Manika Plastech IPO Day 4: Subscribed 10.84x; NII bHNI leads at 21.09x
- Manika Plastech IPO subscribed 10.84x on Day 4.
- NII (bHNI) leads with 21.09x; Retail at 14.72x.
- Total subscription jumped 8.4% intraday.
- Allotment on 2026-09-17; Listing on 2026-09-21.
*this image is generated using AI for illustrative purposes only.
Manika Plastech IPO witnessed a surge in demand on Day 4, closing with a total subscription of 10.84x. The issue saw strong participation from individual investors, with Non-Institutional Buyers (bHNI) leading at 21.09x and Retail subscribers at 14.72x. Qualified Institutional Buyers accounted for 0.81x of the demand.
Subscription Status
The subscription momentum accelerated significantly on Day 3 and continued into Day 4, pushing the overall subscription to 10.84x by the close of business on 16-09-2026.
| 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 | 0.81x | 21.09x | 11.61x | 14.72x | 10.84x |
Category-wise Breakdown
Non-Institutional Buyers (NII) dominated the subscription figures. The big HNI (bHNI) segment led all categories with a subscription multiple of 21.09x, followed by Retail investors at 14.72x. Small HNI (sHNI) subscribers accounted for 11.61x. In contrast, Qualified Institutional Buyers (QIB) showed limited interest, subscribing only 0.81x. Employee participation was recorded at 0x.
Intra-day Timeline
On the final day of subscription, 16-09-2026, demand picked up pace in the early session. NII (bHNI) jumped +8.1% today (from 19.51x to 21.09x), and Retail jumped +7.0% today (from 13.76x to 14.72x), driving the total up by 8.4%.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.81x | 19.51x | 13.76x | 10.00x |
| 12:15 | 0.81x | 21.09x | 14.72x | 10.84x |
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.
How might the significant disparity between high retail/bHNI demand and low QIB subscription impact Manika Plastech's listing price discovery and initial volatility?
Given that 54%-68% of revenue is derived from battery casings, how will fluctuations in the energy storage sector or shifts in EV adoption rates affect the company's future growth trajectory?
With nearly 60% of operating revenue coming from just five customers, what strategies does Manika Plastech have in place to mitigate customer concentration risk post-IPO?
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