Manilam Industries IPO (SME)
Manilam Industries IPO is a book build SME issue of Rs. 39.95 crore, comprising a fresh issue of 0.47 crore equity shares aggregating to Rs. 32.42 crore and an offer for sale of 0.11 crore equity shares aggregating to Rs. 7.53 crore.
The IPO opens on February 20, 2026, and closes on February 24, 2026. The allotment is expected on February 25, 2026, and the listing is tentatively scheduled for February 27, 2026 on NSE SME.
The IPO is offered at a price band of Rs. 65 – Rs. 69 per share, and the lot size is 2,000 shares. The minimum investment for retail investors is Rs. 2,76,000 (4,000 shares), and for HNI investors, Rs. 4,14,000 (6,000 shares).
Lead Manager: NEXGEN Financial Solutions Pvt. Ltd.
Registrar: MAS Services Ltd.
Market Maker: Nikunj Stock Brokers Ltd.
🕗 Last Update: 17 February 2026, 6.00 AM
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | February 20, 2026 |
| IPO Close Date | February 24, 2026 |
| Allotment Date | February 25, 2026 |
| Refunds Initiation | February 26, 2026 |
| Credit to Demat | February 26, 2026 |
| Listing Date | February 27, 2026 |
Final Subscription Status
| Size | QIB | NII | RII | Total | Applications |
|---|---|---|---|---|---|
| Rs. 39.95 Crore (Closes 24 February 2026) | — | — | — | — | — |
Subscription Review:
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IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Issue Price | Rs. 65 – Rs. 69 |
| Lot Size | 2,000 shares |
| Sale Type | Fresh Capital & OFS |
| Total Issue Size | 57,90,000 shares (Rs. 40.00 Cr approx.) |
| Market Maker Portion | 2,92,000 shares (Rs. 2.00 Cr) – Nikunj Stock Brokers Ltd. |
| Net Offer to Public | 54,98,000 shares (Rs. 38.00 Cr approx.) |
| Issue Type | Book Building Issue |
| Listing At | NSE SME |
| Shareholding Pre-Issue | 1,71,50,000 shares |
| Shareholding Post-Issue | 2,18,48,000 shares |
| Market Cap (Pre-IPO) | Rs. 150.75 Cr |
Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 2,92,000 | 5.04% |
| QIB | 27,42,000 | 47.36% |
| − Anchor Investors | 16,38,000 | 28.29% |
| − QIB (Ex Anchor) | 11,04,000 | 19.07% |
| NII (HNI) | 8,28,000 | 14.30% |
| − bNII > Rs. 10L | 5,52,000 | 9.53% |
| − sNII < Rs. 10L | 2,76,000 | 4.77% |
| Retail Investors | 19,28,000 | 33.30% |
| Total | 57,90,000 | 100.00% |
Application Details
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / Max) | 2 | 4,000 | 2,76,000 |
| S-HNI (Min) | 3 | 6,000 | 4,14,000 |
| S-HNI (Max) | 7 | 14,000 | 9,66,000 |
| B-HNI (Min) | 8 | 16,000 | 11,04,000 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 78.79% |
| Promoter Holding Post-Issue | 61.85% |
Promoters: Manilam Retail India Private Limited, Mr. Umesh Kumar Nemani, Mr. Manoj Kumar Agrawal and Mr. Aman Kumar Nemani.
About Manilam Industries India Ltd.
Incorporated in 2015, Manilam Industries India Limited is engaged in the manufacturing and sale of Decorative Laminates and Plywood products catering to residential and commercial segments.
The company offers laminate collections such as Artistica Collection, Vogue Collection, Dwar Collection and Magnificent Collection along with newer ranges including Chromatic Tales, Flute, ECP, Wood & Veneer and Wall Cladding.
Apart from manufacturing laminates, the company trades plywood across industrial and commercial sectors through a B2B distribution network.
Its manufacturing plant is located at Bareilly, Uttar Pradesh, spread across 20,650 sq. meters. The company also operates Experience Centres in Bangalore, Delhi and Chennai to enhance customer engagement and product showcasing.
Company Financials (Rs. crore – Restated Consolidated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 159.99 | 158.98 | 149.56 | 133.55 |
| Total Income | 60.53 | 142.16 | 138.04 | 148.82 |
| Profit After Tax | 3.16 | 7.38 | 3.10 | 1.53 |
| EBITDA | 8.67 | 17.75 | 14.18 | 9.12 |
| Net Worth | 43.08 | 33.87 | 26.38 | 23.24 |
| Reserves & Surplus | 25.93 | 31.57 | 24.08 | 20.94 |
| Total Borrowings | 58.05 | 62.44 | 73.49 | 60.75 |
Objects of the Issue (Rs. crore)
| S.No. | Objects of the Issue | Amount |
|---|---|---|
| 1 | Capital expenditure including machinery & solar panel installation | 1.25 |
| 2 | Repayment of borrowings | 2.20 |
| 3 | Working capital requirements | 3.50 |
| 4 | General corporate purposes | 16.65 |
| Total | — | — |
Key Performance Indicators
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 8.35% | 24.80% |
| ROCE | 13.50% | 36.68% |
| RoNW | 8.35% | 24.80% |
| PAT Margin | 5.33% | 5.33% |
| EBITDA Margin | 14.39% | 12.67% |
| Price to Book Value | 2.75 | 0.47 |
Valuation (Pre / Post IPO)
| Particulars | Pre IPO | Post IPO |
|---|---|---|
| EPS (Rs.) | 4.30 | 2.89 |
| P/E (x) | 16.04 | 23.85 |
| Market Cap | Rs. 150.75 Cr | Rs. 150.75 Cr |
Company Contact
| Particulars | Details |
|---|---|
| Company Name | Manilam Industries India Ltd. |
| Address | 46, B. B. Ganguly Street, 5th Floor, Room No-9, Kolkata, West Bengal – 700012 |
| Phone | 03335076903 |
| info@manilam.com |
IPO Lead Manager(s)
NEXGEN Financial Solutions Pvt. Ltd.
IPO Registrar
MAS Services Ltd.
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
| Particulars | Details |
|---|---|
| Analyst View | Manilam Industries operates in decorative laminates and plywood with a B2B distribution model. Expansion through machinery upgrade and renewable energy integration may support long-term efficiency, while leverage and cyclical demand in construction-linked sectors remain key risks. |
| Chanakya View | NEUTRAL – Suitable for investors with moderate risk appetite considering SME liquidity risks. |
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
