- Price band
- ₹65 – ₹69
- Issue size
- ₹39.95 Cr
- Lot size
- 2000 sh
- Bidding
- 20 – 24 Feb
- Grey market
- —
Face value ₹10.00
81% fresh capital
Lists 27 Feb 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Balance sheet is the open question
63% of the scoring model was backed by disclosed data for Manilam Industries, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Leveraged balance sheet
Debt-to-equity of 1.8× leaves limited headroom if demand softens or rates rise.
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2013 · Kolkata, West Bengal · 152 employees
Manilam Industries India manufactures decorative laminates — surfacing sheets 0.7 mm to 1 mm thick used on furniture, cabinetry and wall panelling — at a single plant covering 20,650 sq m at Manda, Bhojipura, in Bareilly district, Uttar Pradesh. It sells under the "Manilam" brand through 67 distributors and 358 dealers as of 30 September 2025, and runs a service depot in Bangalore. Collections include Artistica, Vogue, Dwar and Magnificent, spanning over 1,000 designs and 100 textures. Alongside laminates it manufactures small volumes of plywood and veneer and trades bought-in plywood, veneer, chemicals and lamination papers, serving industrial and commercial buyers. The registered office is in Kolkata; 152 permanent staff were on roll at 31 December 2025, with no contract labour.
Revenue is overwhelmingly manufactured laminates: ₹116.68 Cr of ₹140.03 Cr in FY25, or 83.33% of operating revenue, against 10.22% from traded goods. The RHP puts gross margin on manufacturing at 15-30% and on trading at 6-11%, so mix moves profit more than topline does: FY25 revenue sat below FY23's ₹148.10 Cr while EBITDA nearly doubled to ₹17.75 Cr as material consumed fell from ₹116.62 Cr to ₹96.14 Cr. The binding constraints are utilisation and debt: laminate sheet capacity use slid from 84.74% in FY23 to 73.31% in FY25, the industrial laminates line ran at 0.27%, and ₹62.44 Cr of FY25 borrowings cost ₹6.66 Cr in finance charges.
The company on paper
- Legal name
- Manilam Industries India Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 27 Nov 2015trading as Manilam Industries since 2013
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U20296WB2015PLC208559
- Sector
- Materials · Decorative laminate manufacturing, with plywood and veneer trading
- Employees
- 152
- Registered office
- Kolkata, West Bengal
- Promoters
- Manilam Retail India Private Limited, Umesh Kumar Nemani, Manoj Kumar Agrawal, Aman Kumar Nemani, Anubhav Kumar Nemani, Sreyas Agrawal
- Promoter holding, pre-issue
- 78.8%
- Promoter holding, post-issue
- 61.8%
- Website
- manilam.com
The numbers
Financial performance
Revenue has compounded at −2.8% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
81% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹32.42 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹7.53 Cr
- Total issue size
- ₹39.95 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 2,92,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 16.9% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹69.00
- Listed at
- ₹55.20
- Listing gain
- down 20.0%
- Since listing
- down 36.1%
- Against the issue price
- down 48.8%
Trading at ₹35.30 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 4,000
- At cut-off price
- ₹69.00
- Amount blocked
- ₹2,76,000
One lot is 2000 shares at ₹1,38,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,76,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~17%
chance of one lot, per application
- Retail subscription
- 5.88×
- Applicants per share available
- 5.9× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹55.20
listed at, −20.0% against the issue price
- Issue price
- ₹69.00
- Premium said
- —
- If allotted 2000 shares
- −₹27,600
Listing-day figures are as reported by the exchanges.
Our read
Easy to misread
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
Easy to miss in the prospectus
- FY25 PAT of Rs 7.47 Cr includes Rs 2.14 Cr of other income, of which Rs 1.73 Cr is "liabilities no longer required written back" and Rs 0.37 Cr an FX gain — non-recurring items that account for roughly half the Rs 4.33 Cr jump in PAT over FY24. The EBITDA line above is unaffected: the RHP computes EBITDA before other income (verified against PBT plus finance cost plus depreciation for all three years).
- A bonus issue on 5 July 2025 took share count from 24,50,000 to 1,71,50,000 before the IPO, so per-share figures are not comparable across this series — the RHP's own NAV per share falls from Rs 147.27 at FY25 to Rs 25.12 at 30 September 2025 on that basis alone, with no change in net worth direction.
- Revenue is not a growth series: FY25 (Rs 140.03 Cr) is still below FY23 (Rs 148.10 Cr). The profit expansion comes from material cost falling from Rs 116.62 Cr to Rs 96.14 Cr and a shift from manufactured to traded plywood, not from volume.
- The financials above are the restated CONSOLIDATED statements. The RHP also carries a standalone set with slightly lower profit (FY25 PAT Rs 7.38 Cr vs Rs 7.47 Cr); borrowings are identical on both bases.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Nexgen Financial Solution Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- Mas Services Limited
How these figures were checked
Reconciled to Manilam Industries's own prospectus and to exchange disclosures, then cross-checked against 4 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Red Herring Prospectus dated 10 February 2026 (NSE Emerge archives, 495 pp) — primary source for CIN, incorporation history, promoters, issue structure, market maker reservation, restated financials, capacity utilisation, product-wise revenue and margin bands · read 16 Oct 2026
- NSE full securities bhavdata, 27 February 2026 — listing-day OHLC for MANILAM (series ST): prev close 69.00, open 55.20, high 55.20, low 52.45, close 52.45 · read 16 Oct 2026
- NSE cash-market bhavcopy, 27 February 2026 — ISIN INE1ERK01013, ticker MANILAM, series ST, NewBrdLotQty 2000 (market lot) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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