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₹40 - 43Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
Manika Plastech Ltd
Plastic productsIPO
₹40 - 43
As per the Technopak Report, we are a design-led, precision engineered, rigid polymer packaging manufacturing company, catering to diversified critical industries such as energy storage, dairy and edible food products, paints, and chemicals. Our Company's products are designed and developed in-house, with 30 designs registered as unique intellectual property, under the Designs Act, 2000 and the Designs Rules, 2001.
Lot348Min Invest₹14,964Face Value₹2Issue Size₹126 CrFresh Issue₹93 CrOffer for Sale₹33 CrListing Price₹43CMP₹45
Timeline
11 Sept
Bidding opens
16 Sept
Bidding closes
17 Sept
Allotment
18 Sept
Refund & demat credit
21 Sept
Listing
Subscription · As of 7:50 PM, 16 Sept
Demand by day
CategoryDay 1Day 5Day 6Now+0.35x+0.45x+10.13x10.9x+1.19x+9.50x+52.40x63.1x+2.12x+9.32x+11.28x22.7xOverall+1.43x+6.87x+19.84x28.1x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB10.9x1.36 Cr14.85 Cr638.39NII63.1x40.72 L25.69 Cr1,104.81Retail22.7x95.02 L21.59 Cr928.46Total28.1x2.92 Cr82.13 Cr3,466.85
Reports
Offer Details
Terms
Issue Size₹126 Cr2.92 Cr shares
Fresh Issue₹93 Cr
Offer for Sale₹33 Cr
Face Value₹2
Lot Size348 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9641-13 lots
sNII₹2,09,496from 14 lots
bNII₹10,02,588from 67 lots
Managers & Registrar
Lead ManagerPantomath Capital Advisors Private Limited
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrVRIDAA Holding TrustPRMTR76,74,41833.00Total76,74,41833.00
Shareholding
CategoryPre IPOPost IPOPromoter Group100%74.94%Public0%25.06%
Objects of the Issue
- Funding the capital expenditure towards purchase of plant and machinery
- Repayment and/or pre-payment, in part or full, of certain borrowings availed by the Company
- General Corporate Purposes(1)
Anchor Book
Bid Date10-Sep-2026Shares87,55,813Amount₹38 CrMutual Funds26.57% of the book30-day lock-in16-Oct-202690-day lock-in15-Dec-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 333 | 397 | 361 | 407 | 436 |
| Operating ProfitCr | 31 | 34 | 31 | 45 | 58 |
| OPM% | 9.4 | 8.5 | 8.6 | 11.1 | 13.3 |
| PBTCr | 15 | 18 | 16 | 25 | 30 |
| PATCr | 11 | 12 | 12 | 19 | 22 |
| EPS | 6 | 7 | 1 | 2 | 2 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 19 | 19 | 19 | 19 | 19 |
| ReservesCr | 77 | 87 | 89 | 106 | 129 |
| BorrowingsCr | 63 | 55 | 100 | 107 | 97 |
| Total AssetsCr | 194 | 207 | 253 | 321 | 324 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 28 | 40 | 32 | 37 | 44 |
| Investing Cash FlowCr | -19 | -21 | -53 | -23 | -19 |
| Financing Cash FlowCr | -9 | -18 | 22 | -13 | -26 |
| Net Cash FlowCr | 0 | 0 | 0 | 1 | -1 |
Strengths & Risks
Strengths · as stated in the DRHP
- Proximity to key customers locations, operational flexibility enables customer retention and customer service.
- Entry Barriers for Competitors and Retention Drivers/Exit Barriers for customers.
- Integrated value-added services through in-house design, development, and labelling capabilities.
- De-risked business model with diverse industry applications / customer base / suppliers / location / product portfolio and operational flexibility.
- Longstanding relationships with well-known customers and well-established supply chain.
- Integrated quality assurance infrastructure.
Strategies · as stated in the DRHP
- Scaling Production Capabilities and Diversifying Product Offerings.
- Expanding our geographical footprint.
- Focus on deleveraging and enhance financial flexibility.
- Strengthening growth through existing customer expansion and new customer acquisition.
- Enhance our sustainability practices with ESG standards.
Risks · as stated in the DRHP
- About 58%-69% of the company operating revenue came from its top five customers, though the company served between 168 - 242 customers during the three months ended June 30, 2026, and the prior three Fiscals. The loss of any of the company's top customers, or the loss of revenue from these top customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.
- In order to cater to the requirements of the company's key customers and maintain its relationship with them, the company typically set up its Operating Facilities or warehouses in proximity of their manufacturing units, which exposes the company's facilities to potential fluctuations in the scale of business of its customers and related industry trends.
- Out of the company's diversified product portfolio, about 54% - 68% of its revenue from operations was derived from the sale of battery casings during the three month period ended June 30, 2026 and the preceding three Fiscals. Any significant loss of sales in the company's battery casings could have an adverse effect on its business, financial condition, results of operations and cash flows.
- The company derived about 93%-98% of its revenue from operations from repeat customers in the three month period ended June 30, 2026 and the preceding three Fiscals, and any loss of, or a significant reduction in the repeat customers or revenue generated from them could adversely affect the company's business, results of operations, financial condition and cash flows.
- The company's Subsidiary, Manika Automotive Private Limited has incurred losses and negative cash flows in the past. Such losses or negative cash flows may impact its reputation or business or financial results, on a consolidated basis.
- The company does not own certain premises used by its. Disruption of the company's rights as licensee/ lessee or termination of the agreements with its licensors/ lessors would adversely impact the company operations and, consequently, its business.