Manika Plastech IPO opens today: Should you apply? Check price band, reviews, latest GMP & more

Manika Plastech is set to launch its initial public offering (IPO) on Friday, September 11. The plastic product and packaging solutions maker shall be offering its shares in the range of Rs 40-43 apiece. Investors can apply for a minimum of 348 equity shares and its multiples thereafter. The issue will close for subscription on Wednesday, September 16.

Manika Plastech is eyeing to raise a total of Rs 125 crore from its IPO, which includes a fresh share sale of Rs 92 crore and an offer-for-sale (OFS) worth Rs 33 crore by its promoter entity VRIDAA Holding Trust. Net proceeds from the fresh issue shall be utilized towards fund the capital expenditure towards plant and machinery, repayment of certain borrowings and general corporate purposes.

Incorporated in 1996, Silvassa-based Manika Plastech is engaged in the manufacturing of rigid polymer packaging products, including battery casings, pails and thin-wall containers. It manufactures battery casings, pails and thin-wall containers, which cater to various industrial and consumer applications. 

Ahead of its IPO, Manika Plastech raised Rs 37.65 crore from five anchor investors as it allocated 87,55,813 equity shares at Rs 43 apiece. Investors like The Wealth Company Alternate Trust, Trust Mutual Fund, Finavenue Capital Trust and Nova Global Opportunities Fund PCC.

Manika Plastech reported a net profit of 13.07 crore with a revenue of Rs 162.71 crore for the quarter ended on June 30, 2026. The company clocked a net profit at Rs 22.40 crore with a 437.26 crore for the financial year 2025-26. At the current valuation, Manika Plastech commands a current market capitalization of little more than Rs 500 crore. 

Manika Plastech has reserved 50 per cent shares for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) and retail investors have 15 per cent and 35 per cent allocation in the IPO. Last heard, Manika Plastech was commanding a grey market premium of 13-15 apiece, suggesting a 30-35 per cent listing gains for the investors. 

Pantomath Capital Advisors is the sole book running lead manager of Manika Plastech and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE Ltd and NSE on Monday, September 21. Here's what a host of brokerage firms have on the IPO of Manika Plastech:

SBI Securities Rating: Neutral Manika Plastech is a rigid polymer packaging manufacturer with integrated capabilities, strategically located manufacturing facilities and long-standing customer relationships. It delivered revenue, EBITDA and PAT CAGRs of 9.9 per cent, 37.3 per cent and 39.4 per cent, respectively, during FY24- FY26, reflecting strong profit growth despite moderate revenue expansion, said SBI Securities.

However, high dependence on battery casings, customer concentration, and raw-material price volatility risks remain key monitorables. Considering Manika's established presence, improving profitability and reasonable valuation, balanced against its concentration risks and moderate revenue growth profile, we assign a 'neutral ' rating to the issue," it added.

Anand Rathi Rating: Subscribe for long-term Manika Plastech's customer-proximity manufacturing model enables efficient deliveries and deeper supply-chain integration, while the proposed capacity expansion is expected to support product diversification and cater to growing demand across battery, automotive, paints, chemicals and food segments. At 22.4 times PE and 10.2 times EV/EBITDA, the issue appears fairly priced, said Anand Rathi.

"However, high dependence on battery casings, customer concentration and raw-material price volatility remain key monitorables. Considering the company’s established market presence, improving profitability and reasonable valuation, balanced against concentration risks and a moderate revenue growth profile, we assign a 'subscribe for long term' rating to the issue," it added.

Swastika Investmart Rating: Subscribe The top 20 clients of Manika Plastech have an average relationship tenure exceeding 10 years. EBITDA margin expanded steadily to 13.30 per cent in FY26 due to operating leverage and product mix shifts toward higher-margin thin-wall and battery casings, said Swastika Investmart.

"The issue commands a P/E ratio of 22.3 times based on FY26 restated earnings while listed packaging and plastic molding peers trade in the range of 25-35 times P/E. It is a combination of steady profit growth, expansion-oriented capex utilization, and reasonable valuations as a positive factor, offering a favorable risk-reward profile for long-term investors," it adds.

KC Securities Rating: Subscribe for long-term Manika Plastech is suitable for high-risk appetite investors, supported by improving profitability, deleveraging and a diversified product portfolio. Its in-house product development capabilities and 800+ customized moulds create entry barriers, support product customization and mitigate commoditization risks, said KC Securities.

"With a 39.6 per cent three-year profit CAGR and the valuation appears reasonable versus listed packaging peers, offering a favorable risk-reward profile. However, investors should monitor volume growth, margin sustainability and crude-linked polymer costs, as elevated crude prices could pressure margins in the near term. We recommend Investors to subscribe to the issue for the long-term," it adds.

Canara Bank Securities Rating: Subscribe with caution "We recommend a 'subscribe' rating to the IPO specifically to high-risk appetite investors. This stance is driven by consistent debt reduction. Developing higher-margin polymer packaging products that have achieved strong margin expansion for the last 3 years from 8.55 per cent in Q1FY27 leads to high profit CAGR of 39.6 per cent for the last three years," said Canara Bank Securities.

"It owns 800 custom molds designed to prevent low margin risk. Financial matrices to consider before investing is the volume should sustainable growth with margins. Short term investors should consider the risk of crude oil price hike which is $100 per barrel which can impact its margin in upcoming results. It is valued at 18.2 times P/E, moderately valued compared to its peers," it added.

BP Equities Rating: Subscribe "Considering Manika Plastech's improving profitability, structural growth in the rigid packaging industry, planned capacity expansion, diversification into new product categories and high repeat business from existing customers, we believe the current valuation is reasonable and recommend a 'subscribe' rating to the issue," said BP Equities.

Ventura Securities Rating: Subscribe Manika Plastech, established in 1996, manufactures rigid plastic packaging and moulded products, with battery casings as its key segment. It operates six facilities with 29,200 MTPA capacity and serves diverse industries. The company plans Rs 58.77 crore capex to expand injection moulding and enter new ISBM-based products, said Ventura with a 'subscribe' rating.

Kunvarji Wealth Solutions Rating: Subscribe for long-term "We recommend to subscribe this IPO with a medium to long term view. Manika recorded healthy growth in its headline numbers, supported by its strong position in battery casings and growing demand for rigid plastic packaging. Its diversified product portfolio, established customer base and expanding manufacturing capacity provide a solid platform for future growth," said Kunvarji Wealth.