particular | Date / time |
| IPO Open Date | 20 February 2026 |
| IPO Close Date | 24 February 2026 |
| Tentative Allotment | 25 February 2026 |
| Initiation of Refunds | 26 February 2026 |
| Credit of Shares to Demat | 26 February 2026 |
| Tentative Listing Date | 27 February 2026 |
| Cut-off time for UPI mandate confirmation | 5:00 pm on 24 February 2026 |
Manilam Industries India Key Performance Indicator
Manilam Industries India’s core KPIs’ are summarised below.
| KPIs | FY 2023 | FY 2024 | FY 2025 |
| ROE (%) | 7.10 | 12.65 | 24.80 |
| ROCE(%) | 15.60 | 24.45 | 34.74 |
| Debt Equity (times) | 2.61 | 2.79 | 1.84 |
| RoNW (%) | 7.10 | 12.65 | 24.80 |
| PAT Margin (%) | 1.08 | 2.28 | 5.33 |
| EBITDA margin(%) | 6.16 | 10.28 | 12.67 |
| Price Book Value | 0.68x | 0.60x | 0.47x |
Manilam Industries India Financials
A snapshot of the firm’s key financial metrics is given here.
| Particulars (₹ crore) | 2023 | 2024 | 2025 |
| Revenue (from operations) | 148.10 | 137.90 | 140.03 |
| Total Asset (as at year-end) | 133.55 | 149.56 | 158.98 |
| Profit (Profit for the year / PAT) | 1.53 | 3.10 | 7.38 |
Manilam Industries India IPO Reservation
The offer is split across investor segments as per the table below:
| Category | Shares offered | % of total issue |
| Market Maker shares offered | 2,92,000 | 5.04% |
| QIB shares offered (total) | 27,42,000 | 47.36% |
| NII (HNI) shares offered | 8,28,000 | 14.30% |
| Retail shares offered | 19,28,000 | 33.30% |
| Total shares offered | 57,90,000 | 100% |
Lot Size of the Manilam Industries India IPO
The table below sets out the permitted lot wise application sizes:
| Investor Type | Lots | Shares | Amount |
| Individual Investors – Retail (Minimum) | 2 | 4,000 | ₹2,76,00 |
| Individual Investors – Retail (Maximum) | 2 | 4,000 | ₹2,76,00 |
| S-HNI (Minimum) | 3 | 6,000 | ₹4,14,000 |
| S-HNI (Maximum) | 7 | 14,000 | ₹9,66,000 |
| B-HNI (Minimum) | 8 | 16,000 | ₹11,04,000 |
Anchor Investors in the Manilam Industries India IPO
Anchor allocation information for the issue is captured in the table below-
| Particulars | Details |
| Anchor Bidding Date | 19 Feb 2026 |
| Shares Offered | 16,38,000 shares |
| Portion Size | 28.29% |
| 30 Days Lock-in for 50% shares | 27 Mar 2026 |
| 90 Days Lock-in for remaining shares | 26 May 2026 |
Manilam Industries India IPO Prospectus
If you want more detail, refer to the offer documents listed below-
About Manilam Industries India
Manilam Industries India Limited traces its roots to May 2013, when it began as a partnership firm called M/s B P Industries. It became a company on 27 November 2015. A name change followed in 2023. Public limited status came in December 2024. The promoter group includes Manilam Retail India Private Limited along with individual promoters. The business is headed by Managing Directors Umesh Kumar Nemani and Manoj Kumar Agrawal.
Its core business is decorative laminates, sold under the Manilam brand for interior surfaces and furniture applications. Alongside laminates, it also supplies plywood through trading, and the offer document notes it moved away from in-house plywood manufacturing to protect laminate production quality.
Here are the issue intermediaries:
| Particular | Name |
| Book running lead manager | Nexgen Financial Solution Private Limited |
| Registrar of the issue | Mas Services Limited |
Objectives of the Manilam Industries India IPO
Proceeds from the offer are planned to be used for the purposes listed below-
| Particulars | Amount (in ₹ Cr) |
| Purchase of equipment and machinery | 1.25 |
| Solar panel installation at the plant | 2.20 |
| Repayment of certain borrowings, in part or full | 3.50 |
| Working capital funding | 16.65 |
| General corporate purposes | Amount not finalised |
Strength Of Manilam Industries India
- Broad product range: It has 1,000+ design options and 100 textures, covering both residential and commercial demand.
- Distribution-led reach: It sells via a distributor/dealer network of 50+ distributors and 7,000+ dealers across India, supporting wider availability.
- Manufacturing + process focus: Use of OCTA technology and press capacity highlighted for consistent output and finish.
- Improving financial profile: Better margins and return ratios over FY2023 to FY2025, along with a lower debt equity ratio in FY2025 versus FY2024.
Risk of Manilam Industries India
- Single location exposure: Manufacturing is concentrated at one premises in Bareilly, and any disruption in that region can interrupt supply and growth plans
- Customer concentration: A large share of revenue comes from the top 10 customers. Losing one, or even reduced buying, can hit sales fast.
- Cash cycle risk: Money may get tied up in unsold goods and outstanding dues. The firm has seen negative cash flow from operations in parts of the track record, driven by working capital movements.
- Pending tax: It discloses an income-tax demand for AY 2022–23 of ₹29,98,610 with an appeal pending, and GST-related demands/appeals (including disputes around input tax credit). If outcomes go against the company, it’s a direct cash hit and can also create headline risk.
Manilam Industries India IPO Review
Manilam Industries India is launching an SME book built offer on the NSE Emerge platform, with bidding slated for 20 to 24 February 2026 and a tentative listing on 27 February 2026. The fresh issue proceeds are planned for a mix of balance sheet and operational needs.
Revenue has been broadly steady while profitability has moved up. However, the company has reported negative operating cash flows in FY 2023 and FY 2024, and it flags that demand is linked to real estate conditions, while input prices can be volatile.
Overall, this issue can suit investors who are comfortable with SME price swings and a business tied to housing and interiors demand.
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Manilam Industries India IPO FAQ‘s
This offer is a book-built SME share issue that plans to bring the company to the public market. The equity shares are proposed to list on NSE Emerge.
Use your broker app or net banking ASBA to place an application during the offer window. Choose the investor category and enter the quantity in lot multiples. Select the cut-off option if you want the final discovered price. Approve the UPI mandate before the platform cut-off time. The amount stays blocked in your bank account until allotment or refund.
Suitability depends on your risk tolerance. Consider the company’s recent financials and the lower liquidity typical of SME listings before you decide.
Outcomes can differ after listing. Grey market premium was ₹0 per share on 19 February 2026. This gauge is unofficial. It can change quickly.
Subscription begins on 20 February 2026. It is scheduled to close on 24 February 2026.
One application unit is 2,000 equity shares. For retail, the minimum is 4,000 shares. At the ₹69 cap price, that is INR 2,76,000.
Finalisation of the basis of allotment is expected on 25 February 2026.
The tentative debut on NSE Emerge is scheduled for 27 February 2026. It may shift if post-issue processes take longer.
