Manika Plastech Ltd. has filed draft papers with the Securities and Exchange Board of India to raise funds through an initial public offering.
The offering comprises a fresh issuance of equity shares worth Rs 115 crore and an offer for sale of up to 1.5 crore shares by promoter VRIDAA Holding Trust, according to the draft red herring prospectus that was filed on Tuesday.
The Mumbai-based company plans to allocate Rs 59.8 crore of the proceeds towards capital expenditure for purchasing plant and machinery, while Rs 25 crore will be used for debt repayment and general corporate purposes. As of May 31, 2025, Manika Plastech’s total debt stood at Rs 93.7 crore.
Manika Plastech specialises in design-led, precision-engineered rigid polymer packaging, serving critical sectors such as energy storage, dairy and edible food products, paints, and chemicals. The company develops its products in-house, holding 36 registered designs as unique intellectual property, with two currently under renewal applications, as per the Designs Act, 2000, and the Designs Rules, 2001, according to a report by Technopak.
Its clientele includes notable companies such as Uno Minda, Luminous Power Technologies, Indigo Paints, Birla Opus, Ultraviolette, and Livguard. The firm competes with local players like Manjushree Technopack, SSF Plastics India, and Mold-Tek Packaging, as well as global competitors including TPAC Packaging India.
Manika Plastech’s shares are proposed to be listed on both the BSE and the National Stock Exchange. Pantomath Capital Advisors is appointed as the sole book-running lead manager, while MUFG Intime India serves as the registrar for the IPO.
