Manika Plastech IPO

Manika Plastech IPO Details

The Manika Plastech IPO is a 100% book-built issue offering a fresh issue of ₹115 crore and an offer for sale (OFS) of 1.50 crore equity shares, with a face value of ₹2 per share. The company filed its DRHP with SEBI on June 24, 2025. 

The price band and official dates of subscription and listing will be announced by the company later, but the shares are supposed to be listed on the BSE and the NSE platforms. The book-running lead manager of this issue is Pantomath Capital Advisors Private Ltd., while the registrar to the issue is MUFG Intime India Private Ltd. 

Manika Plastech IPO Date & Timeline

Manika Plastech Ltd. officially filed its Draft Red Herring Prospectus (DRHP) on June 24, 2025.  However, the specific Manika Plastech IPO date and subscription timeline remain unannounced. Following regulatory approval, the company will finalise the price band and bidding dates. Once cleared, the schedule for anchor allotment, public bidding and the final listing on the exchange will be formally disclosed.

Manika Plastech IPO GMP (Grey Market Premium)

“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.

The Manika Plastech IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor desire, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.

Company Background

Manika Plastech Ltd. was incorporated under the Companies Act, 1956, as a private limited company under the name "Manika Moulds Private Limited" in August 1996. Over the decades, the business evolved from basic plastic moulding into a precision-engineered, rigid polymer packaging manufacturer, eventually converting into a public company in 2024. Currently, the company is a leading manufacturer of precision-engineered rigid polymer packaging (RPP). With its headquarters in Mumbai, the company operates 7 strategically located facilities across India, including plants in Silvassa, Hosur and Dehradun, with a total production capacity exceeding 27,600 MTPA. It primarily serves critical sectors like energy storage, paints and food processing, specialising in high-performance battery casings and thin-wall containers.

Operations & Product Range

The main manufacturing operation of Manika Plastech Ltd. involves the production of high-performance rigid polymer packaging (RPP), encompassing all processes from injection molding and heat sealing to labeling. The major products comprise customized battery casings used for automobiles, pails and thin-wall packaging. Battery casings meet high technical specifications for both Japan (JIS) and Germany (DIN). Major customers of the company are mainly drawn from the automobile sector and storage energy sector for casings, while containers find use in the food, dairy, paint and lubricants industries.

Facilities & Capacity

Manika Plastech Ltd. has established a strong operational infrastructure with 7 operating facilities strategically placed across Dehradun, Hosur, Panipat, Una and Silvassa, covering over 51,000 square meters. The total installed capacity across these units stands at 27,600 metric tons per annum (MTPA). The company also operates 5 warehouses in Hosur, Dehradun, Jodhpur and Katni for smooth logistics. This issue mainly focuses on enhancing capabilities by using fresh issue proceeds to purchase new plant and machinery.

Brands & Market Presence

Manika Plastech Ltd. has maintained a significant market presence by virtue of the unique products it offers in the packaging industry for business-to-business (B2B) transactions, its name having been made synonymous with high-quality battery casings and pails that are sought after by firms operating in the energy and chemical industries. The reach of the company is mainly limited to the domestic front, providing services to more than 178–200 clients located in 24 states and union territories of India.

Revenue Streams & Business Model

Manika Plastech Ltd. primarily generates revenue from selling rigid and standard polymer packaging products. The battery casings division is the major contributor, accounting for approximately 66% of overall revenue, with the remaining revenue coming from pails and thin-wall containers. For FY24, the company has reported a profit after tax of ₹11.69 crore and total income was reported at ₹301.75 crore. 

The business model ensures diverse industry applications, limiting exposure to any single sector. The company relies heavily on the North Indian market, though it also serves the South and West zones, generating revenue through direct sales to long-standing industrial clients.

Management & Shareholding

The promoters of Manika Plastech Ltd. are Nikunj Mohanlal Kapadia, Munjal Nikunj Kapadia, Mihir Nikunj Kapadia, Pratik Nikunj Kapadia and the Vridaa Holding Trust, who collectively hold a significant portion of the pre-issue shareholding, representing 9.42 crore equity shares. However, after the issue, the shareholding will be diluted, as the existing shareholders sell off some portion of their shareholding, which will invite new shareholders into the company’s ownership. 

Board & Key Management

The board members of Manika Plastech Ltd. are led by the experienced members of the management, which includes Nikunj Mohanlal Kapadia, who serves as a chairman and Non-Executive Director, ensuring guidance; Munjal Nikunj Kapadia, who serves as a Managing Director and Mihir Nikunj Kapadia, who serves as a whole-time directors, in charge of day-to-day operations and execution and in charge of corporate governance. Also, the company maintains Independent directors who bring outside knowledge to ensure corporate governance. Key management staff make sure the company follows all financial rules and regulations as a public entity.