Manika Plastech IPO
LISTEDMAINBOARDListing Performance
▲ 0.00%
Issue Price
₹43
Listing Price
₹43
Listed On
21 Sep 2026
- Price Band
- ₹40 – ₹43
- Lot Size
- 348
- Lot Value
- ₹14,964
- Open Date
- 11 Sep11 Sep 2026
- Close Date
- 16 Sep16 Sep 2026
- Min Investment
- ₹14,964
Manika Plastech — Stock Performance
About Manika Plastech
Use of IPO Proceeds
Promoters
Nikunj Mohanlal Kapadia
Non-Executive Director
Pre-issue: 0.75%
Munjal Nikunj Kapadia
Managing Director
Pre-issue: 0.5%
Mihir Nikunj Kapadia
Whole-time Director
Pre-issue: 0.5%
Pratik Nikunj Kapadia
Whole-time Director
Pre-issue: 0.5%
Investment Analysis
Quick Analysis: 5 strengths · 6 risk factors· Exchange: Equity
Strengths (5)
- •Diversified product portfolio across battery casings, containers, and automotive components
- •Over two decades of promoter experience in the rigid plastic packaging industry
- •Multiple manufacturing facilities across geographically dispersed regions in India
- •Sustainability focus incorporating recycled polymers in manufacturing processes
- •Strong customer relationships with large established manufacturers and brands
Risk Factors (6)
- •Top five customers represent 58-69% of operating revenue; loss of major customers could materially harm business, financial condition, results of operations and cash flows.
- •First public offering with no formal market history for equity shares; floor price, cap price, and offer price cannot indicate post-listing market price.
- •Industry and market data sourced from commissioned Technopak Report involves risks, uncertainties, and assumptions subject to change based on various factors.
- •No assurance of active or sustained trading in equity shares after listing or regarding the price at which shares will trade post-listing.
- •Investments in equity securities involve substantial risk; bidders may lose their entire investment if equity shares decline significantly after listing.
- •Fluctuations in performance of industries where top customers operate may result in loss of customers, decreased work volume, or lower pricing.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 22.20x (QIB 9.71x, NII 53.43x, Retail 15.74x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 348 | ₹14,964 |
| Retail (max) | 13 | 4,524 | ₹1,94,532 |
| S-HNI (min) | 14 | 4,872 | ₹2,09,496 |
| S-HNI (max) | 66 | 22,968 | ₹9,87,624 |
| B-HNI (min) | 67 | 23,316 | ₹10,02,588 |
Subscription Status
| Category | Day 1 | Day 3 | Day 4 | Day 5 |
|---|---|---|---|---|
| QIB | 0.00x | 9.71x | 0.00x | 9.71x |
| sNII (S-HNI) | 1.85x | 37.72x | 1.85x | 37.68x |
| bNII (B-HNI) | 0.47x | 61.31x | 0.47x | 61.31x |
| Retail | 1.45x | 15.77x | 1.46x | 15.74x |
| Total | 0.93x | 22.21x | 0.94x | 22.20x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
15.74x
Allotment Ratio
1 lot per 16 applicants
Allotment Probability
~6.4%
Non-Institutional Investors (NII / HNI)
Subscription
53.43x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
9.71x
Allotment Type
Discretionary allotment
Total Subscription
22.20x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
11 Sep 2026 · Fri
Issue Closes
16 Sep 2026 · Wed
Bidding Cut-off (UPI Mandate)
16 Sep 2026 · 5:00 PM IST
Allotment
17 Sep 2026 · Thu
Listing
21 Sep 2026 · Mon
Issue Opens
11 Sep 2026 · Fri
Issue Closes
16 Sep 2026 · Wed
Bidding Cut-off (UPI Mandate)
16 Sep 2026 · 5:00 PM IST
Allotment
17 Sep 2026 · Thu
Listing
21 Sep 2026 · Mon
IPO Details
| Registrar | MUFG Intime India Private Limited |
| Exchange | Equity |
| ISIN | — |
| Face Value | ₹2 |
| Issue Size | ₹125.50 Cr |
| Fresh Issue | ₹92.50 Cr |
| OFS Size | ₹33.00 Cr |
| Lead Managers | — |
3-Year Financial Summary
Revenue trend
↑ FY24→FY26
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY26 | 435.98 | 22.4 | 2.36 | 18.23 | — |
| FY25 | 406.5 | 19.33 | 2.03 | 21.13 | — |
| FY24 | 360.77 | 11.53 | 1.21 | 35.42 | — |
Detailed Line Items (₹ Cr)
| Line Item | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 368.76 | 412.59 | 437.26 |
| EBITDA | 30.86 | 45.3 | 58.14 |
| Cash Flow — Operating | 35.42 | 36.88 | 44.3 |
| Cash Flow — Investing | -53.29 | -23.05 | -18.72 |
| Cash Flow — Financing | 17.78 | -13 | -26.39 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
18.2x
Price ÷ EPS
EPS (FY26)
₹2
Earnings per share
RoNW
—
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
13.3%
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Check the valuation yourself
Company Fundamentals
12 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | — |
| Equity Shares (Pre-Issue) | 9,50,00,000 |
| Equity Shares (Post-Issue) | — |
Source: Manika Plastech offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Manika Plastech's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Manika Plastech's filing.
Source: Manika Plastech offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB50.00%
- NII / HNI15.00%
- Retail35.00%
OFS Selling Shareholders
- VRIDAA Holding Trust76,74,418 sh
Source: Manika Plastech offer document (DRHP/RHP).
Board & Management
Board of Directors (8)
- Nikunj Mohanlal Kapadia₹0.08 Cr p.a.
Chairman & Non-Executive Director
- Munjal Nikunj Kapadia₹0.78 Cr p.a.
Executive Director / Managing Director
- Mihir Nikunj Kapadia₹0.74 Cr p.a.
Executive Director
- Pratik Nikunj Kapadia₹0.69 Cr p.a.
Executive Director
- Anand Shailesh Bathiya₹0.10 Cr p.a.
Independent Director
- Chitradurga Narasimha Murthy₹0.08 Cr p.a.
Independent Director
- Sanjay Khubchand Israni₹0.08 Cr p.a.
Independent Director
- Mita Dixit₹0.10 Cr p.a.
Independent Director
Key Managerial Personnel (2)
- Mukesh Chandrakant Thakkar₹0.35 Cr p.a.
Chief Financial Officer
bachelor's degree in commerce from University of Mumbai; associate member of the Institute of Company Secretaries of India and Institute of Chartered Accountants of India; passed final examination of Institute of Cost and Works Accountants of India
more than a decade in accounts, finance and secretarial matters
- Karishma Himatbhai Waghela₹0.13 Cr p.a.
Company Secretary and Compliance Officer
bachelor's degree in commerce, master's degree in commerce and bachelor's degree in law from University of Mumbai; associate member of the Institute of Company Secretaries of India
more than 6 years in secretarial and compliance matters
Source: Manika Plastech offer document (DRHP/RHP).
Industry & Market
Manika Plastech Limited holds 1.31% revenue share in the organized consumer RPP market as of FY 2025
Per Secondary Research, Technopak Analysis, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Manika Plastech Limited | — | 2.36 | 15.18 | 15.54 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Civil | Company | 2 | — |
Cease and desist notices issued against third parties for design infringement
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:MUFG Intime India Private Limited→Documents
Frequently Asked Questions
When is the Manika Plastech IPO opening?
The Manika Plastech IPO opens on 11 Sep 2026 and closes on 16 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Manika Plastech IPO?
The price band for the Manika Plastech IPO is ₹40 to ₹43. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Manika Plastech IPO?
The minimum lot size is 348 shares with a minimum investment of ₹14,964. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Manika Plastech IPO today?
The latest Grey Market Premium for Manika Plastech is ₹2 (+4.65%). GMP is unofficial data and is not a guarantee of listing price.
When will the Manika Plastech IPO list on NSE and BSE?
The Manika Plastech IPO is expected to list on 21 Sep 2026 on Equity. Actual listing day trading begins at the start of the normal market session.
How can I check the Manika Plastech IPO allotment status?
The registrar for this IPO is MUFG Intime India Private Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Manika Plastech IPO a mainboard or SME issue?
Manika Plastech is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Manika Plastech IPO?
You can apply for the Manika Plastech IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Manika Plastech IPO?
The GMP-implied price (unofficial, not a forecast) is ₹45: the upper price band of ₹43 plus the latest grey market premium of ₹2, as of 25 Sep 2026, 05:30 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Manika Plastech IPO?
Based on the retail subscription of 15.74x, the estimated allotment ratio is 1 lot per 16 applicants (approximately 6.4% chance of allotment). This is an estimate and actual allotment may vary.
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