Manika Plastech IPO GMP signals 26% listing gains; subscription nears 4x on Day 2

Fresh updates from the financial markets indicate that Manika Plastech IPO's grey market premium (GMP) is signalling stock-exchange debut upside of up to 26 percent when the shares debut on the exchanges on September 21.

The subscription to the Rs 125.50-crore initial public offering (IPO) began on September 11 and, till 11 am on Monday, the offering was subscribed 3.8 times.

The portion reserved for non-institutional market participants (NIIs) was subscribed 4.37 times, while the retail individual market participants (RIIs) portion was booked 5.45 times. The qualified institutional buyers (QIBs) portion was subscribed 35 percent, so far.

The initial share sale of the plastic products manufacturer was fully subscribed on the opening day, receiving 1.42 times subscription.

Manika Plastech IPO GMP Today Price

According to platforms tracking the grey market activities, the shares of Manika Plastech are commanding a GMP of up to 26 percent. Investorgain quoted a GMP of Rs 7 for the shares of the firm, indicating a stock-exchange debut gain of 16.28 percent. In the meantime, IPO Watch, quoted a GMP of 25.58 percent.

The Mumbai-headquartered firm had earlier boosted Rs 37.6 crore from four anchor market participants, including Trust Mutual Fund, on September 10.

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.

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