Manika Plastech
Maker of high-barrier multilayer polymer packaging — co-extruded films and rigid containers — for food, pharmaceuticals, personal care, agrochemicals and lubricants, with battery cases a large share of sales.
Last updated 29 Sept 2026, 1:46 am IST
- Price band
- ₹40 – ₹43
- Lot size
- 348
- Issue size
- ₹125.5 Cr (₹92.5 Cr fresh + ₹33 Cr OFS)
- Opens
- 11 Sept 2026
- Closes
- 16 Sept 2026
- Exchange
- Both
The numbers
- GMP
- ₹2 (~4.7%) (17 Sep, 7:00 AM; was ₹4 (~9%) on 16 Sep)
- Subscription
- 29.46× (final, corrected)
- Listing gain
- NSE 0.0% / BSE 0.0% (21 Sep)
- Listing date
- 21 Sept 2026
- Model prediction
- ~+15% expected → Subscribe. Listed +0.0% NSE/BSE (21 Sep), slipped to close day 1 at -5.0%; call missed.
The Ticker Tales take
Manika Plastech makes specialised polymer packaging — co-extruded multilayer barrier films and rigid containers that keep out moisture and oxygen — for food, medicines, personal care, crop chemicals and lubricants, from seven plants in Dehradun, Hosur, Panipat, Una and Dadra. Revenue was ₹437 crore in FY26 with ₹22.4 crore of profit, and returns are respectable at about 15% on equity. Of the ₹125.5 crore issue, ₹92.5 crore is fresh money for the company and ₹33 crore goes to existing owners cashing out. Bidding closed on 16 September with the book 29.46 times covered — a good deal stronger than the interim figure we first recorded — with big-ticket investors at 66.58 times and retail at 23.98 times. The grey market premium had nonetheless cooled from ₹13 to ₹2, about 5% over the ₹43 issue price, and we expected a moderate listing — a pop of around 15%. It listed on 21 September at ₹43 on both NSE and BSE, flat with the issue price and well short of our estimate, then slipped further through the day to close at ₹40.85 on NSE and ₹40.86 on BSE, down about 5%. The call missed: heavy subscription did not translate into any listing pop once the grey market premium had drained away to almost nothing.
More details
- Sector
- Polymer packaging (barrier films & containers)
- FY26 PAT
- ₹22.40 Cr
- Registrar
- MUFG Intime India
- Issue type
- Book-built (₹92.5 Cr fresh + ₹33 Cr OFS)
- FY26 revenue
- ₹437.26 Cr
- Lead manager
- Pantomath Capital Advisors
- Anil Singhvi - Long-term call
- Not clearly stated
- Anil Singhvi - Listing-gain call
- Not clearly stated
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Calls here follow a set formula (GMP, subscription trends) plus Anil Singhvi's publicly shared view — not investment advice. Please do your own research before investing.