Upcoming IPO: Manika Plastech Files Draft Paper with SEBI to Raise Funds Via IPO

Manika Plastech Ltd. has submitted its draft red herring prospectus to SEBI for a proposed IPO(initial public offering). The offering includes a fresh issue and an offer for sale by its promoter entity, with funds aimed at expansion and debt reduction.

IPO Details and Fund Utilisation Strategy

Manika Plastech Ltd, a Mumbai-based rigid polymer packaging company, has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering. The IPO consists of a fresh issue of equity shares worth ₹115 crore and an offer for sale (OFS) of up to 1.5 crore equity shares by its promoter, VRIDAA Holding Trust, as disclosed in the draft red herring prospectus filed on Tuesday.

Out of the total proceeds, ₹59.8 crore will be allocated towards capital expenditure for acquiring new plant and machinery. Another ₹25 crore is intended for debt repayment and general corporate purposes. As of May 31, 2025, the company’s total debt stood at ₹93.7 crore.

Business Profile, Clients and Market Position

Manika Plastech is known for its design-led, precision-engineered rigid polymer packaging and caters to critical industries including energy storage, dairy and edible food products, paints, and chemicals. The company undertakes in-house development of its products and currently holds 36 registered designs under the Designs Act, 2000, and Designs Rules, 2001, with two more designs under renewal applications, according to Technopak.

Its client base features leading names such as Uno Minda, Luminous Power Technologies, Indigo Paints, Birla Opus, Ultraviolette, and Livguard. The company faces competition from domestic players like Manjushree Technopack, SSF Plastics India, and Mould-Tek Packaging, along with global players like TPAC Packaging India.

Read More: Lenskart IPO: Eyewear Giant to File DRHP Publicly By Early July, Opting Out Confidential Route!

Conclusion

Manika Plastech’s IPO marks a significant step in its growth journey, enabling the company to enhance its manufacturing capabilities and reduce debt. The shares are proposed to be listed on both the BSE and NSE, with Pantomath Capital Advisors acting as the sole book-running lead manager and MUFG Intime India as the registrar for the issue.

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