Manas Polymers IPO opens today; Check price band, issue size & key dates

Manas Polymers and Energies is launching its initial public offering for bidding on 26 September with the aim of raising Rs 23.52 crore through a fresh issue of 29.04 lakh equity shares. The IPO window will remain open until 30 September, with the basis of allotment to be determined on 1 October and tentative listing of shares on the NSE SME platform scheduled for 6 October.

The IPO price band is fixed at Rs 76–81 per share. Retail investors are required to apply for a minimum application size of 3,200 shares, amounting to an investment of Rs 2.59 lakh at the upper end of the price band. For non-retail investors, the minimum application is for three lots comprising 4,800 shares, totalling Rs 3.88 lakh. Expert Global Consultants serves as the sole book-running lead manager, while Purva Sharegistry (India) acts as registrar for the issue.

The public issue is entirely a fresh offering of 29.04 lakh equity shares. Proceeds collected from the IPO will be used primarily to fund capital expenditure requirements for the establishment of a solar power plant, the purchase of fixed assets, and to meet general corporate purposes.

Manas Polymers and Energies, incorporated in January 2024, manufactures premium food-grade PET preforms, bottles, jars, and caps. The company is also engaged in the generation and distribution of renewable energy, operating as an independent power producer.

The company operates across two main business lines—manufacture of packaging products for a wide array of industries such as automotive, construction, packaging, agriculture, and energy, and renewable energy production. Its diverse product offerings enable it to serve multiple sectors.

Although a relatively new entrant, Manas Polymers has reported steady financial progress. For the financial year 2024, the company posted a total income of Rs 5.03 crore and a profit after tax of Rs 0.79 crore. Revenue for the quarter ended June 2024 rose to Rs 8.69 crore, and profit improved to Rs 1.18 crore. No grey market premium has been reported for the IPO.