Manika Plastech IPO Day 3: GMP at 7%, subscription reaches 8.3 times. Key details

The Manika Plastech IPO entered its third and final day of bidding on September 16, attracting steady investor interest. The issue currently commands a grey market premium (GMP) of 7%, down sharply from the earlier premium of 26%. At the prevailing GMP, the IPO could potentially see a positive listing gain. However, grey market premiums are unofficial indicators and can fluctuate before shares are listed.

On the second day of bidding, the issue was subscribed 8.30 times overall. The retail investor segment witnessed stronger demand, with the portion subscribed 11.45 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 aggregating to Rs 92.50 crore and an offer for sale (OFS) of 76.74 lakh shares worth Rs 33 crore.


The IPO opened for subscription on September 11, 2026, and the bidding period will close on September 16, 2026. The basis of allotment is expected to be finalized on September 17, while the company's shares are tentatively scheduled to debut on both the NSE and BSE on September 21, 2026.

The company has fixed the IPO price band at Rs 40–Rs 43 per share. The lot size is 348 shares, requiring retail investors to make 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 acting as the registrar to the IPO.

Manika Plastech IPO Subscription Status

The Manika Plastech IPO received a strong response from investors on Day 2 of bidding, with the issue subscribed 8.30 times overall. The IPO received bids for the 2.13 crore shares on offer across investor categories.

Retail Individual Investors (RIIs): The retail portion was subscribed 11.45 times against 1.07 crore shares reserved for retail investors.

Non-Institutional Investors (NIIs): The NII portion was subscribed 10.69 times, compared with the 46.19 lakh shares available for this category.

Qualified Institutional Buyers (QIBs): The QIB portion was subscribed 80% against the 59.87 lakh shares offered.

Manika Plastech IPO GMP

The Grey Market Premium (GMP) for the Manika Plastech IPO currently stands at Rs 3 per share, indicating a 7% premium over the upper end of the IPO price band of Rs 43. Based on the latest GMP, the estimated listing price of Manika Plastech shares is around Rs 46 per share.

GMP Note: The Grey Market Premium is an unofficial indicator of market sentiment and is not regulated or guaranteed. GMP can fluctuate based on market conditions, investor demand and other factors. The actual listing price may vary significantly from the GMP-based estimate.

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.

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 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.

During the three months ended June 30, 2026 and the preceding three Fiscals, 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.

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