Manika Plastech Set to Launch IPO for Growth and Expansion

Mumbai-based Manika Plastech has filed draft documents with the markets regulator Sebi to initiate fundraising through an initial public offering (IPO).

The IPO includes a new issue of equity shares worth Rs 115 crore and a sale of up to 1.50 crore shares by the promoter, VRIDAA Holding Trust, according to the draft red herring prospectus (DRHP) submitted on Tuesday.

A portion of the proceeds, Rs 59.82 crore, will be allocated for purchasing new plant and machinery, while Rs 25 crore will address debt repayment and general corporate requirements. As of May 31, 2025, Manika Plastech's total debt was Rs 93.72 crore.

Manika Plastech, a precision-engineered rigid polymer packaging manufacturer, services sectors like energy storage and food products, with designs uniquely registered as intellectual property. The company supplies to top firms like Uno Minda and Luminous Power Technologies, competing with local and global industry leaders.

The shares will be listed on BSE and NSE, with Pantomath Capital Advisors serving as the sole book-running lead manager and MUFG Intime India as the registrar.

(With inputs from agencies.)