Manika Plastech IPO Day 2: Subscribed 1.31x; retail leads with 2.08x
- Manika Plastech IPO subscribed 1.31x by end of Day 2.
- Retail leads with 2.08x; QIB participation remains at 0.00x.
- Issue price band set at ₹40.00000 to ₹43.00000 per share.
- IPO closes on September 16, 2026, with listing expected shortly after.
*this image is generated using AI for illustrative purposes only.
Manika Plastech IPO subscription remains flat at 1.31x on Day 2, with retail investors continuing to lead demand at 2.08x. No participation was recorded from Qualified Institutional Buyers (QIBs) or employees during the second day of subscription.
Subscription Status
The issue saw no incremental momentum on the second day, with total subscription holding steady at 1.31x. The lack of QIB interest continues to be a notable feature of the issue, while retail and small HNI investors maintain their engagement levels from Day 1.
| 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 |
Category-wise Breakdown
Retail investors account for the highest multiple among all categories, reflecting strong individual investor interest. Non-Institutional Buyers (NII) also contributed significantly, with small HNI (sHNI) subscribers showing higher engagement than big HNI (bHNI) subscribers. QIBs and Employees recorded zero participation.
- Retail: 2.08x
- NII (sHNI): 2.38x
- NII (bHNI): 0.58x
- QIB: 0.00x
- Employees: 0.00x
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 12:15 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 |
Offer Details
Manika Plastech has priced its IPO within a band of ₹40.00000 to ₹43.00000 per share. The issue size ranges from ₹14,964 to ₹500,000, with a minimum bid quantity of 348 shares. The IPO opened on September 11, 2026, and will close on September 16, 2026.
About the Company
Manika Plastech is a design-led, precision engineered, rigid polymer packaging manufacturing company. It caters to diversified critical industries such as energy storage, dairy and edible food products, paints, and chemicals. The company operates seven facilities, including six manufacturing units in Dehradun, Hosur, Panipat, Una, and Dadra, and one paint facility in Hosur.
Financial Highlights
The company reported consolidated revenue from operations of ₹435.98 crores for the year ended March 31, 2026, up from ₹406.50 crores in FY2025. Total profit stood at ₹22.40 crores in FY2026, compared to ₹19.33 crores in FY2025.
| Particulars | FY2026 (₹ crores) | FY2025 (₹ crores) | FY2024 (₹ 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
The proceeds from the IPO will be utilized for:
- 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
Key risks associated with the company include:
- Customer Concentration Risk: 58%-69% of operating revenue is derived from the top five customers.
- Product Concentration: About 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 the top five suppliers.
- Interest Rate and Debt Service Risk: Significant borrowings with floating rate debt expose the company to interest rate fluctuations.
Will the complete lack of QIB participation on Day 2 signal a potential under-subscription risk for Manika Plastech as the IPO closes?
How might the company's high customer concentration (58%-69% from top five clients) impact its valuation appeal to institutional investors in future fundraising rounds?
Given the heavy reliance on battery casings for revenue, how will shifts in the energy storage sector affect Manika Plastech's long-term growth trajectory post-listing?
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