IPO
Packaging solutions provider Manika Plastech’s Rs.125.50 Cr IPO subscribed 29x
Mumbai-based Manika Plastech has received 29.46 times subscription for its INR 125.50 crore initial public offering (IPO). The offering received bids for over 60 crore shares against the 2.13 crore shares on offer. The NII (non-institutional investor) category recorded 66.58 times subscription. The retail portion was subscribed 23.98 times, while the QIB (qualified institutional buyers) category, excluding the anchor portion, reached a subscription level of 11.22 times. Pantomath Capital Advisors acted as the book-running lead manager for the offer.The public issue consisted of a fresh issue of 2.15 crore shares worth INR 92.50 crore and an offer for sale of 76.74 lakh shares valued at INR 33 crore. The company fixed a price band of INR 40 to INR 43 per share.Manika Plastech is a precision-engineered, rigid polymer packaging manufacturer that serves industries such as energy storage, dairy, edible food products, paints, and chemicals. The company plans to use the proceeds from the fresh issue to support its business operations.
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