Manika Plastech shares debut at par with issue price; drop 5% later
The ₹125.49 crore initial public offer of Manika Plastech Ltd receives 28.14 times subscription on the final day of bidding
On the day of its debut, Manika Plastech Ltd's shares opened at ₹43 each, matching the issue price. The stock was listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). However, by the end of the trading day, the shares had dropped to ₹40.86 on the BSE, marking a 4.97% decline from the issue price.
On the NSE, the stock's value fell by 5% to ₹40.85. Manika Plastech's market value was calculated at ₹476.07 crore following the IPO. The company received an impressive 28.14 times subscription on the final day of bidding, which took place on the previous Wednesday. The initial public offer size was ₹125.49 crore, with a price band set between ₹40 and ₹43 per share.
The fresh issue was up to ₹92.5 crore, and there was an offer for sale totaling 76,74,418 equity shares. Manika Plastech specializes in designing and manufacturing precise, rigid polymer packaging solutions for various sectors like energy storage, dairy products, edible goods, paints, and chemicals.
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