Manika Plastech IPO is a Mainboard issue open from 11-16 Sept. The company is raising ₹125 Cr at a price band of ₹40 to ₹43 per share. One lot is 348 shares.
Manika Plastech IPO Analysis
Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.
Minimum retail investment
₹14,964
348 shares at the upper band of ₹43
Retail limit
13 lots
the most that fits under the ₹2 lakh retail cap
Funds blocked after close
~5 days
from the closing date to listing
Fresh issue share
73.6%
₹92 Cr of the ₹125 Cr issue
Debt to equity
0.59
lower is safer
Peer listing record
4 of 5 listed above issue price
median listing move +7.6%
GMP-implied listing gain
+46.5%
₹20 premium on a ₹43 issue price
Promoter holding
100% → 74.95%
diluted by 25 percentage points
Manika Plastech is a mainboard issue raising ₹125 Cr, offered in a band of ₹40–₹43 per share. At the upper end that is 21.5 times the ₹2 face value, so ₹41 of every share subscribed is share premium rather than capital.
A retail application for Manika Plastech needs one lot of 348 shares, which works out to ₹14,964 at the upper band of ₹43. That is close to the ₹15,000 ceiling SEBI expects for a single retail lot, so an investor applying at cut-off is committing nearly the full retail limit per application. Retail applications are capped at ₹2,00,000, which here is 13 lots; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 67 lots.
For Manika Plastech, bidding runs 11-16 Sept, allotment is finalised on 17 Sep 2026, the shares list on 21 Sep 2026. Applications that do not receive an allotment have their UPI mandate released around 1 day after the issue closes. Counting from the close of bidding, money stays blocked for roughly 5 days before listing decides what the holding is worth.
The issue is reserved 50% to qualified institutional buyers, 15% to non-institutional investors, 35% to retail. A 35% retail share is the wider end of the range, which improves the odds for small applications when the book is only modestly oversubscribed. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.
The issue splits into ₹92 Cr of fresh capital (73.6%) and ₹33 Cr as an offer for sale. The company keeps the fresh portion for the objects of the issue, while the rest is existing shareholders monetising their stake.
The most recent figures the company has filed cover 30 Jun 2026, which is a different length of period from 31 Mar 2026. Year-on-year growth is not stated here because the two periods are not comparable — read the reported numbers side by side rather than as a growth rate.
Recently listed companies in the same space trade at a median price-to-earnings ratio of about 12.1. Comparing that with the multiple implied by this issue's ₹40–₹43 band is a more useful test of pricing than looking at the grey market premium alone.
MUFG Intime India Pvt.Ltd. is the registrar for this issue, which means the allotment status for Manika Plastech is published on their portal from 17 Sep 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.
A grey market premium of ₹20 on the upper band of ₹43 implies a listing gain of roughly 46.5%. The grey market is unofficial and unregulated, the premium can change daily, and it has no bearing on allotment — treat it as a sentiment reading, not a forecast.
What to watch
- Return on equity of 8.34% is modest.
This analysis is generated from the figures shown on this page and is for information only. It is not investment advice — read the RHP before you apply.
About Manika Plastech
Incorporated in 1996, Manika Plastech Limited is engaged in the manufacturing of rigid polymer packaging products, including battery casings, pails and thinwall containers.
The Company manufactures battery casings, pails and thinwall containers, which cater to various industrial and consumer applications. The Company also manufactures pails used for packaging paints, lubricants and industrial chemicals, while its food-grade thinwall containers are used for the packaging and distribution of dairy and edible food products. Its products are designed to provide structural strength, protection and ease of handling throughout the expected product lifecycle.
Manika Plastech provides end-to-end rigid polymer packaging solutions, covering design and development, sourcing of raw materials, manufacturing, heat sealing, labelling, quality assurance and delivery. The Company has developed capabilities to provide customized packaging products and designs its automotive battery casings in accordance with Japanese and German technical standards, including JIS and DIN standards, to meet customer-specific product specifications and quality requirements.
The Company serves a diversified customer base across multiple end-user industries, including automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals, food and dairy, among others.
During the three-month period ended June 30, 2026 and the preceding three Fiscals, the Company served 168 to 242 customers across 24 states and union territories in India. Its top 20 customers had an average relationship tenure of over 10 years as of June 30, 2026, while its long operating history of over two decades has enabled it to build relationships across multiple industries and reduce dependence on any particular customer or industry segment.
The Company has 7 operating facilities, comprising 6 manufacturing facilities located in Dehradun, Hosur, Panipat, Una and Dadra, and 1 paint facility located in Hosur. As of July 31, 2026, it had an employee base of 352 employees and 809 contract labourers.
The Company operates 6 manufacturing facilities and 1 painting facility across India. Its manufacturing units produce battery casings, pails, thinwall containers and automotive components, while the painting facility is used for painting automotive components.
Dadra: Manufactures pails and thinwall containers, serving Vadilal Industries Limited and other leading food and dairy product manufacturers.
Dehradun: Manufactures battery casings for customers including Livguard Energy Technologies Private Limited, Luminous Power Technologies Private Limited, Genus Innovation Limited and HSD Batteries (India) Pvt. Ltd.
Hosur (Manufacturing): Produces battery casings, pails, thinwall containers and automotive components for customers such as Luminous Power Technologies Private Limited, Kansai Nerolac Paints Limited, JSW Paints Limited, Sakthi Accumulators Private Limited, Surya Batteries and Zunax Energy Products LLP.
Hosur (Painting): Provides painting of automotive components for Ultraviolette Automotive Private Limited, TVS Motor Company Limited and other automotive component and commercial EV manufacturers.
Panipat: Manufactures pails and thinwall containers, with Grasim Industries Limited as a key customer.
Una: Manufactures battery casings, pails and thinwall containers for customers including Livguard Energy Technologies Private Limited, Luminous Power Technologies Private Limited and Kansai Nerolac Paints Limited.
What is Manika Plastech IPO?
Manika Plastech IPO is a Mainboard issue open from 11-16 Sept. The company is raising ₹125 Cr at a price band of ₹40 to ₹43 per share. One lot is 348 shares.
When does Manika Plastech IPO open and close?
The issue is open 11-16 Sept. Bids must be placed, and any UPI mandate approved, before the cut-off on the closing day.
What is the Manika Plastech IPO price band?
The price band is ₹40 to ₹43 per equity share, against a face value of ₹2. Retail investors may bid at cut-off, meaning they accept the final discovered price within this band.
What is the Manika Plastech IPO lot size?
The minimum application is 348 shares, and bids must be in multiples of that lot.
What is the Manika Plastech IPO issue size?
The total issue size is ₹125 Cr.
How is Manika Plastech IPO reserved between investor categories?
The issue is reserved as retail 35%, QIB 50%, HNI 15%. If the retail portion is oversubscribed, allotment there is decided by a lottery on lot-sized applications rather than in proportion to the amount applied for.
When is the Manika Plastech IPO allotment date?
Basis of allotment is expected to be finalised on 17 Sep 2026. You can check your status on the registrar's website (MUFG Intime India Pvt.Ltd.) using your PAN.
When does Manika Plastech IPO list?
Listing is expected on 21 Sep 2026, following the T+3 timeline that applies to Indian IPOs.
