Manika Plastech Limited Files DRHP with SEBI for an IPO

Manika Plastech Limited, a design-led, precision engineered, rigid polymer packaging manufacturing company has filed Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO).

The public offer comprises of a fresh issue of equity shares aggregating up to ₹ 1,150 millions by company (THE “FRESH ISSUE”) and an offer for sale (OFS) aggregating up to 15 million equity shares of face value of ₹2 each by VRIDAA Holding Trust the Promoter Selling Shareholders (“OFFER FOR SALE”).

Nikunj Mohanlal Kapadia, Munjal Nikunj Kapadia, Mihir Nikunj Kapadia, Pratik Nikunj Kapadia and VRIDAA Holding Trust are the promoter of the company.

Manika Plastech Limited is a design-led, precision-engineered rigid polymer packaging manufacturer catering to diversified critical industries such as energy storage, dairy and edible food products, paints, and chemicals. The company’s 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. (Source: Technopak Report)

With focus on application specific performance, durability, product safety and efficiency, the company has product portfolio built around precision engineered solutions such as high-performance battery casings, pail & thinwall containers, each tailoring to serve industrial and consumer use cases. These offerings cater to a broad spectrum of industries, including automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, food, and dairy, among others. The company undertakes production in injection moulded, rigid polymer components, such as precision battery casings pails and thinwall containers.

The company proposes to utilize the Net Proceeds towards Funding the capital expenditure towards purchase of plant and machinery, Repayment/pre-payment, in part or full, of certain borrowings availed by the company; and General Corporate Purposes.

The Company is proposing to implement using ISBM technology to manufacture additional range of products like PET bottles, jars, containers etc. for industry segments such as, personal care, cosmetics, beverage and pharmaceutical applications, among others.

Manika Plastech Limited is one of the top three players for recycled polymers/ post- consumer recycled processing output in CY 2023/ FY 2024. Manika Plastech Limited incorporates recycled and eco-friendly materials, along with energy-efficient production processes. (Source: Technopak Report).

For the nine months ended December 2024 the company reported a total income of ₹ 3,017.54 million, while the company reported a profit after tax of ₹ 116.90 million for the same period.

Currently, the Company’s operations are spread across seven Operating Facilities, in Dehradun, Hosur, Panipat, Una and Dadra and five warehouses.

The Company customers include Livguard Energy Technologies Private Limited, Luminous Power Technologies Private Limited, UNO Minda Limited, JSW Paints Limited, Indigo Paints Limited, Jotun India Private Limited and Grasim Industries Limited, and ULTRAVIOLETTE Automotive Private Limited.

The Equity Shares that will be offered through the Red Herring Prospectus are proposed to be listed on the BSE Limited and National Stock Exchange of India Limited.

Pantomath Capital Advisors Private Limited is the Book Running Lead Manager to the issue.