Mumbai-based rigid polymer packaging manufacturing company, Manika Plastech has filed preliminary papers with the Sebi to raise funds via initial public offering (IPO) for capex and debt reduction.
The IPO will be a combination of fresh issuance of shares worth Rs 115 crore, and an offer-for-sale of 1.5 crore equity shares by promoter entity VRIDAA Holding Trust.
The rigid polymer packaging solutions provider catering to diversified industries such as energy storage, dairy and edible food products, paints, and chemicals, competes with listed entities like Hitech Corporation, Mold-Tek Packaging, and Shaily Engineering Plastics.
Uno Minda, Birla Opus, Indigo Paints, Ultraviolette, Jotun, and Luminous are some of its customers.
Kapadia family-owned Manika Plastech plans to spend Rs 59.8 crore out of fresh issue proceeds for the purchase of plant and machinery, and Rs 25 crore for repaying debt. And the remainder funds will be utilised for general corporate purposes. The total debt on its books was Rs 93.7 crore as of May 2025.
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On financial front, the company has seen inconsistency in topline while there has been gradual growth in bottomline. Profit for the year ended March 2024 grew by 2 percent to Rs 11.5 crore, and revenue declined 9 percent to Rs 360.8 crore compared to a year ago. Profit in the nine months period ended December 2024 stood at Rs 11.69 crore on revenue of Rs 295.6 crore.
The merchant banker appointed to handle the Manika Plastech IPO is Pantomath Capital Advisors.
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