Manika Plastech IPO opens for subscription; GMP signals 30% listing gain. Check key details

The Manika Plastech IPO opened for subscription today, September 11, 2026, giving investors three days to place their bids. Investor interest appears strong even before the issue hits the market, with the IPO commanding a 30% premium in the grey market (GMP). The current GMP indicates the possibility of a strong listing gain, although grey-market trends are unofficial and can change before listing.

The 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 issue will remain open for subscription from September 11 to September 16, 2026. The basis of allotment is expected to be finalized on September 17, while the 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, meaning retail investors need to invest a minimum of Rs 14,964 when bidding 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.

Manika Plastech IPO GMP

The Manika Plastech IPO GMP is currently Rs 13 per share, indicating a 30% premium over the upper end of the IPO price band of Rs 43. Based on the latest grey market premium, the estimated listing price of Manika Plastech shares is around Rs 56 per share.

GMP Note: The Grey Market Premium (GMP) is an unofficial indicator of market sentiment and is not regulated or guaranteed. GMP can fluctuate based on market conditions and investor demand, and the actual listing price may differ significantly from the estimated price.

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.

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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