Manilam Industries India officially opened its Rs 39.95 crore SME IPO for subscription today, February 20, 2026. The bidding window remains active through February 24, with the company targeting a listing on the NSE SME platform on February 27. The price band is fixed at Rs 65 to Rs 69 per share. Investors must bid for a minimum lot size of 2,000 shares, requiring a base investment of Rs 1,38,000. Ahead of the public launch, the company successfully secured Rs 11.30 crore from anchor investors on February 19. The total issue consists of a fresh issue of 47.36 lakh shares and an offer for sale of 10.92 lakh shares. Financially, the company has shown consistent growth. Total income reached Rs 142.16 crore in FY25, up from Rs 138.04 crore in FY24. More significantly, profit after tax more than doubled year-on-year, rising from Rs 3.10 crore to Rs 7.38 crore. Proceeds from the fresh issue are earmarked for strategic expansion. Specifically, Rs 16.65 crore is allocated for working capital, while Rs 3.45 crore will fund new plant machinery and solar panel installations at the Bareilly facility. The decorative laminates market in India is currently valued at approximately USD 1.32 billion as of 2025. It is projected to grow at a CAGR of 5.35% through 2031, driven by a 33% year-over-year increase in new home deliveries. Manilam operates on a B2B model, managing a network of over 50 distributors and 7,000 dealers. The company has recently expanded its physical presence with experience centers in Bangalore, Delhi, and Chennai to capture rising demand for modular furniture. Current grey market activity shows a flat premium of Rs 0, suggesting a neutral start as the subscription period begins. Market participants are closely watching the retail and NII portions, which account for 33.3% and 14.3% of the offer respectively.