Manika Plastech shares list flat at IPO price of Rs 43 on BSE, NSE

Shares of Manika Plastech made a lukewarm debut on Monday, listing flat at the IPO price. The stock opened at its issue price of Rs 43 apiece on both the BSE and NSE.

The listing was below unlisted market expectations, which had suggested a single-digit premium for the stock. Shares of the company were commanding a grey market premium of 5% ahead of the debut, signalling expectations of a modest positive listing gain over the issue price.

The Manika Plastech IPO was a Rs 125.50 crore book-built issue, comprising a fresh issue of 2.15 crore shares aggregating to Rs 92.50 crore and an offer for sale (OFS) of 76.74 lakh shares worth Rs 33 crore. The company had set the IPO price band at Rs 40–Rs 43 per share. With a lot size of 348 shares, retail investors were required to invest a minimum of Rs 14,964 when applying at the upper end of the price band.


The IPO opened for subscription on September 11, 2026, and closed on September 16, 2026. It received an overall subscription of 29.5 times, with the retail portion subscribed 24 times, the non-institutional investor (NII) category 67 times and the qualified institutional buyer (QIB) category 11.22 times.

Ahead of the issue, Manika Plastech raised Rs 37.65 crore from anchor investors.

Pantomath Capital Advisors Pvt. Ltd. acted as the book-running lead manager, while MUFG Intime India Pvt. Ltd. was appointed as the registrar to the issue.

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Manika Plastech IPO Objects of the Issue

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.

Financial Performance

Manika Plastech Ltd.’s total income increased by 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) rose by 16% from Rs 19.33 crore in FY25 to Rs 22.40 crore in FY26, indicating an improvement in the company’s profitability.

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About Manika Plastech Ltd.

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 customized 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.

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