Manilam Industries India shares to list today. Here’s what GMP indicates

Manilam Industries is set to make its market debut on February 27 on the NSE SME platform, with the grey market premium currently at 0%, indicating that the shares are trading at par with the issue price of Rs 69 in the unofficial market.

The Rs 40 crore IPO closed on February 24 and was subscribed 6.25 times overall. The individual investor category was subscribed 5.88 times, while the NII segment saw stronger demand at 12.49 times. The QIB portion was subscribed 2.24 times.

The company plans to use Rs 1.25 crore towards purchase of equipment and machinery, Rs 2.20 crore for installation of solar panels at its manufacturing plant, Rs 3.50 crore towards loan repayment, Rs 16.65 crore for working capital and the balance towards general corporate purposes.

Incorporated in 2015, Manilam Industries manufactures decorative laminates and trades in plywood, catering primarily to industrial and commercial customers under a B2B model. Its manufacturing facility is located in Bareilly, Uttar Pradesh, and it has established experience centres in Bangalore, Delhi and Chennai to strengthen customer engagement.

For FY25, the company reported total income of Rs 142.16 crore and PAT of Rs 7.38 crore, compared with PAT of Rs 3.10 crore in FY24. EBITDA stood at Rs 17.75 crore, with EBITDA margin at 12.67%.

Despite moderate subscription and healthy NII participation, GMP remaining flat at 0% suggests a cautious listing outlook. Market participants will watch whether SME investor demand sustains on debut or whether the stock lists near the issue price amid neutral secondary market sentiment.