Manika Plastech IPO Day 3: Subscribed 4.75x; sHNI surges to 9.02x
- Manika Plastech IPO subscription reached 4.75x on Day 3.
- Small HNIs led demand with 9.02x subscription.
- Retail investors subscribed 6.91x, up 27% intraday.
- Big HNIs surged to 3.58x, up 23.7% intraday.
- QIB participation remained modest at 0.36x.
*this image is generated using AI for illustrative purposes only.
Manika Plastech IPO subscription surged to 4.75x on Day 3, with Small HNIs leading at 9.02x. Retail demand jumped to 6.91x, while QIB participation remained modest at 0.36x.
Subscription Status
The issue gained significant traction on Day 3, with total subscription rising from 3.78x in the morning snapshot to 4.75x by the latest update. The momentum was primarily driven by Non-Institutional Buyers and Retail investors.
| 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 | 0.36x | 9.02x | 3.58x | 6.91x | 4.75x |
Category-wise Breakdown
Small HNIs emerged as the strongest category, subscribing 9.02x. Retail investors followed with 6.91x. Big HNIs subscribed 3.58x. Qualified Institutional Buyers showed limited interest, standing at 0.36x. Employee quota remained unsubscribed at 0x.
Intra-day Timeline
The subscription pace accelerated significantly between the 11:15 IST and 12:15 IST snapshots on Day 3 (15-09-2026).
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.35x | 7.29x | 5.44x | 3.78x |
| 12:15 | 0.36x | 9.02x | 6.91x | 4.75x |
Offer Details
- Price band: ₹40.00000 - ₹43.00000
- Issue size: 14964 - 500000
- Min bid qty: 348
- Open: 2026-09-11 09:00:00
- Close: 2026-09-16 19:00:00
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 7 facilities comprising 6 manufacturing facilities located in Dehradun, Hosur, Panipat, Una and Dadra and 1 paint facility located in Hosur.
Financial Highlights
| Metric | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 435.98 | 406.50 | 360.77 |
| Total Profit (₹ crores) | 22.40 | 19.33 | 11.53 |
| Total Assets (₹ crores) | 323.69 | 320.99 | 252.93 |
Objects of the Issue
- Funding the 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: The company derives 58%-69% of its operating revenue from its top five customers.
- Product Concentration in Battery Casings: About 54%-68% of revenue from operations is derived from battery casings sales.
- Repeat Customer Dependency: The company derives 93%-98% of revenue from repeat customers.
What's Next
- Allotment Date: 2026-09-17
- Listing Date: 2026-09-21
How might the significant disparity between high retail/HNI demand and low QIB participation impact Manika Plastech's listing price volatility?
Given the heavy reliance on battery casings for revenue, how will shifts in global EV supply chains affect the company's future growth trajectory post-IPO?
What strategies will Manika Plastech employ to mitigate customer concentration risks, considering nearly 70% of revenue comes from just five clients?
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