Manika Plastech IPO to open on Sep 11; sets price band at ₹40-43
The price band has been fixed at Rs ₹40-43 per share, valuing the company at around Rs ₹501 crore at the higher end
Manika Plastech Ltd, a manufacturer of plastic products, is preparing to launch its Initial Public Offering (IPO) on September 11. The company aims to raise ₹125.5 crore from investors, with the IPO price band set at ₹40-43 per share. At the higher end, this valuation places the company at approximately ₹501 crore. The public issue consists of a fresh issue of ₹92.5 crore and an Offer For Sale (OFS) of 76.74 lakh shares, totaling ₹33 crore at the higher end.
Consequently, the overall issue size amounts to ₹125.5 crore. Manika Plastech intends to employ the net proceeds from the IPO for various purposes, including the acquisition of plant and machinery, repayment and/or pre-payment of certain borrowings, and general corporate objectives. The IPO subscription period will commence on September 16 and conclude on September 16, while anchor investor bidding will conclude on September 10.
Following the IPO, the shares will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on September 21. Pantmoth Capital Advisors serves as the book-running lead manager for the issue, and MUFG Intime India acts as the registrar. All comments regarding the IPO must adhere to English, full sentences, and TheHindu Businessline's community guidelines, which prohibit abusive or personal content.
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