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Chandigarh: Rigid polymer packaging manufacturer Manika Plastech Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The proposed offering will include a fresh issue of equity shares worth ₹1,150 million and an offer for sale (OFS) of up to 15 million equity shares by VRIDAA Holding Trust, a promoter entity.
Founded by the Kapadia family — Nikunj Mohanlal Kapadia, Munjal Nikunj Kapadia, Mihir Nikunj Kapadia, and Pratik Nikunj Kapadia — alongside VRIDAA Holding Trust, Manika Plastech specializes in design-led, precision-engineered packaging solutions for critical sectors such as energy storage, dairy, paints, chemicals, and food.
According to a Technopak report cited in the DRHP, the company has registered 36 unique product designs, with two currently under renewal. Its portfolio includes high-performance battery casings, pails, and thinwall containers, all manufactured through injection moulding processes. These products are tailored to serve industries ranging from automotive and telecom to FMCG and agriculture.
The proceeds from the IPO will be used to fund capital expenditure for new machinery, repay certain borrowings, and for general corporate purposes. The company also plans to expand into PET bottles, jars, and containers using Injection Stretch Blow Moulding (ISBM) technology to cater to personal care, cosmetics, beverages, and pharmaceuticals.
Manika Plastech was among the top three companies in India for recycled polymer processing output in 2023-24 and actively integrates eco-friendly materials and energy-efficient practices into its manufacturing.
For the nine months ending December 2024, the company reported a total income of ₹3,017.54 million and a net profit of ₹116.90 million. Its operations span seven facilities across Dehradun, Hosur, Panipat, Una, and Dadra, supported by five warehouses.
The company counts Livguard, Luminous, UNO Minda, JSW Paints, Indigo Paints, Jotun, Grasim Industries, and Ultraviolette Automotive among its key clients.
The equity shares are proposed to be listed on BSE and NSE, with Pantomath Capital Advisors Private Limited serving as the Book Running Lead Manager to the issue.
DRHP Link: Read the full DRHP here
