Manas Polymers SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 06 Oct 2025 | ₹3 | +3.70% | ₹3,600 | ₹84 | ₹4,800 |
| 05 Oct 2025 | ₹3 | +3.70% | ₹3,600 | ₹84 | ₹4,800 |
| 04 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹81 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 06 Oct 2025
- Face value
- ₹10 per share
- Issue price
- ₹81 per share
- Lot size
- 1,600 shares
- Total issue size
- ₹23.52 Cr
- Market cap at offer price
- ₹62.99 Cr
- Promoter holding
- 99.95% → 62.62% pre-issue → post-issue
- ISIN
- INE0U4H01011
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Lead managers
- Expert Global Consultants Pvt.Ltd.
- Registered office
- Plot No.3, Baraghata, Industrial Area, Jhansi Road, Lashkar, Gird, Madhya Pradesh
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 1,47,200 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹81
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,29,600 |
| S-HNI (min) | 2 | 3,200 | ₹2,59,200 |
| S-HNI (max) | 7 | 11,200 | ₹9,07,200 |
| B-HNI (min) | 8 | 12,800 | ₹10,36,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹81 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.81 | 5.52 |
| P/E (×) | 9.19 | 14.67 |
| Price to book (×) | 3.86 | — |
| Market cap | — | ₹62.99 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 53.10%
- ROCE
- 22.82%
- Debt / equity
- 1.05
- PAT margin
- 12.99%
- EBITDA margin
- 18.27%
- NAV per share
- ₹21
- Price to book
- 3.86
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Manas Polymers SME
Manas Polymers and Energies Limited, incorporated on January 19, 2024, is engaged in two primary business verticals: (1) PET plastic manufacturing and trading, where it produces premium food-grade PET preforms, PET bottles, jars, and closure caps for the plastics industry using fully automated injection molding technology with a capacity of 4,000 MT per year, and (2) renewable power generation and distribution as an independent power producer, currently operating a ~1.00 MW solar power project in Madhya Pradesh and planning to set up an additional ~5 MW solar project. The company acquired the running businesses of proprietorship concerns operated by Mrs. Anju Bhadauria—M/s. Manas Polymers (established 2017) and M/s. Manas Power and Infrastructure (established 2015)—through a Business Transfer Agreement dated January 25, 2024. The company is committed to quality and consumer satisfaction in the plastics segment while advancing renewable energy initiatives.
Company Analysis
from DRHPManas Polymers and Energies Limited manufactures premium food-grade PET preforms, bottles, and closure caps for the plastics industry, and operates as an independent power producer generating renewable solar energy.
Manas Polymers and Energies Limited, incorporated on January 19, 2024, is engaged in two primary business verticals: (1) PET plastic manufacturing and trading, where it produces premium food-grade PET preforms, PET bottles, jars, and closure caps for the plastics industry using fully automated injection molding technology with a capacity of 4,000 MT per year, and (2) renewable power generation and distribution as an independent power producer, currently operating a ~1.00 MW solar power project in Madhya Pradesh and planning to set up an additional ~5 MW solar project. The company acquired the running businesses of proprietorship concerns operated by Mrs. Anju Bhadauria—M/s. Manas Polymers (established 2017) and M/s. Manas Power and Infrastructure (established 2015)—through a Business Transfer Agreement dated January 25, 2024. The company is committed to quality and consumer satisfaction in the plastics segment while advancing renewable energy initiatives.
Objects of the Issue
- Funding of capital expenditure requirements towards setting up of Solar Power Plant Project Including Expansion and Modernization ₹1,150.00 lakhs p.80
- Purchase of Fixed Assets ₹250.00 lakhs p.80
- Issue Related Expenses [●] lakhs p.80
- General Corporate Purpose [●] lakhs p.80
Issue Structure
- Total Issue
- Up to 29,04,000 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- Up to 29,04,000 Equity Shares of face value of ₹ 10/- each
- Offer for Sale
- N.A. (Not Applicable - entire issue constitutes fresh issue)
- Price Band
- ₹ [●] to ₹ [●] per Equity Share
- Lot Size
- [●] equity shares and in multiples of [●] equity shares thereafter
- Face Value
- ₹ 10/- per Equity Share
Business Model
The company generates revenue through two business models: (1) manufacturing and selling premium food-grade PET preforms, bottles, jars, and closure caps to packaged mineral water suppliers, sanitaryware companies, edible oil companies, and soft drinks providers, which accounted for 97.87% of revenue as of June 30, 2024, and (2) renewable energy generation and sales through power purchase agreements and trading of renewable energy certificates on platforms such as IEX, PXIL, and HPX, which accounted for 2.13% of revenue as of June 30, 2024.
Business Segments
SWOT Analysis
- • Established market presence in PET plastics with consistent EBITDA margins improving to ~20%(p.115)
- • Experienced promoter with deep industry expertise and track record since 2015(p.115)
- • Modern manufacturing facility with fully automated injection molding technology(p.23)
- • Presence in growing renewable energy sector with operational 1 MW solar project(p.117)
- • Heavy dependence on few key suppliers for raw materials (top 10 suppliers represent 97.31% of purchases)(p.29)
- • Extreme customer concentration with top customer representing 14.60% and top 10 customers representing 61.72% of revenue(p.118)
- • History of regulatory filing and corporate record discrepancies(p.30)
- • Leasehold premises without full ownership security and pending lease transition(p.32)
- • High leverage with debt-equity ratio of 1.48 and significant unsecured loans from directors(p.41)
- • Planned 5 MW solar plant expansion to diversify revenue and tap into growing renewable energy sector(p.117)
- • India's plastic industry projected to grow significantly with government PLI schemes supporting downstream processing(p.107)
- • Rapid expansion of solar energy capacity in India with government targeting 500 GW by 2030(p.112)
- • Potential for backward integration and capacity expansion to serve larger customer base(p.81)
- • Raw material price volatility due to crude oil price fluctuations impacting margins(p.29)
- • High competition in plastics sector from organized and unorganized players(p.37)
- • Seasonal demand volatility in PET bottles linked to packaged water and soft drinks sales(p.31)
- • Regulatory risks including potential plastic product bans and environmental restrictions(p.41)
- • Solar power generation dependent on weather conditions and PPA contract performance(p.39)
- • Economic slowdown risk affecting demand for both PET products and renewable energy(p.48)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vineet Bhadauria | Promoter | 0.02% | [●]% |
| Anju Bhadauria | Promoter | 99.90% | [●]% |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.