Manas Polymers and Energies Limited IPO: Full Details and Analysis
Manas Polymers & Energies Ltd opens its SME IPO between ₹76-81/share from Sep 26-30, 2025. Company operates PET-preform manufacturing and solar energy business. Key strengths, risks & financials analysed.
The SME IPO space in India continues to attract strong investor interest, and the latest entrant is Manas Polymers & Energies Limited, a company engaged in food-grade PET packaging products as well as renewable energy through solar power projects. The IPO opens for subscription on September 26, 2025 and closes on September 30, 2025, with listing expected on the NSE-SME platform on October 6, 2025.
With a price band of ₹76–81 per share, the company is looking to raise about ₹23.52 crore through a fresh issue of 29.04 lakh shares. Retail investors must apply for a minimum lot size of 1,600 shares, translating to a sizeable ticket size of around ₹2.59 lakh at the upper band.
Business Profile
Manas Polymers & Energies operates in two distinct but growing sectors:
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Polymers Division – Manufactures PET preforms, bottles, jars, and closure caps. Its products cater to beverage, packaged water, edible oil, and FMCG industries. Food-grade PET demand is expected to grow steadily, driven by rising consumption and packaging needs across India.
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Renewable Energy Division – Operates a 1 MW solar plant with plans to scale capacity to 5 MW. Renewable energy diversification provides stability and aligns with India’s push for sustainable infrastructure.
The company sells across 16 Indian states, providing geographical reach and diversified demand.
Core Information and Issue Details
| Particular | Detail |
| Company Name | Manas Polymers and Energies Limited (MPEL) |
| Business | Manufacturer of premium food-grade PET preforms, bottles, jars, and caps & engaged in renewable power generation and distribution (Independent Power Producer – IPP). |
| IPO Type | SME IPO (Book Building Issue) |
| Listing Exchange | NSE SME |
| Issue Open Date | Friday, September 26, 2025 (Tentative) |
| Issue Close Date | Tuesday, September 30, 2025 (Tentative) |
| Allotment Finalization | Wednesday, October 1, 2025 (Tentative) |
| Listing Date | Monday, October 6, 2025 (Tentative) |
| Issue Size | Up to ₹23.52 Cr (at the upper band) |
| Fresh Issue | Up to 29,04,000 Equity Shares (Aggregating up to ₹23.52 Cr) |
| Offer for Sale (OFS) | None (Entirely a Fresh Issue) |
| Face Value | ₹10.00 Per Share |
| Issue Price Band | ₹76.00 to ₹81.00 Per Share |
| Minimum Lot Size | 1,600 Shares (Retail) |
| Minimum Investment | ₹2,59,200 (for 3,200 shares at upper price, as per some sources) |
| Book Running Lead Manager (BRLM) | Expert Global Consultants Private Limited |
Future Plan and Objects of the Issue (Utilisation of IPO Proceeds)
The IPO is intended to provide a financial foundation for the company’s ambitious expansion, particularly in the renewable energy sector.
| Object of the Issue | Amount (Approximate) | Detail |
| Funding of Capital Expenditures | ₹1,350.00 Lakhs (₹13.50 Cr) | Setting up or expanding a Solar Power Plant (Plan to expand solar power capacity from 1 MW to 5 MW). |
| Funding of Capital Expenditures | ₹297.40 Lakhs (₹2.97 Cr) | Purchase of Fixed Assets (e.g., new machinery, PET injection molding machines, water chillers, etc.) for business expansion. |
| General Corporate Purposes | Remaining amount | Including working capital requirements. |
The company’s strategy includes:
- Expanding the Renewable Energy Model: Increasing solar power capacity significantly and generating and selling renewable energy to external customers.
- Expansion of Product Range and Market Footprint: Capitalizing on the growing demand for advanced polymer products and energy solutions.
- Optimal Resource Utilization.
Comparison (Selected Financial Metrics)
A direct and comprehensive comparison to a definitive peer group is often detailed in the company’s Red Herring Prospectus (RHP). However, based on available data, here is a comparative snapshot with reported peers like Mitsu Chem Plast Ltd. and Technopack Polymers Ltd. (Note: Financial figures, especially for a newly incorporated company, can vary and should be verified from the official RHP).
| Parameter (As of March 31, 2024 / June 30, 2024) | Manas Polymers & Energies Ltd. | Mitsu Chem Plast Ltd. | Technopack Polymers Ltd. |
| Revenue from Operations (₹ in Cr) | ₹19.762* (Annualized) / ₹5.03 (FY24) | ₹311.250 | ₹12.763 |
| EPS (Diluted) (₹) | 4.19* (Annualized) | 7.10 | 2.07 |
| Return on Net Worth (%) | 33.37* (Annualized) | 12.50 | 6.39 |
| NAV per share (₹) | 12.06 | 58.45 | 33.73 |
| P/E Ratio (TTM) | — | 19.04 | 26.59 |
| Note: Starred figures are typically based on annualized or restated financials for a specific period. |
Business Model and Strength
- Dual Business Model: Operates in two growing sectors: manufacturing of premium food-grade PET products and renewable power generation/distribution.
- Scalable Model: Business model relies on client orders and efficient use of integrated, in-house processing facilities for economies of scale.
- Quality and Certifications: Holds ISO certifications (e.g., ISO 9001:2015 for Quality Management).
- Experienced Management: Led by promoters with industry expertise and a focus on operational excellence.
- Established Network: Existing relationship with a reliable supplier network for raw materials like PET, LDPE, and HDPE.
Recent Financial Performance (₹ in Crores)
| Particulars | For the Period Ended June 30, 2024 | Fiscal 2024 (Ended Mar 31, 2024) |
| Total Income | ₹8.69 | ₹5.03 |
| Profit After Tax (PAT) | ₹1.18 | ₹0.79 |
| Total Assets | ₹22.14 | ₹21.08 |
| Total Borrowings | ₹9.94 | ₹11.44 |
(Disclaimer: Recommendations, suggestions, views and opinions expressed by experts are their own. Investors are advised to consult certified financial advisors before making any investment decisions.)
