Manika Plastech IPO
Manika Plastech IPO is a mainboard IPO raising ₹125 Cr at ₹40 – ₹43 a share. It listed on 21 Sept 2026 at ₹43, 0.0% against its issue price of ₹43, and trades at ₹45 today (+4.1% since issue). It was subscribed 28× in total.
28.1 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs43. Checked: exchange issue size Rs125 Cr vs derived Rs125.5 Cr (0.4% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
Priced 52% below the median multiple of the peers the issuer itself names.
| Listed peer (issuer’s choice) | P/E | RoNW | EPS |
|---|---|---|---|
| Hitech Corporation Limited | 37.85× | 5.34% | ₹8.84 |
| Mold-Tek Packaging Limited | 32.34× | 10.56% | ₹21.93 |
| Shaily Engineering Plastics Limited | 88.85× | 23.71% | ₹36.83 |
| This issue | 18.2× | 15.18% | ₹2.36 |
derived: cut-off price Rs43 / stated EPS Rs2.36 (Fiscal 2026 (FY26) basic & diluted EPS, restated consolidated; adjusted for sub-division of equity shares on Feb 3, 2025). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.