Latest News | Manika Plastech Files DRHP Papers with Sebi; to Raise Rs 115 Cr
Get latest articles and stories on Latest News at LatestLY. Mumbai-based Manika Plastech has filed draft papers with markets regulator Sebi to mop up funds through an initial public offering (IPO).
New Delhi, Jun 25 (PTI) Mumbai-based Manika Plastech has filed draft papers with markets regulator Sebi to mop up funds through an initial public offering (IPO).
The IPO is a mix of fresh issuance of equity shares worth Rs 115 crore and an offer for sale of up to 1.50 crore shares by promoter VRIDAA Holding Trust, as per the draft red herring prospectus (DRHP) filed on Tuesday.
Out of the total proceeds, Rs 59.82 crore will be used for funding the capital expenditure towards the purchase of plant and machinery, and Rs 25 crore will be used for repaying debt and general corporate purposes.
As of May 31, 2025, the company's total debt stood at Rs 93.72 crore.
Manika Plastech is a design-led, precision-engineered rigid polymer packaging manufacturer, catering to diversified critical industries like energy storage, dairy and edible food products, paints, and chemicals.
Its products are designed and developed in-house, with 36 designs registered as unique intellectual property, out of which two have been applied for renewal, under the Designs Act, 2000, and the Designs Rules, 2001, as per a report by Technopak.
The company supplies its products to Uno Minda, Luminous Power Technologies, Indigo Paints, Birla Opus, Ultraviolette and Livguard.
It competes with the likes of local players, such as Manjushree Technopack, SSF Plastics India, and Mold-Tek Packaging, alongside global companies like TPAC Packaging India.
The company's shares are proposed to be listed on the BSE and the NSE.
Pantomath Capital Advisors is the sole book-running lead manager and MUFG Intime India is the registrar for the IPO.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)