Manika Plastech IPO draws 28× oversubscription on the final bidding day, grey‑market premium eases to 7%

On September 16, the IPO of Manika Plastech – a manufacturer of precision‑engineered polymer packaging – wrapped up with a bang. According to NSE data, the issue was subscribed a staggering 28.14 times as of 5:20 pm, a clear sign that demand remained robust right up to the finish line.

Investors placed bids for roughly 60.19 million equity shares against a modest 21.39 million shares on offer. The retail tranche alone saw a 22.72× subscription, while the non‑institutional (NII) category was an eye‑popping 63.09×. In other words, everyday investors were clearly eager to get a slice of the company’s growth story.

The price band was set between Rs 40 and Rs 43 per share, and the entire Rs 125.5 crore issue closed on the same day. Prior to the public bidding, Manika Plastech had already raised Rs 37.6 crore from four anchor investors – a move that helped set the tone for the subsequent market enthusiasm.

Among the anchors, Wealth Company Alternates Trust‑Bharat Value Fund‑Series III took the lead, snapping up 41.04 lakh shares for about Rs 17.6 crore. Trust Mutual Fund, Finavenue Capital Trust and Nova Global Opportunities Fund also participated, each committing roughly Rs 5‑10 crore.

The issue comprised a fresh issue of Rs 92.5 crore and an offer‑for‑sale (OFS) of 7.67 million shares by promoter VRIDAA Holding Trust, valued at roughly Rs 33 crore at the upper price band. Of the fresh‑issue proceeds, the company earmarked Rs 54.9 crore for capital expenditure – mainly new plant and machinery – and Rs 15 crore for debt repayment, with the rest slated for general corporate purposes.

Manika Plastech operates seven plants with a combined capacity of 29,200 metric tonnes per annum. The firm posted revenue of Rs 436 crore for FY 2026, up 7.3% from the prior year, and profit rose 15.9% to Rs 22.4 crore. The June 2026 quarter alone delivered Rs 162.4 crore in revenue and Rs 13 crore in profit.

In the grey market, the shares were trading at a modest 7% premium over the Rs 43 ceiling, according to InvestorGain. Such premiums are unofficial and can shift before the stock actually lists.

Overall, the strong subscription figures and the relatively low grey‑market premium suggest that while investors are keen, the pricing may be seen as fairly balanced – a sweet spot for a company eyeing expansion in the fast‑growing plastic packaging segment.