Manilam Industries IPO
Market Sentiment
Market Lot Size
IPO Details
IPO Reservation
Financial Analysis
| Metric | 2023 | 2024 | 2025 | Sep 2025 |
|---|---|---|---|---|
| Revenue | 148.82 | 138.04 | 142.16 | 60.53 |
| Expense | 146.64 | 133.61 | 131.71 | 56.13 |
| Profit (PAT) | 1.53 | 3.10 | 7.38 | 3.16 |
| Total Assets | 133.55 | 149.56 | 158.98 | 159.99 |
| Company | P/E | EPS | Market Cap (Cr) |
|---|---|---|---|
| Archidply Industries Ltd | 52.41 | 1.62 | 3 |
| Rushil Decor Limited | - | -0.31 | -1 |
Promoters: Manilam Retail India Private Limited, Mr. Umesh Kumar Nemani, Mr. Manoj Kumar Agrawal and Mr. Aman Kumar Nemani
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 1,71,50,000 | 78.79% |
| Promoter Holding Post Issue | 2,18,48,000 | 61.85% |
Company Information
Manilam Industries India, founded in 2015, is one of the leading companies engaged in the manufacturing and sale of Decorative Laminates and Plywood. Its product laminates include Artistica, Vogue, Dwar, Magnificent, Chromatic Tales, Flute, ECP, Wood & Veneer, and Wall Cladding. Along with laminates, the firm is also involved in the trading of plywood in different sizes and grades. Its product mainly serves the industrial and commercial sectors. Moreover, its manufacturing facility is situated in Manda, Bhojipura Nainital Road, Bareilly, Uttar Pradesh, covering 20,650 sq meters of area. It runs its business in a B2B model, involving distributors placing orders directly from the manufacturing unit. Moreover, the firm also built experience centers in major citites like cities like Bangalore, Delhi, and Chennai. Allowing customers to decide the color, size, designs, and of the products.
| Purpose | Amount (Cr) |
|---|---|
| A. Capital Expenditure – Purchase of equipment/machinery of the Company. B. Capital Expenditure – Purchase and installation of Solar Panel Panels at the manufacturing plant. | 1.25 |
| Repayment in full or in part, of certain loans availed by the Company | 2.20 |
| Working Capital Requirements of the Company | 3.50 |
| General Corporate Purpose | 16.65 |
Resources & Documents
Manilam Industries India Ltd., 46, B. B. Ganguly Street, 5th Floor, Room No. 9, Kolkata, West Bengal, 700012
Manilam Industries has set a price band of Rs 65–Rs 69 per share for an issue size of Rs 40 crore. The stock listed with a 20.00% discount versus its issue price on February 27, 2026.
Manilam Industries India, founded in 2015, is one of the leading companies engaged in the manufacturing and sale of Decorative Laminates and Plywood. Its product laminates include Artistica, Vogue, Dwar, Magnificent, Chromatic Tales, Flute, ECP, Wood & Veneer, and Wall Cladding.
The issue is promoted by Manilam Retail India Private Limited, Mr. Umesh Kumar Nemani, Mr. Manoj Kumar Agrawal and Mr. Aman Kumar Nemani with NEXGEN Financial Solutions Pvt. Ltd. acting as lead manager. Net proceeds will primarily be used towards A. Capital Expenditure – Purchase of equipment/machinery of the Company. B. Capital Expenditure – Purchase and installat… (Rs 1 crore) and Repayment in full or in part, of certain loans availed by the Company (Rs 2 crore).
Current grey market activity shows a flat premium, indicating muted unofficial demand. Final subscription data records overall subscription at 6.33x, retail at 5.88x, QIB at 2.24x, NII at 12.84x.
On fundamentals, the company is posting revenue growth of 3.0%, a profit margin of 5.2%, return on equity of 24.5% in its most recent reported period. Listed peers in this segment include Archidply Industries Ltd (P/E 52.41x, market cap Rs 3 crore) and Rushil Decor Limited (market cap Rs -1 crore) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
Our data-driven engine currently flags this issue as an Avoid view — key indicators are weak enough that the risk-reward looks unfavourable for now. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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