Manika Plastech IPO Closes With 28.14× Subscription; Grey Market Premium Slides to 7% on Final Day

When the clock struck 5:20 pm on September 16, the subscription tally for Manika Plastech’s IPO had ballooned to a staggering 28.14 times the shares on offer. In plain numbers, investors placed bids for 60,18,61,476 equity shares against the 2,13,86,919 shares the company put up for sale.

Breaking it down, the retail tranche was subscribed 22.72 times, whereas the non‑institutional investor (NII) bucket saw an eye‑popping 63.09‑times interest. The issue, priced between Rs 40 and Rs 43 per share, finally closed on the same day, raising a total of Rs 125.5 crore.

In the grey market, the premium over the upper price band slipped to about 7% on the final day, according to InvestorGain. While such premiums are unofficial and can swing before the actual listing, the dip suggested a modest easing of hype as the subscription peaked.

Ahead of the public bidding, Manika Plastech secured Rs 37.6 crore from four anchor investors. The biggest of these was the Wealth Company Alternates Trust‑Bharat Value Fund‑Series III, which snapped up 41.04 lakh shares for roughly Rs 17.6 crore at the top of the price band. Trust Mutual Fund, Finavenue Capital Trust, and Nova Global Opportunities Fund also joined the anchor pool, each contributing between Rs 5 crore and Rs 10 crore.

The IPO comprised a fresh issue of equity worth Rs 92.5 crore and an offer‑for‑sale (OFS) of 76.74 lakh shares by promoter VRIDAA Holding Trust, valued at about Rs 33 crore. Of the fresh‑issue proceeds, the company earmarked Rs 54.9 crore for capital expenditure – mainly new plant and machinery – and Rs 15 crore to retire existing debt, with the balance slated for general corporate purposes.

Manika Plastech operates seven manufacturing facilities with a combined installed capacity of 29,200 metric tonnes per annum. Its FY 2026 revenue climbed to Rs 436 crore, up 7.3% from the previous year, while net profit rose 15.9% to Rs 22.4 crore. The quarter ended June 2026 posted revenue of Rs 162.4 crore and profit of Rs 13 crore.

The firm’s product line spans precision‑engineered rigid polymer packaging – think battery casings, pails and thin‑wall containers – serving automotive, energy storage, telecom, paints, lubricants, agro‑chemicals, construction chemicals, and food‑dairy sectors. Pantomath Capital Advisors acted as the merchant banker for the issue.

All eyes now turn to the listing day, where the market will decide whether the lofty subscription levels translate into a sustainable trade for the newly public company.