Manika Plastech IPO Day 2: Subscribed 1.31x; retail leads with 2.08x
- Manika Plastech IPO subscription remains flat at 1.31x on Day 2.
- Retail investors lead demand with a 2.08x subscription multiple.
- QIBs and employees recorded zero participation during the second day.
- The issue is priced between ₹40.00000 and ₹43.00000 per share.
- The IPO will close on September 16, 2026, with allotment on September 17, 2026.
*this image is generated using AI for illustrative purposes only.
Manika Plastech IPO subscription reached 28.01x on Day 4, closing the window with robust demand across categories. Qualified Institutional Buyers (QIB) surged 1250.6% intraday to 10.94x, while Non-Institutional Buyers (bHNI) led the issue with a multiple of 48.51x.
Subscription Status
The issue witnessed a sharp acceleration in demand during the final hours of the subscription window on 16-09-2026. The total subscription crossed the 27x mark by close, up from 10.00x earlier in the day. This rise was fueled by strong retail participation and a significant spike in institutional bidding in the afternoon session.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 11-09-2026 | 0.00x | 2.38x | 0.58x | 2.08x | 1.31x |
| Day 2 | 14-09-2026 | 0.00x | 2.38x | 0.58x | 2.08x | 1.31x |
| Day 3 | 15-09-2026 | 0.80x | 15.57x | 7.52x | 11.10x | 8.02x |
| Day 4 | 16-09-2026 | 10.94x | 48.51x | 70.27x | 22.48x | 28.01x |
Category-wise Breakdown
Non-Institutional Buyers (NII) dominated the subscription figures throughout the week. The small HNI (sHNI) segment recorded the highest category-wise multiple at 70.27x, followed by big HNI (bHNI) at 48.51x. Retail investors accounted for 22.48x. Qualified Institutional Buyers (QIB), which showed limited interest earlier in the week, picked up pace significantly on the final day to reach 10.94x. Employee participation was recorded at 0x.
Intra-day Timeline
Subscription figures remained stable throughout Day 2, with no significant changes reported in the intra-day timeline between 11:15 AM and 5:15 PM IST.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 2.38x | 2.08x | 1.31x |
| 12:15 | 0.00x | 2.38x | 2.08x | 1.31x |
| 13:15 | 0.00x | 2.38x | 2.08x | 1.31x |
| 14:15 | 0.00x | 2.38x | 2.08x | 1.31x |
| 15:15 | 0.00x | 2.38x | 2.08x | 1.31x |
| 16:15 | 0.00x | 2.38x | 2.08x | 1.31x |
| 17:15 | 0.00x | 2.38x | 2.08x | 1.31x |
Offer Details
- Price Band: ₹40.00000 - ₹43.00000
- Issue Size: 14964 - 500000
- Min Bid Qty: 348
- Open Date: 2026-09-11
- Close Date: 2026-09-16
What's Next
- Allotment Date: 2026-09-17
- Listing Date: 2026-09-21
About the Company
Manika Plastech is a design-led, precision engineered, rigid polymer packaging manufacturing company. It caters to diversified critical industries including energy storage, dairy, edible food products, paints, and chemicals. The company operates 7 facilities across Dehradun, Hosur, Panipat, Una, and Dadra. It holds 30 registered designs as unique intellectual property and provides end-to-end solutions from design to delivery.
Financial Highlights
The company reported consolidated financial results for the fiscal years ending March 31, 2026, 2025, and 2024.
| Metric | FY 2026 (₹ crores) | FY 2025 (₹ crores) | FY 2024 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 435.98 | 406.50 | 360.77 |
| Total Profit | 22.40 | 19.33 | 11.53 |
| Total Assets | 323.69 | 320.99 | 252.93 |
Objects of the Issue
- Funding capital expenditure towards purchase of plant and machinery: ₹54.93 crores
- Repayment and/or pre-payment of certain borrowings: ₹15.00 crores
- General Corporate Purposes
Risk Factors
- Customer Concentration Risk: 58%-69% of operating revenue is derived from the top five customers.
- Product Concentration: 54%-68% of revenue comes from battery casings sales.
- Repeat Customer Dependency: 93%-98% of revenue is derived from repeat customers.
- Raw Material Supplier Concentration: 66%-80% of total purchases come from top five suppliers.
- Debt Service Risk: Significant borrowings with floating rate debt exposure.
Will the complete lack of QIB interest signal potential listing price discovery issues or post-listing volatility for Manika Plastech?
How might the company's heavy reliance on battery casings (54%-68% of revenue) impact its valuation if EV supply chain dynamics shift?
Could the high customer concentration risk (top 5 clients accounting for up to 69% of revenue) deter institutional investors from participating in the final days of the IPO?
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