The subscription for the Manilam Industries IPO will officially open on Friday, February 20, 2026, and conclude on Tuesday, February 24, 2026. The company has fixed its price band at ₹65 to ₹69 per equity share. Retail investors can bid for a minimum of 1 lot (2,000 shares), requiring an investment of ₹1,38,000.
Manilam operates on a robust B2B model with a distribution network of over 50 distributors and 7,000+ dealers. Its manufacturing facility in Bareilly, Uttar Pradesh, utilizes advanced "OCTA technology" to produce premium laminates and plywood. Financially, the company has shown a steady upward trajectory; its Profit After Tax (PAT) more than doubled from ₹3.14 crore in FY24 to ₹7.47 crore in FY25. For the first half of the current fiscal year (H1 FY26), it has already reported a PAT of ₹3.21 crore.
The issue is a mix of a Fresh Issue of ₹32.42 crore and an Offer for Sale (OFS) of ₹7.53 crore by existing promoters. Key objectives for the fresh funds include ₹16.65 crore for working capital and ₹3.50 crore for debt repayment, which is expected to strengthen the company’s balance sheet post-listing.
Key IPO Details & Timetable
| Feature | Details |
| Price Band | ₹65 – ₹69 per share |
| Lot Size | 2,000 Shares (Min. Investment ₹1,38,000) |
| Total Issue Size | ₹39.95 Crore |
| Listing Platform | NSE SME (Emerge) |
| Open Date | February 20, 2026 (Friday) |
| Close Date | February 24, 2026 |
| Allotment Date | February 25, 2026 |
| Tentative Listing | February 27, 2026 |
Important News & Investor Insights
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Today's Status (Feb 18): The IPO is currently in "Upcoming" status. Many brokers like Upstox and Groww are offering "Pre-apply" features today, but your application will only be officially sent to the exchange when the window opens on Friday morning.
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Grey Market Premium (GMP): As of today, the GMP is trading at ₹0 (at par). This reflects a neutral market sentiment, though activity typically picks up once the subscription numbers start rolling in on Day 1.
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Financial Scrutiny: Some analysts have expressed caution regarding the "boosted margins" seen in FY25. While the profit jump is impressive, investors are closely watching if this high margin is sustainable in the highly fragmented and competitive laminate sector.
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Geographical Advantage: With experience centers already active in Bangalore, Delhi, and Chennai, Manilam is well-positioned to capture the premium South and North Indian markets, moving away from its traditional West Bengal base.
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Valuation: At the upper price band of ₹69, the company is valued at a P/E of approximately 20.18x (based on FY25 earnings). This is considered a fair valuation compared to listed peers like Archidply, although direct comparisons are difficult due to different product mixes.
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