Manika Plastech IPO: Analysts say 'subscribe' on strong growth, capex drive

Manika Plastech IPO is a book build issue of ₹125.50 crores. The issue is a combination of fresh issue of 2.15 crore shares and offer for sale of 76.74 lakh shares.

Manika Plastech IPO: The initial public offering (IPO) of Manika Plastech has opened for bidding on Friday, September 11. The offer is available till September 15 (Tuesday)

 

Analysts are positive on the IPO, noting the company has built a diversified product-development platform across battery casings, pails, thinwall packaging and automotive components.

 

Ventura

 

Ventura has given a ‘subscribe’ rating to the stock, noting that Manika Plastech is expanding capacity and diversifying beyond battery casings. Installed capacity has increased from 24,900 MTPA in FY24 to 29,200 MTPA currently. Planned capex of ₹58.77 Cr, largely funded through IPO proceeds, will be used for injection moulding capacity, IML robots and moulds. The company also plans to enter new ISBM-based products such as bottles and containers for personal care, cosmetics, beverages, pharmaceuticals and FMCG applications.

 

 

The brokerage noted that Manika has built a diversified product-development platform across battery casings, pails, thinwall packaging and automotive components. It has developed products independently and with customers, including the IT-700 battery casing, and has registered 30 battery-casing designs. Across Q1 FY27 and the preceding three fiscal years, it sold over 2,700 battery-casing SKUs, 2,900 pail SKUs and 1,000 thinwall-container SKUs.

 

Swastika

 

Swastika also gave a ‘subscribe’ rating to the IPO, noting that the company’s top 20 clients (spanning automotive, battery, paint, and food processing industries) have an average relationship tenure exceeding 10 years.

 

Further it added that the company’s Ebitda margin expanded steadily from 8.37 per cent in FY24 to 13.30 per cent in FY26 due to operating leverage and product mix shifts toward higher-margin thinwall and battery casings.

 

“It is a combination of steady profit growth, expansion-oriented capex utilisation, and reasonable valuations as a positive factor, offering a favourable risk-reward profile for long-term investors,” the company said.

 

Manika Plastech IPO details

 

Manika Plastech IPO is a book build issue of ₹125.50 crores. The issue is a combination of fresh issue of 2.15 crore shares aggregating to ₹92.50 crores and offer for sale of 76.74 lakh shares aggregating to ₹33 crores.

 

The company has set issue price band at ₹40 to ₹43 per share. The lot size for an application is 348 shares. 

 

Pantomath Capital Advisors Pvt.Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.

 

Manika Plastech bid details 

 

As of 01:47 PM Manika Plastech IPO received a 0.91 subscription on Day 1, on September 11, 2026. Retail investors subscribed 1.54 times of the portion reserved for them, while NIIs subscribed 0.62 times. QIB participation stood at 0

 

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