Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
| Issue Structure | |
|---|---|
| Type | Mainboard · Book Built |
| Face Value | ₹2 |
| Fresh Issue | ₹92.50 Cr |
| Offer for Sale | ₹33.00 Cr |
| Market Cap | ≈ ₹501 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | 50% (incl. anchor) |
| NII / HNI | 15% |
| Retail | 35% |
| Lead Managers | Pantomath Capital Advisors |
| Registrar | MUFG Intime India (Link Intime) |
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 368.76 | 412.59 | 437.26 | +6% |
| PAT | 11.53 | 19.33 | 22.40 | +16% |
| PAT Margin | 3.1% | 4.7% | 5.1% | — |
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Manika Plastech | 9.6x | 15.18% | 5.1% |
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Nikunj Mohanlal Kapadia, Munjal Nikunj Kapadia, Mihir Nikunj Kapadia, Pratik Nikunj Kapadia, Vridaa Holding Trust |
| Pre-issue | 100% |
| Post-issue | 74.95% |
| Objects of Issue | |
|---|---|
| Capital expenditure — purchase of plant and machinery | — |
| Repayment / pre-payment of certain borrowings | — |
| General corporate purposes | Balance |
Strengths & Risks
The part most sites skip — both sides, from the RHP.
- Genuinely cheap — ~9.6x post-issue P/E for a business with a ~15% ROE and ~19% ROCE.
- Steady, profitable growth — PAT ₹11.5 → ₹22.4 Cr over two years (+16% in FY26) on revenue up to ₹437 Cr.
- Specialised, sticky product — high-barrier multilayer films/containers made with co-extrusion technology; proximity to major customers aids retention.
- Mostly-fresh, capacity-led issue — ₹92.5 Cr of the ₹125.5 Cr raise is fresh, funding plant & machinery and debt repayment; moderate debt (D/E ~0.60).
- Grey market — GMP ~₹3 (~7%), positive but cooled through the week.
- Thin margins — PAT margin only ~5%; a competitive, commodity-like polymer-packaging market exposed to resin (crude-derivative) input costs.
- Heavy customer concentration — the top five customers were ~58–69% of revenue over the last three years; losing one could dent sales.
- Promoter selldown — ~₹33 Cr (~26%) of the issue is an offer for sale; promoter holding falls to ~74.95% post-issue.
- Commodity-linked, capital-intensive manufacturing — capacity utilisation, raw-material prices and freight can swing earnings.
- Early on the QIB side — on the final day the book is 11.05× (retail 15.22×, NII 14.97×) but QIB is only 0.83× and typically bids near the close; grey market has cooled to ~₹3; a new listing with limited trading history.
Did the signal hold up? Updates after Sep 21
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Manika Plastech IPO FAQs
Common questions about the Manika Plastech IPO — GMP, price, dates, allotment and more.
What is Manika Plastech IPO GMP today?
As of the latest update (Subscription: Sep 16, 11:39 AM IST · GMP: Sep 16, 7:45 AM IST), the grey market premium (GMP) for Manika Plastech IPO is around ₹3, implying an estimated listing price of about ≈ ₹46. GMP is unofficial & indicative
What is Manika Plastech IPO price band?
The price band is ₹40 – ₹43 per share (face value ₹2).
What is Manika Plastech IPO lot size?
The lot size is 348 · min ₹14,964 per application.
When is Manika Plastech IPO allotment?
The tentative basis-of-allotment date is Sep 17.
When will Manika Plastech IPO be listed?
The tentative listing date is Sep 21, 2026 on BSE · NSE.
What is the expected listing price of Manika Plastech IPO?
Based on the current grey market premium of ₹3, the estimated listing price is around ≈ ₹46 — this is unofficial and not a guarantee of the actual listing price.
Should I apply for Manika Plastech IPO?
Our view: Apply · Subscribe
In simple terms, Manika Plastech makes specialised multilayer plastic packaging — the high-barrier films and containers that keep food, medicines and personal-care products fresh. The stand-out here is the price: at about 9.6 times earnings it is genuinely cheap for a business that earns a ~15% return on its money, carries only moderate debt, and grew profit about 16% last year (to ₹22.4 crore). Most of the issue is fresh money to add capacity and cut debt. The things to weigh: profit margins are thin (~5% of sales); it leans heavily on a handful of customers (the top five are ~58–69% of sales); plastic packaging is a competitive, commodity-like market; and about a quarter of the issue (₹33 crore) is promoters selling rather than money for the company. With bidding closing today the book is strongly covered — about 11.05 times overall (retail ~15.2 times, NII ~15.0 times) — though the big institutions have barely bid yet (~0.83 times) and typically come in near the close. The grey market has cooled to about ₹3 (~7%), pointing to a modest listing gain. On balance the low price, decent returns and strong demand still make it look worth applying for — just size it knowing the thin margins and customer concentration. This is IPOSignal's research view, not investment advice.
What is Manika Plastech IPO subscription status?
As of Final day · Sep 16, 11:39 AM IST — latest available (closes today), the issue was subscribed 11.1× overall — Retail 15.2×, NII / HNI 15×, QIB 0.8×.
Who is the registrar of Manika Plastech IPO?
The registrar is MUFG Intime India (Link Intime); the lead manager(s): Pantomath Capital Advisors.