India's Manika Plastech closes $13 million IPO, listing due September 21
What's the deal? Manika Plastech, an Indian rigid-plastic packaging maker, has raised US$17M in a mainboard IPO. The offer, priced at US$0.54 to US$0.58 per share, opened on September 11 and closed on September 16, 2026, with shares set to list on September 21.
How it's structured: The issue splits into a US$12.6M fresh issue, whose proceeds go to the company, and a US$4.48M offer for sale for existing shareholders. Half the shares are reserved for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors.
What Manika Plastech does: The company designs and manufactures injection-moulded battery casings, plastic pails, and thinwall food-grade containers. It also runs a painting service for plastic automotive components from Hosur and describes an end-to-end offering spanning design, moulding, labelling, quality assurance, and delivery.
Why now? Manika Plastech traces its operations to 1999, when it set up a plant in Saily and supplied Nilkamal LimitedDealroom has a profile for this one. Try Dealroom →. It has since added sites across North, West, and South India — most recently facilities in Dadra, Panipat, and Hosur between 2023 and 2024.
What's the endgame? The company plans to use net proceeds for three purposes: plant and machinery, debt repayment, and general corporate needs. It has earmarked US$7.46M for equipment and US$2.04M to repay or pre-pay borrowings, framing the raise as a way to lift installed capacity at existing sites.
The signal: The listing adds another design-led manufacturer to India's active mainboard IPO pipeline, betting that customer-proximate production and an expanding product range can win vendors that need packaging built to line-specific requirements.
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