Manika Plastech raises Rs 37.6 crore from 4 anchor investors including Trust MF; IPO to open on September…

Fresh updates from the financial markets indicate that Manika Plastech, the Mumbai-headquartered plastic products manufacturing firm, has boosted Rs 37.6 crore from four anchor market participants, including Trust Mutual Fund, on September 10, a day ahead of the IPO opening.

The Rs 125.5-crore IPO is set to open for public subscription on September 11, with a price range of Rs 40-43 per share, and will close on September 16.

The firm is raising Rs 92.5 crore through the issuance of fresh equity shares, while promoter entity VRIDAA Holding Trust will sell 76.74 lakh equity shares worth Rs 33 crore through an offer for sale (OFS).

Manika Plastech, in its filing with the bourses on Thursday, stated it had allocated 87.55 lakh equity shares to four anchor market participants at the upper end of the price range.

Pantomath Group subsidiary Wealth Firm Asset Management-owned The Wealth Firm Alternates Trust-Bharat Value Fund-Series III emerged as the largest investor in the anchor book, acquiring 41.04 lakh shares for Rs 17.6 crore.

Trust Mutual Fund, through its two schemes, picked up 23.26 lakh shares for Rs 10 crore, while Finavenue Capital Trust, through Finavenue Expansion Fund, and Nova Global Opportunities Fund PCC, through Touchstone, each bought shares worth Rs 5 crore in Manika Plastech.

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Manika Plastech is a precision-engineered rigid polymer packaging manufacturer, specialising in products such as battery casings, pails and thin-wall containers. Its products cater to several industries, including automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals, food, and dairy.

The firm intends to utilise Rs 54.9 crore of the net proceeds from the fresh offering for capital expenditure towards the purchase of plant and machinery, Rs 15 crore for debt repayment, and the remaining amount for general corporate purposes.

Manika Plastech, which operates seven facilities with an installed capacity of 29,200 MTPA, noted a earnings of Rs 13 crore and topline of Rs 162.4 crore for the quarter ended June 2026.

Earnings for the fiscal year ended March 2026 increased to Rs 22.4 crore, up 15.9 percent from Rs 19.3 crore in the previous year, while topline for the same period grew 7.3 percent to Rs 436 crore from Rs 406.5 crore.

Pantomath Capital Advisors is acting as the merchant banker for the Manika Plastech IPO.