Manika Plastech to launch IPO on September 11; sets price band at Rs 40-43 per share

Representational Image. File pic.

Plastic products manufacturer Manika Plastech Ltd is set to launch its Initial Public Offering (IPO) on September 11 to raise Rs 125.5 crore from investors.

The price band has been fixed at Rs 40-43 per share, valuing the company at around Rs 501 crore at the higher end.

The public issue comprises a fresh issue of Rs 92.5 crore and an Offer For Sale (OFS) of 76.74 lakh shares aggregating Rs 33 crore at the higher end.

This takes the total issue size to Rs 125.5 crore.

The company proposes to utilise the net proceeds from the issue for the purchase of plant and machinery; repayment and/or pre-payment, in part or full, of certain borrowings; and general corporate purposes.

The IPO will close for subscription on September 16 and the bidding for anchor investors will conclude on September 10, according to a public announcement.

The shares are proposed to be listed on both BSE and NSE on September 21.

Pantmoth Capital Advisors is the book-running lead manager to the issue, while MUFG Intime India is the registrar.

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