Manika Plastech Files IPO Papers with SEBI for ₹1,150 Million Fresh Issue

Manika Plastech Limited, a rigid polymer packaging manufacturer, filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering, the company announced.

The public offer comprises a fresh issue of equity shares worth up to ₹1,150 million and an offer for sale of 15 million equity shares with face value of ₹2 each by VRIDAA Holding Trust, the promoter selling shareholder. The company's promoters include Nikunj Mohanlal Kapadia, Munjal Nikunj Kapadia, Mihir Nikunj Kapadia, Pratik Nikunj Kapadia, and VRIDAA Holding Trust.

Manika Plastech manufactures precision-engineered rigid polymer packaging for energy storage, dairy, food products, paints, and chemicals industries. The company holds 36 registered designs as intellectual property under the Designs Act, 2000, with two applications for renewal pending.

The company operates seven facilities in Dehradun, Hosur, Panipat, Una, and Dadra, along with five warehouses. Its product portfolio includes high-performance battery casings, pail and thinwall containers manufactured through injection molding processes.

For the nine months ended December 2024, Manika Plastech reported total income of ₹3,017.54 million and profit after tax of ₹116.90 million.

The company ranks among the top three players for recycled polymers and post-consumer recycled processing output in fiscal 2024, according to Technopak Report. It incorporates recycled materials and energy-efficient production processes in its operations.

Manika Plastech plans to use the IPO proceeds for capital expenditure on plant and machinery, debt repayment, and general corporate purposes. The company intends to implement ISBM technology to manufacture PET bottles, jars, and containers for personal care, cosmetics, beverage, and pharmaceutical segments.

Key customers include Livguard Energy Technologies Private Limited, Luminous Power Technologies Private Limited, UNO Minda Limited, JSW Paints Limited, Indigo Paints Limited, Jotun India Private Limited, Grasim Industries Limited, and ULTRAVIOLETTE Automotive Private Limited.

The equity shares will be listed on BSE Limited and National Stock Exchange of India Limited. Pantomath Capital Advisors Private Limited serves as the Book Running Lead Manager for the issue.