Manilam Industries is scheduled to make its market debut on the NSE SME platform today, February 27, 2026. The initial public offering, which closed on February 24, saw an overall subscription of 6.25 times. Investor interest was led by Non-Institutional Investors (NIIs), who subscribed 12.49 times their allotted portion. Retail individual investors followed with a subscription of 5.88 times, while the Qualified Institutional Buyers (QIB) segment recorded 2.24 times coverage. The IPO was priced at the upper end of its 65 to 69 INR price band. The company raised a total of 39.95 crore INR through this issue. This capital is earmarked for strategic operational upgrades, including 1.25 crore INR for new equipment and 2.20 crore INR for the installation of solar panels at its manufacturing facility. Additionally, 3.50 crore INR will be used for loan repayments, while 16.65 crore INR is allocated to bolster working capital. Financial performance has shown significant growth leading up to the listing. In the 2025 fiscal year, Manilam reported a total income of 142.16 crore INR, yielding a profit after tax of 7.38 crore INR. This marks a sharp increase from the 3.10 crore INR profit recorded in 2024. The company's EBITDA stood at 17.75 crore INR with a healthy margin of 12.67%. Market sentiment for the debut remains neutral, with the grey market premium (GMP) holding at 0 INR as of the listing morning. This suggests the stock may open near its issue price of 69 INR. The listing comes at a time when the broader SME IPO market is experiencing a reset; in 2026, roughly 60% of new listings have traded below their issue price, with average listing gains cooling to approximately 8%. The Indian decorative laminates sector continues to expand, currently valued at approximately 8.88 billion USD. Trends indicate a shift toward premium, eco-friendly products and digital design customization. Manilam operates a 20,650 square meter plant in Bareilly and maintains experience centers in Bangalore, Delhi, and Chennai to capture this growing demand in the B2B segment.