Manika Plastech Files for IPO: Key Offer Details, Objectives, and Financials Explained
By Shishta Dutta | Updated at: Jan 19, 2026 10:10 AM IST
Mumbai | June 25, 2025 – Manika Plastech Limited, a precision-engineered rigid polymer packaging manufacturer, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an initial public offering (IPO).
A new initial public offering (IPO) is set to hit the Indian markets, featuring a combination of fresh equity issuance and an offer for sale (OFS). The public issue includes a fresh issue of shares worth ₹115 crore (₹1,150 million) aimed at raising capital to support the company’s growth plans, alongside an offer for sale of 1.5 crore shares by the promoter trust.
With a face value of ₹2 per share, the equity shares will be listed on both the BSE and NSE, offering investors access across major Indian stock exchanges. The IPO is being managed by Pantomath Capital Advisors Pvt Ltd, acting as the Book Running Lead Manager (BRLM), while MUFG Intime India Pvt Ltd will serve as the registrar to the issue, overseeing share allotment and investor-related processes.
IPO Snapshot
| Detail | Info |
|---|---|
| Issue Type | Fresh Issue & Offer for Sale |
| Fresh Issue Size | ₹1,150 million |
| Offer for Sale | 1.5 crore shares by promoter trust |
| Face Value | ₹2 per share |
| Listing Exchanges | BSE & NSE |
| Book Running Lead Mgr | Pantomath Capital Advisors Pvt Ltd |
| Registrar | MUFG Intime India Pvt Ltd |
IPO Objectives
The company intends to utilise the net proceeds from the fresh issue for:
- Capital expenditure for plant and machinery: ₹598.21 million
- Repayment/prepayment of borrowings: ₹250 million
- General corporate purposes
No proceeds will be received from the Offer for Sale component, which is solely by VRIDAA Holding Trust, the company’s promoter entity.
Financial Highlights (Restated Consolidated)
| Metric | FY22 | FY23 | FY24 | 9M FY25 |
|---|---|---|---|---|
| Revenue from Operations (₹ mn) | 3,328.22 | 3,965.09 | 3,607.72 | 2,955.81 |
| Profit After Tax (₹ mn) | 99.66 | 113.19 | 115.45 | 116.90 |
| EBITDA Margin (%) | Not shown explicitly | |||
| Net Worth (₹ mn) | 897.65 | 982.60 | 1,078.48 | 1,173.90 |
| Total Assets (₹ mn) | 1,986.72 | 2,178.61 | 2,522.16 | 2,982.32 |
| EPS (Basic, ₹) | 1.02 | 1.19 | 1.22 | 1.23* |
| ROE (%) | Not shown explicitly |
*EPS not annualized for 9M FY25
Promoter and Shareholding
- Pre-issue holding: Promoters and promoter group hold 100% of shares.
- Post-issue: Promoter holding will dilute due to the Offer for Sale.
- Promoter Selling Shareholder: VRIDAA Holding Trust (1.5 crore shares)
Lead Manager & Registrar
- Book Running Lead Manager: Pantomath Capital Advisors Pvt Ltd
- Registrar: MUFG Intime India Pvt Ltd
What to Watch?
- Customer concentration: Top 5 clients contribute over 64% of revenues.
- Industry risk: High exposure to the energy storage and battery sectors.
- Regulatory focus: Rising scrutiny on plastics and waste management policies.
- Growth strategy: Focused on expanding into eastern/southern India and thinwall/injection blow molded products.
- No pre-IPO placement or ESOP scheme currently exists.
With a strong footprint in rigid polymer packaging and marquee clients across paints, dairy, and energy, Manika Plastech aims to consolidate its leadership through this IPO. Investors will closely monitor pricing, valuations, and anchor book details once the company files its Red Herring Prospectus.
About Manika Plastech
Incorporated in 1996, Manika Plastech is a design-led rigid polymer packaging firm specializing in high-performance battery casings, pail and thinwall containers, and custom packaging for industries including:
- Energy storage
- Dairy and edible oils
- Paints and chemicals
- Automotive (via a painting facility in Hosur)
The company has 36 registered industrial designs and operates manufacturing units across Dehradun, Una, Hosur, Dadra, and Panipat, with warehouse support in Pune and Jodhpur.
REF: https://www.bseindia.com/corporates/download/363917/IPO Prior/MANIKAPLASTECHLIMITEDDRHP.pdf_20250625061318.pdf
Disclaimer: At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.
If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.
Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations
