Mumbai: Manika Plastech Limited, a leading design-led manufacturer of precision-engineered rigid polymer packaging, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (Manika Plastech IPO).
The Manika Plastech IPO will comprise a fresh issue of equity shares worth up to ₹115 crore and an Offer for Sale (OFS) of up to 1.5 crore equity shares by promoter entity VRIDAA Holding Trust.
The proposed listing will be on both the BSE and NSE. Pantomath Capital Advisors Private Limited is acting as the Book Running Lead Manager for the issue.
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Manika Plastech IPO: Strategic Step
The proceeds from the IPO will be utilized to fund capital expenditure for the acquisition of new plant and machinery, repayment or pre-payment of borrowings, and general corporate purposes.
The company also plans to adopt Injection Stretch Blow Moulding (ISBM) technology to diversify into new product lines such as PET bottles, jars, and containers targeting personal care, cosmetics, beverage, and pharmaceutical segments.
Manika Plastech is among the top three players in India for recycled polymer and post-consumer recycled processing output, according to a Technopak report.
Its product portfolio includes high-performance battery casings, thinwall containers, and pails used in diverse industries like automotive, energy storage, food & dairy, paints, telecom, and agrochemicals. The company has 36 registered designs and operates from seven facilities across Dehradun, Hosur, Panipat, Una, and Dadra.
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Key clients include Livguard Energy Technologies, Luminous Power Technologies, UNO Minda, JSW Paints, Indigo Paints, Jotun India, Grasim Industries, and ULTRAVIOLETTE Automotive.
For the nine months ending December 2024, Manika Plastech reported a total income of ₹301.75 crore and a profit after tax of ₹11.69 crore.
This Manika Plastech IPO marks a strategic step for Manika Plastech to strengthen its market presence, scale up its green manufacturing capabilities, and tap into new high-growth industry segments.
