The Manika Plastech IPO entered its second day of bidding on September 15, drawing steady interest from investors. The issue is also commanding a 26% premium in the grey market, although the GMP has eased slightly from the earlier 30%.

At the current grey-market premium, the IPO could potentially deliver a strong listing gain for investors. However, GMP trends are unofficial and can fluctuate before the shares make their market debut.

On Day 1, the issue was subscribed 1.46 times overall. The retail portion saw stronger demand, with the segment subscribed 2.18 times, against the 1.07 crore shares reserved for retail investors.

The Manika Plastech IPO is a Rs 125.50 crore book-built issue, comprising a fresh issue of 2.15 crore shares worth Rs 92.50 crore and an offer for sale (OFS) of 76.74 lakh shares aggregating to Rs 33 crore.

The IPO opened for subscription on September 11, 2026, and the bidding window will remain open until September 16, 2026. The basis of allotment is expected to be finalised on September 17, while the company's shares are tentatively scheduled to list on both the NSE and BSE on September 21, 2026.

The company has set the IPO price band at Rs 40–Rs 43 per share. The lot size is 348 shares, which means retail investors will need a minimum investment of Rs 14,964 when applying at the upper end of the price band.

Pantomath Capital Advisors Pvt. Ltd. is the book-running lead manager for the issue, while MUFG Intime India Pvt. Ltd. is serving as the registrar.

Manika Plastech IPO subscription status

The Manika Plastech IPO witnessed a strong response from investors on Day 1, with the issue getting subscribed 1.46 times overall against the 2.13 crore shares on offer.

Retail Individual Investors (RIIs): The retail portion was subscribed 2.18 times against 1.07 crore shares offered.

Non-Institutional Investors (NIIs): The NII category saw 1.20 times subscription against 46.19 lakh shares on offer.

Qualified Institutional Buyers (QIBs): The QIB portion was subscribed 35% against 59.87 lakh shares offered.

The Manika Plastech IPO Grey Market Premium (GMP) currently stands at Rs 11 per share, suggesting a 26% premium over the upper price-band of Rs 43.

At the latest GMP, the estimated listing price of Manika Plastech shares is around Rs 54 per share, implying a potential listing gain of approximately Rs 11 per share over the upper issue price.

GMP Note: The Grey Market Premium is an unofficial indicator of market sentiment and is neither regulated nor guaranteed. GMP can change depending on market conditions, investor demand and other factors. The actual listing price may differ significantly from the GMP-based estimate.

The company proposes to utilise the net proceeds of the IPO primarily towards funding capital expenditure for the purchase of plant and machinery, with an estimated allocation of Rs 54.93 crore.

A further Rs 15.00 crore is proposed to be used for the repayment and/or pre-payment, in part or full, of certain borrowings. The remaining proceeds will be utilised for general corporate purposes, taking the total issue size to Rs 69.93 crore.

Manika Plastech Ltd.’s total income rose 6% from Rs 412.59 crore in FY25 to Rs 437.26 crore in FY26, reflecting steady growth in revenue during the year. Profit after tax (PAT) increased by 16% from Rs 19.33 crore in FY25 to Rs 22.40 crore in FY26, indicating an improvement in the company’s profitability.

About Manika Plastech Ltd.

Incorporated in 1996, Manika Plastech Limited manufactures rigid polymer packaging products, including battery casings, pails and thinwall containers for industrial and consumer applications.

The company offers end-to-end packaging solutions, covering product design, raw material sourcing, manufacturing, heat sealing, labelling, quality assurance and delivery. It also provides customised packaging and manufactures automotive battery casings as per Japanese and German standards, including JIS and DIN.

Its diversified customer base spans automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals, food and dairy, among other industries.

During the three months ended June 30, 2026 and the preceding three fiscal periods, the Company served 168–242 customers across 24 states and union territories. Its top 20 customers had an average relationship tenure of over 10 years as of June 30, 2026. Its long operating history and diversified customer base help reduce dependence on any single customer or industry.