Manika Plastech has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO is a mix of fresh issuance of equity shares worth Rs 115 crore and an offer for sale of up to 1.50 crore shares by promoter VRIDAA Holding Trust.

Out of the total proceeds, Rs 59.82 crore will be used for funding the capital expenditure towards the purchase of plant and machinery, and Rs 25 crore will be used for repaying debt and general corporate purposes. Pantomath Capital Advisors is the sole book-running lead manager for the IPO. The company's shares are proposed to be listed on the BSE and the NSE. 

Manika Plastech is a design-led, precision-engineered rigid polymer packaging manufacturer, catering to diversified critical industries like energy storage, dairy and edible food products, paints, and chemicals.