Manika Plastech Shares List At ₹43, Fall 5% After Flat Debut 

Mumbai, September 21, 2026: Manika Plastech shares made a flat debut on the NSE and BSE on Monday, listing at ₹43 per share, exactly matching the IPO issue price. The stock, however, moved lower after opening and was trading at ₹40.85 by 10:23:26 AM IST.

The market debut followed the company’s ₹125.50 crore IPO, which was subscribed 20.54 times overall. The issue comprised a fresh issue of ₹92.50 crore and an offer for sale of ₹33 crore.

Manika Plastech Makes Flat Market Debut At ₹43

Manika Plastech shares opened at ₹43, giving investors no listing gain or discount against the final IPO price. The stock started trading at the same level at which the shares were allotted.

The shares remained close to the opening level initially before moving lower during the morning session. At 10:23:26 AM IST, the stock was quoted at ₹40.85.

This put the shares ₹2.15, or 5%, below the opening price. The stock had touched ₹43 on the upside and ₹40.85 on the downside, while its VWAP stood at ₹42.59.

Stock Slips Below Issue Price After Opening

The ₹43 opening price was also the stock’s session high at the time of the snapshot. From there, the shares moved down to ₹40.85.

At this level, Manika Plastech was trading 5% below its IPO issue price of ₹43. The previous closing price shown on the exchange was ₹43.

The early trading movement therefore kept the stock below the IPO price after an opening that was exactly in line with the issue price.

₹125.50 Crore IPO Comprised Fresh Issue And OFS

Manika Plastech IPO raised ₹125.50 crore through a combination of fresh equity and an offer for sale.

The fresh issue comprised 2,15,11,627 shares, aggregating to ₹92.50 crore. The offer for sale consisted of 76,74,418 shares, valued at ₹33 crore.

The total issue size stood at 2,91,86,045 shares. The IPO was offered in the ₹40–43 price band, with the final issue price fixed at ₹43 per share.

IPO Received 20.54 Times Subscription

The public issue received bids for 20.54 times the shares on offer, according to the final allotment data.

The QIB portion excluding anchor investors was subscribed 10.65 times. The NII category received 65.67 times subscription, while the retail portion was subscribed 23.36 times.

The final allotment data recorded 6,19,876 applications across the investor categories.

NII Portion Recorded 65.67 Times Subscription

Demand in the NII segment was led by applications above ₹10 lakh, with that portion subscribed 73.02 times. The portion for applications below ₹10 lakh was subscribed 50.98 times.

Retail investors were offered 1,02,15,116 shares, accounting for 35% of the total issue. Before the IPO opened, the company had raised around ₹37.65 crore from anchor investors.

Retail Investors Needed ₹14,964 For One Lot

The retail lot size was fixed at 348 shares. At the upper end of the price band, one lot required an investment of ₹14,964.

Investors could apply in multiples of 348 shares, while separate lot sizes were prescribed for small and big non-institutional investors.

Manika Plastech Shares Trade Below IPO Price After Debut

Manika Plastech began its first trading session at ₹43, matching the IPO issue price. By 10:23:26 AM IST, the stock had moved down to ₹40.85, marking a 5% decline from the opening and issue price.

The debut came after the ₹125.50 crore IPO received 20.54 times overall subscription, with participation from qualified institutional buyers, non-institutional investors and retail investors.

Source:

• https://www.nseindia.com/get-quote/equity/MANIKA/Manika-Plastech-Limited