Manika Plastech IPO Lists Flat at ₹43 on NSE and BSE

Varda Khade - 0 min read

Last Updated: 21st September 2026 - 02:14 pm

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Manika Plastech shares made a flat stock market debut on September 21, 2026, listing at ₹43 per share on both the NSE and BSE. The listing price was the same as the IPO issue price of ₹43 per share, resulting in no listing gain or loss for investors.

The listing followed the company’s ₹125.50 crore IPO, which was open for subscription from September 11 to September 16, 2026. The issue received investor demand of 28.14 times the shares on offer.

At the listing price of ₹43 per share, Manika Plastech’s market capitalisation stood at approximately ₹501 crore. The debut was broadly in line with grey market expectations immediately ahead of listing, which had indicated only a marginal premium.

Manika Plastech is a design-led, precision-engineered rigid polymer packaging manufacturer. Its product portfolio includes battery casings, pails and thinwall containers catering to industries such as automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, food and dairy.

Manika Plastech IPO Listing Details

Manika Plastech launched its ₹125.50 crore book-built IPO, comprising a fresh issue of up to ₹92.50 crore and an offer for sale aggregating to approximately ₹33 crore.

The bidding window opened on September 11 and closed on September 16, 2026. The IPO price band was fixed at ₹40 to ₹43 per share, with the final issue price at the upper end of the band at ₹43 per share.

The minimum lot size was 348 shares, requiring a minimum retail investment of ₹14,964 at the issue price of ₹43 per share.

The IPO received an overall subscription of 28.14 times by the end of the bidding period. The non-institutional investor portion was subscribed 63.09 times, the retail portion 22.72 times and the qualified institutional buyer portion 10.94 times.

Manika Plastech subsequently made its stock market debut on September 21, 2026, listing at ₹43 per share on both the NSE and BSE against the IPO issue price of ₹43.

The flat listing resulted in no premium or discount to the issue price. At the listing price, the company’s market capitalisation stood at approximately ₹501 crore.

Issue Price: ₹43 per share
NSE Listing Price: ₹43 per share
BSE Listing Price: ₹43 per share
Listing Premium: 0%
Market Capitalisation at Listing: Approximately ₹501 crore
IPO Size: ₹125.50 crore
Fresh Issue: Up to ₹92.50 crore
Offer for Sale: Approximately ₹33 crore
Price Band: ₹40 to ₹43 per share
Minimum Lot Size: 348 shares
Minimum Retail Investment: ₹14,964
Overall Subscription: 28.14 times
QIB Subscription: 10.94 times
NII Subscription: 63.09 times
Retail Subscription: 22.72 times
IPO Open Date: September 11, 2026
IPO Close Date: September 16, 2026
Listing Date: September 21, 2026
Exchanges: NSE and BSE

First-Day Trading Performance

Listing Price: Manika Plastech share price debuted at ₹43 per share on both the NSE and BSE against the IPO issue price of ₹43, resulting in a flat listing with no premium or discount.

The market debut followed the company’s ₹125.50 crore IPO, which received an overall subscription of 28.14 times during the bidding period from September 11 to September 16, 2026.

Investors placed bids for more than 60.18 crore shares against approximately 2.14 crore shares available for subscription.

Demand was strongest in the non-institutional investor category, which was subscribed 63.09 times. The retail investor category was subscribed 22.72 times, while the QIB portion received 10.94 times subscription.

Despite the demand recorded during the IPO, Manika Plastech entered the secondary market at the same price at which shares were allotted to IPO investors.

The ₹43 listing was broadly in line with grey market expectations immediately before the debut. The grey market had indicated only a marginal listing premium, with estimates suggesting a debut around ₹44 per share.

Growth Drivers and Challenges

Growth Drivers

Diversified Product Portfolio: Manika Plastech manufactures rigid polymer products including battery casings, pails and thinwall containers, providing exposure to multiple industrial and consumer applications.

Multiple End-Use Industries: The company caters to sectors including automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals, food and dairy, reducing dependence on a single end-use market.

Manufacturing Presence: Manika Plastech operates seven facilities, comprising six manufacturing facilities across Dehradun, Hosur, Panipat, Una and Dadra, along with a painting facility in Hosur. The facilities have an aggregate installed capacity of around 29,200 tonnes per annum.

Established Customer Relationships: The company served between 168 and 242 customers across 24 states and union territories during the three financial years and the three-month period ended June 30, 2026. Its top 20 customers had an average relationship tenure of more than 10 years as of June 30, 2026.

Financial Growth: For FY26, consolidated sales increased 7.3% to ₹435.98 crore, while profit after tax rose 15.9% to ₹22.40 crore. Operating profit increased 28.3% to ₹58.14 crore during the year.

Challenges

Customer Concentration: A significant portion of the company’s revenue is generated from its largest customers. Its top five customers accounted for 62.95% of revenue in FY26, creating exposure to changes in orders from major clients.

Raw Material Exposure: The company’s polymer-based manufacturing operations expose it to changes in raw material prices, including inputs whose prices can be influenced by crude oil movements.

Working Capital Requirements: Manufacturing operations across multiple facilities and servicing customers across different industries require effective management of inventory, receivables and working capital.

Dependence on Repeat Orders: Business performance depends partly on maintaining relationships with existing customers and securing repeat orders, while many customer arrangements may not guarantee future volumes.

Expansion Execution: The company plans to deploy part of the IPO proceeds towards additional plant and machinery, making timely implementation and effective utilisation of new manufacturing capacity important for future expansion.

Utilisation of IPO Proceeds

Manika Plastech’s ₹125.50 crore IPO comprised a fresh issue of up to ₹92.50 crore and an offer for sale of approximately ₹33 crore.

The fresh issue proceeds are intended to support the company’s capital expenditure requirements, repayment or prepayment of certain borrowings and general corporate purposes.

A significant portion of the proceeds is proposed to be deployed towards purchasing plant and machinery as the company seeks to expand and upgrade its manufacturing capabilities.

The company also plans to utilise part of the fresh issue proceeds towards repayment or prepayment of certain outstanding borrowings. This could help reduce its outstanding debt and associated finance costs.

The remaining proceeds are intended to be utilised for general corporate purposes.

The key proposed uses of the IPO proceeds include:

Capital expenditure towards purchase of plant and machinery
Repayment or prepayment of certain borrowings
General corporate purposes

Business and IPO Overview

Manika Plastech was incorporated in April 1996 and operates as a design-led, precision-engineered rigid polymer packaging manufacturer.

Its product portfolio includes high-performance battery casings, pails and thinwall containers designed for different industrial and consumer applications.

These products cater to industries including automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals, food and dairy.

The company provides end-to-end rigid polymer packaging solutions covering design and development, sourcing of raw materials, manufacturing, heat sealing, labelling, quality assurance and delivery.

Manika Plastech operates seven facilities across India, including six manufacturing facilities located in Dehradun, Hosur, Panipat, Una and Dadra, along with a painting facility in Hosur.

Its manufacturing operations produce battery casings, pails, thinwall containers and automotive components, while the Hosur painting facility is used for painting automotive components.

For FY26, the company reported consolidated sales of ₹435.98 crore, up 7.3% year-on-year. Operating profit increased 28.3% to ₹58.14 crore, while profit after tax rose 15.9% to ₹22.40 crore.

Manika Plastech entered the public markets through a ₹125.50 crore IPO with a price band of ₹40 to ₹43 per share. The IPO was subscribed 28.14 times.

The company made its stock market debut on September 21, 2026. Shares listed at ₹43 per share on both the NSE and BSE, the same as the IPO issue price.

The flat listing translated into a 0% listing premium, while the company’s market capitalisation stood at approximately ₹501 crore at the time of its market debut.