Manika Plastech Limited IPO
ListedMainboardPlastic products
29.46×
Subscribed
Price band
₹40 – ₹43
Lot size
348
1 lot = ₹14,964
Issue size
₹125.5 Cr
Open – close
11 Sept 2026
to 16 Sept 2026
Listing
21 Sept 2026
Listing gain
+0.00%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong5 of 7 dimensions read
The disclosed numbers are strong — 4 of 6 signals read positive
Strength72/100
- Priced below its peers18.2× earnings against a peer median of 37.9× — a discount to the issuer's own comparison set
- Out-earns its peersReturn on net worth of 15.2% against a peer median of 10.6%
- Slow revenue growthRevenue compounding at only 9.9%
- Adequate return on equityROE of 15.2%
- Conservative balance sheetDebt/equity of 0.37×
- Institutions bid heavilyQIB portion subscribed 11.22×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens11 Sept 2026
- Closes16 Sept 2026
- Allotment17 Sept 2026
- Listing21 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB11.22x
Non-institutionalNII / HNI66.58x
Big NIIabove ₹10L74.16x
Small NII₹2L – ₹10L51.42x
Retail individualRII23.98x
4,57,032 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 16 Sept 2026.
Chance of allotment
Retail23.98× subscribed
~1 in 24
Minimum 1 lot · 348 shares · ₹14,964 blocked
Retail is 23.98× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 24 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII66.58× subscribed
~1 in 66.6
Minimum 14 lots · 4,872 shares · ₹2,09,496 blocked
HNI is 66.58× subscribed. This category is allotted proportionately, so a bid receives roughly 1/66.6 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹20+46.5%
over the upper band · last seen 23 Sept 2026 · flat since 10 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹40 – ₹43
Face value₹2
Lot size348shares
Minimum application₹14,964at cut-off
Total issue size₹125.5 Cr
Fresh issue₹92.5 Cr
Offer for sale₹33 Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
P/E at upper band18.23×
EPS₹2.36pre-issue
EPS₹2.36post-issue
NAV per share₹16.50
Return on equity15.18%
Debt / equity0.37×
EBITDA margin15.01%
ROCE8.34%
RoNW8.34%
PAT Margin8.03%
EBITDA Margin15.01%
NAV16.50
Price to Book Value2.61
ISININE0KWF01020
RegistrarLINK
Lead managersPantomath Capital Advisors Private Limited
26.3% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 1,45,93,023 | — |
| Anchor Investor | 87,55,813 | — |
| QIB (Ex. Anchor) | 58,37,210 | — |
| NII (HNI) | 43,77,907 | — |
| bNII > ₹10L | 29,18,605 | 599.00% |
| sNII < ₹10L | 14,59,302 | 299.00% |
| Retail | 1,02,15,116 | 29353.00% |
Total issue 2,91,86,046 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,9641 lot · 348 sh
Retail (Max)₹1,94,53213 lots · 4,524 sh
S-HNI (Min)₹2,09,49614 lots · 4,872 sh
S-HNI (Max)₹9,87,62466 lots · 22,968 sh
B-HNI (Min)₹10,02,58867 lots · 23,316 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted87,55,813
Anchor portion₹37.65 Cr
Bid date10 Sept 2026
Lock-in ends (50%)17 Oct 2026
Lock-in ends (rest)16 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding the capital expenditure towards purchase of plant and machinery₹54.93 Cr
- 02Repayment and/or pre-payment, in part or full, of certain borrowings availed by our Company₹15 Cr
- 03General Corporate Purposes₹11.71 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 360.772 | — | 11.533 | 107.997 | — |
| 2025 | 406.502 | — | 19.331 | 125.175 | — |
| 2026 | 435.982 | — | 22.402 | 147.617 | — |
Revenue CAGR 9.9%PAT CAGR 39.4%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Manika Plastech Limitedthis issue | 2.36 | 18.23 | 15.54 | 15.18% |
| Hitech Corporation Limited | 8.84 | 37.85 | 165.72 | 5.34% |
| Mold-Tek Packaging Limited | 21.93 | 32.34 | 207.64 | 10.56% |
| Shaily Engineering Plastics Limited | 36.83 | 88.85 | 155.95 | 23.71% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumAbout 58%-69% of our operating revenue came from our top five customers, and about 76%-79% from our top ten customers. The loss of any of these top customers could have a material adverse effect on our business, financial condition, results of operations and cash flows.
mediumWe derived about 93%-98% of our revenue from operations from repeat customers in the three month period ended June 30, 2026 and the preceding three Fiscals. Any loss of, or a significant reduction in the repeat customers or revenue generated from them could adversely affect our business, results of
mediumAbout 54% - 68% of our 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 our battery casings could have an adverse effect on our business, financial condition, resul
Positives the filing discloses (2)
Low leverage
Debt-to-equity of 0.37x.
Healthy return on equity
ROE of 15.2%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.7%
Tonbo Imaging India Limited
Worst
-2.3%
Vishal Nirmiti Limited
Zetwerk Manufacturing Businesses Limitedsame segment
3.1× sub+5.5%
Sahajanand Medical Technologies Limitedsame segment
14.2× sub+7.9%
Bonfiglioli Transmissions Limitedsame segment
46.0× sub+0.0%
Tonbo Imaging India Limitedsame segment
135.9× sub+65.7%
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Manika Plastech Limited
Manika Plastech is a design-led, precision-engineered rigid polymer packaging manufacturing company catering to industries including energy storage, dairy and edible food products, paints, chemicals, automotive, telecommunications, lubricants, and agrochemicals. The company offers customised rigid polymer packaging solutions, covering product design and development, raw material sourcing, manufacturing, heat sealing, labelling, quality assurance and delivery. Its portfolio includes high-performance battery casings, pails and food-grade thinwall containers, with 30 registered designs under its intellectual property portfolio. The company has seven operating facilities, including six manufacturing facilities across Dehradun, Hosur, Panipat, Una and Dadra, along with a dedicated paint facility in Hosur.
Founded 1996MD Mr Munjal Nikunj KapadiaSector Plastic products
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Manika Plastech Limited IPO GMP today?
The most recent grey-market premium recorded for Manika Plastech Limited is ₹20 per share — about 46.5% over the ₹43 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Manika Plastech Limited IPO subscribed?
Manika Plastech Limited is subscribed 29.46× overall (QIB 11.22×, NII 66.58×, retail 23.98×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, LINK.
What is the minimum investment in the Manika Plastech Limited IPO?
One lot is 348 shares, so a retail application at the ₹43 cut-off price blocks ₹14,964. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Manika Plastech Limited IPO?
The retail portion is subscribed 23.98×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 24. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Manika Plastech Limited IPO allotment date?
Allotment is scheduled for 2026-09-17, with listing on 2026-09-21. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, LINK.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.