Manika Plastech IPO Details
SEBI has approved the Initial Public Offer (IPO) of Manika Plastech Ltd. on October 29, 2025.
The company will proceed with the next steps to launch the IPO, subject to market conditions and further necessary approvals.
The SEBI approval remains valid for 12 months.
The Manika Plastech IPO is a Book-Build Issue, consisting of a fresh issue of Rs. 115.00 crore and an Offer for Sale (OFS) of 1.50 crore equity shares.
The equity shares are proposed to be listed on BSE and NSE.
Pantomath Capital Advisors Pvt. Ltd. is the Book Running Lead Manager, and MUFG Intime India Pvt. Ltd. is the Registrar to the issue.
🕗 Last Update: 5 November 2025, 6.00 AM
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Opens on | — |
| IPO Closes on | — |
| Allotment on | — |
| Refunds | — |
| Credit of Shares | — |
| Listing Date | — |
IPO Key Details
| Particulars | Details |
|---|---|
| Issue Size | — |
| Face Value | Rs. 2 per share |
| Issue Price Band | Rs. — to Rs. — per share |
| Lot Size | — |
| Sale Type | Fresh Issue + Offer for Sale |
| Fresh Issue | Rs. 115.00 crore |
| Offer for Sale | 1,50,00,000 shares (aggregating up to Rs. [ ] crore) |
| Issue Type | Book-Build IPO |
| Listing | BSE, NSE |
| Pre-Issue Shareholding | 9,50,00,000 shares |
| Post-Issue Shareholding | — |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 100% |
| Promoter Holding Post-Issue | — |
Promoters:
Mr. Nikunj Mohanlal Kapadia, Mr. Munjal Nikunj Kapadia, Mr. Mihir Nikunj Kapadia, Mr. Pratik Nikunj Kapadia, and Vridaa Holding Trust
DRHP Status
| Description | Date |
|---|---|
| Filed with SEBI | July 2, 2025 |
| SEBI Approval Received | October 29, 2025 |
About Manika Plastech Ltd.
Manika Plastech Ltd., established in Silvassa, is a leading manufacturer of polymer-based packaging solutions used across FMCG, pharmaceutical, agrochemical, personal care, lubricant, and food & beverage industries.
The company specializes in multilayer barrier films and containers that enhance shelf life, maintain product quality, and provide protection from moisture, oxygen, and contamination.
Manika Plastech uses advanced co-extrusion technology to produce high-barrier containers and multilayer films tailored to client needs.
It operates seven manufacturing facilities located in Dehradun, Hosur, Panipat, Una, and Dadra, spread across 51,000 sq. meters, with a combined installed capacity of 27,600 MTPA, and has five warehouses in key industrial zones such as Hosur, Dehradun, Jodhpur, and Katni.
The company serves both domestic and export markets, catering to several reputed multinational clients, focusing on innovation, sustainability, and global quality standards.
Competitive Strengths
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Strong presence near major FMCG and pharma hubs for logistics efficiency.
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High entry barriers due to technology, client retention, and quality systems.
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In-house design, development, and labelling capabilities.
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Wide product portfolio with applications across multiple sectors.
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Long-term relationships with large industrial clients.
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Integrated quality control infrastructure ensuring consistency.
Financial Snapshot (Rs. in crore)
| Period Ended | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 298.23 | 252.22 | 217.86 | 198.67 |
| Total Income | 301.75 | 368.76 | 399.16 | 333.54 |
| Profit After Tax | 11.69 | 11.55 | 11.32 | 9.97 |
| EBITDA | 30.10 | 30.98 | 33.74 | 31.96 |
| Net Worth | 117.39 | 107.85 | 98.26 | 89.77 |
| Reserves & Surplus | 97.51 | 87.91 | 78.27 | 69.80 |
| Total Borrowing | 100.37 | 93.06 | 62.63 | 68.08 |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 10.70% |
| ROCE | 8.91% |
| Debt/Equity | 0.86 |
| RoNW | 10.70% |
| PAT Margin | 3.13% |
| EBITDA Margin | 8.59% |
Objects of the Issue
| S. No. | Purpose | Amount (Rs. in crore) |
|---|---|---|
| 1 | Purchase of plant and machinery for capacity expansion | 59.82 |
| 2 | Repayment / prepayment of borrowings | 25.00 |
| 3 | General corporate purposes | — |
Chanakya View
Manika Plastech Ltd. is a well-established packaging manufacturer with a diverse product mix catering to essential industries like FMCG, pharma, and lubricants.
Its technological capabilities, strategic locations, and sustainable manufacturing give it a competitive advantage.
Financially, the company maintains steady revenue between Rs. 333–400 crore and stable profitability, though growth in FY25 is moderate. With manageable debt (D/E 0.86) and strong operational reach, the company is positioned to benefit from India’s rising demand for barrier packaging and eco-friendly plastics.
Chanakya Verdict:
Solid mid-sized packaging player with sustainable growth potential. Attractive for long-term investors once valuations and price band are known.
Registered Office
Manika Plastech Ltd.
Gala No. C/22-26, First Tax Free Industrial Estate,
Khanvel Road, Village Saily,
Silvassa, Dadra & Nagar Haveli – 396230
📞 +91 22 4223 4300
✉ cs@manikaplastech.com
🌐 www.manikaplastech.com
Registrar
MUFG Intime India Pvt. Ltd.
📞 +91-22-4918 6270
✉ manikaplastech.ipo@in.mpms.mufg.com
🌐 linkintime.co.in
Lead Manager
Pantomath Capital Advisors Pvt. Ltd.
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This coverage is for informational purposes only. Chanakya Ni Pothi does not engage in Grey Market Premium trading and does not recommend investing based solely on GMP or market speculation. Investors should consult SEBI-registered financial advisors before investing.
