Manipal Payment and Identity Solutions IPO: Price Band, Lot Size, Financials & Review
Manipal Payment and Identity Solutions IPO listed on BSE & NSE on Thu, 17 Sep 2026. The issue was subscribed 1.42x overall.
- Open Date
- 9 Sep 2026
- Close Date
- 11 Sep 2026
Last updated
- Price band
- ₹322 – ₹339
- Lot size
- 44 shares
- Min. investment
- ₹14,916
- Issue size
- ₹805 Cr
- Last GMP
- -₹6
- Subscribed
- 🔥 1.42x
Manipal Payment and Identity Solutions IPO details
Manipal Payment and Identity Solutions IPO is a ₹805 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It combines a fresh issue of ₹320 Cr (39.75%) with an offer for sale of ₹485 Cr (60.25%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Wed, 9 Sep 2026 to Fri, 11 Sep 2026. Allotment was finalised on Tue, 15 Sep 2026, and the shares listed on BSE & NSE on Thu, 17 Sep 2026.
The price band is ₹322 to ₹339 per share and the lot size is 44 shares, so the minimum retail application is ₹14,916. Retail investors can apply for up to 13 lots (572 shares, ₹1,93,908).
MUFG Intime India Pvt Ltd is the registrar, and IIFL Capital Services Limited, Axis Capital Limited, Motilal Oswal Investment Advisors Ltd, ICICI Securities Limited and Nuvama Wealth Management Limited are the book running lead managers.
Grey market premium (GMP)
Day-wise GMP →The last Manipal Payment and Identity Solutions IPO GMP before listing was -₹6 (-1.77% against the upper price band of ₹339), implying an estimated listing price of ₹333. Across 10 days of tracking, GMP ranged from -₹10 (15 Sep) to +₹38 (07 Sep).
| Last GMP | -₹6 |
|---|---|
| GMP vs upper band | -1.77% |
| Estimated listing price | ₹333 |
| Highest (07 Sep) | +₹38 |
| Lowest (15 Sep) | -₹10 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Manipal Payment and Identity Solutions IPO day-wise GMP.
Subscription
Day-wise subscription →Manipal Payment and Identity Solutions IPO was subscribed 1.42x overall: QIB 1.26x, NII 1.22x and retail 2.19x.
| Category | Subscribed |
|---|---|
| QIB | 1.26x |
| NII | 1.22x |
| └ bNII (above ₹10 lakh) | 1.24x |
| └ sNII (₹2–10 lakh) | 1.18x |
| Retail | 2.19x |
| Total | 1.42x |
Final figures at the close of bidding on 11 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the Manipal Payment and Identity Solutions IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 1,06,85,841 | 45.00% |
| Qualified Institutions | 71,23,894 | 30.00% |
| Non-Institutional | 35,61,947 | 15.00% |
| └ BNII | 23,74,631 | 10.00% |
| └ SNII | 11,87,316 | 5.00% |
| Retail Investors | 23,74,631 | 10.00% |
| Total | 2,37,46,313 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
Manipal Payment and Identity Solutions IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 44 | ₹14,916 |
| Retail (Max) | 13 | 572 | ₹1,93,908 |
| S-HNI (Min) | 14 | 616 | ₹2,08,824 |
| S-HNI (Max) | 67 | 2,948 | ₹9,99,372 |
| B-HNI (Min) | 68 | 2,992 | ₹10,14,288 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹320 Cr (39.75%) with an offer for sale of ₹485 Cr (60.25%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹339, the issue is priced at 29.74x pre-issue earnings and 31.02x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 24.97x (1 company).
Promoter holding falls from 62.10% before the issue to 53.92% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹11.4 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 29.74x |
| EPS (post-issue) EPS on the enlarged share capital | ₹10.93 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 31.02x |
| Promoter holding (pre-issue) | 62.10% |
| Promoter holding (post-issue) | 53.92% |
Manipal Payment & Identity Solutions Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹1,277.11 Cr to ₹1,356.59 Cr, and profit after tax fell from ₹282.21 Cr to ₹253.46 Cr. The PAT margin for 31 Mar 2026 was 18.68%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 1,160.90 | 1,409.67 | 1,102.71 |
| Total Income | 1,356.59 | 1,277.11 | 1,267.97 |
| Profit After Tax | 253.46 | 282.21 | 249.17 |
| EBITDA | 455.83 | 408.77 | 355.57 |
| Net Worth | 1,107.34 | 619.70 | 405.05 |
| Reserve & Surplus | 747.43 | 262.89 | 48.25 |
| Total Borrowings | 0.42 | 472.87 | 449.47 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 29.35 | 55.08 | 79.42 |
| ROCE % | 32.69 | 33.97 | 51.95 |
| Debt / Equity | 0.00 | 0.76 | 1.11 |
| RoNW % | 22.93 | 45.54 | 61.51 |
| Pat Margin % | 18.68 | 22.10 | 19.65 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Manipal Payment and Identity Solutions Limited | 2 | — | 11.53 | 11.26 | 22.93% | 48.84 |
| Seshaasai Technologies Limited | 10 | 24.97 | 15.45 | 15.45 | 16.81% | 88.15 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Funding the capital expenditure requirements of our Company towards purchasing and setting up of new and second-hand equipment at (a) card manufacturing facility, personalization bureau and cheque printing facility in Manipal, Karnataka, (b) personalization bureau and cheque printing facility in Chennai, Tamil Nadu, Noida, Uttar Pradesh, and personalization bureau in Navi Mumbai, Maharashtra, (c) cheque printing facilities in Navi Mumbai, Maharashtra and Howrah, West Bengal, (d) central cards processing centers at Chhattisgarh RTO, and (e) Smart Tagging and IoT Solutions facility in Manipal |
| 2 | General corporate purposes |
About Manipal Payment & Identity Solutions Limited
Incorporated in 2008 and part of the Manipal Group, Manipal Payment & Identity Solutions Limited is a technology-driven provider of secure payment, identification, secure printing, smart tagging and Internet of Things (IoT) solutions. The company serves banks, fintech companies, non-banking financial companies (NBFCs) and government institutions across domestic and international markets.
Its payment solutions include credit, debit, prepaid, metal and recycled PVC cards, cheque solutions, payment-enabled wearables, Near-Field Communication (NFC), Quick Response (QR) products and digital automation solutions. Payment cards are its largest revenue contributor, accounting for 57.3% of revenue from operations in FY2026. During the year, the company billed approximately 13.54 million credit cards and 72.66 million debit cards.
The company also offers identification solutions, including driving licences, vehicle registration certificates and national identity cards, along with transit management solutions. Its secure solutions cover secure logistics, insurance documentation, personalised communications, tamper-evident envelopes, holograms and other anti-counterfeiting products. It also operates businesses in smart tagging, RFID, IoT and coated products.
In FY2026, Manipal Payment & Identity Solutions served more than 300 customers, including leading public and private sector banks, fintech companies and government institutions. Its payment card business served over 105 customers, while the company maintained relationships with more than 60 fintech companies. Its customer base includes major institutions such as State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Canara Bank and Indian Bank.
The company has a significant presence in the Indian card issuance market, with an estimated 36.4% share of credit-card issuance and 30.9% share of debit-card issuance. As of March 31, 2026, it operated 10 facilities across India, with an aggregate card production capacity of approximately 118.97 million cards. Its products are also exported to several international markets, including the UK, Singapore, Bahrain, Hong Kong, Oman, Mauritius, South Africa, Bangladesh, Brazil, Nigeria, Nepal, Sri Lanka, the UAE and select European countries.
As of March 31, 2026, the company had 1,809 permanent employees and 1,509 contracted employees, supported by manufacturing, personalisation, cheque printing, smart tagging and IoT facilities across India. Its Central Cards Processing Centres (CCPCs) in five locations further support the processing and personalisation of driving licences and vehicle registration certificates.
Promoters
Tonse Gautham Pai
T. Satish U. Pai
Sandhya S. Pai
Manipal Technologies Limited
Manipal Media Network Limited
Tridevitha Consultancy Services Private Limited
Tridevita Family Trust 2017
Contact details
Manipal Payment & Identity Solutions Ltd
Udayavani Building,
Press Corner
Manipal, Karnataka, 576104
Phone: 0820 220 5480
Email: info@mpimanipal.com
Website: https://mpimanipal.com/
Manipal Payment and Identity Solutions IPO FAQs
- What is the Manipal Payment and Identity Solutions IPO price band?
- The Manipal Payment and Identity Solutions IPO price band is ₹322 to ₹339 per share.
- What is the Manipal Payment and Identity Solutions IPO lot size and minimum investment?
- The Manipal Payment and Identity Solutions IPO lot size is 44 shares. The minimum retail investment is ₹14,916 for one lot at the upper price band. Retail investors can apply for up to 13 lots (572 shares), costing ₹1,93,908.
- When was Manipal Payment and Identity Solutions IPO open for subscription?
- Manipal Payment and Identity Solutions IPO was open for subscription from Wed, 9 Sep 2026 to Fri, 11 Sep 2026.
- What is the Manipal Payment and Identity Solutions IPO subscription status?
- Manipal Payment and Identity Solutions IPO was subscribed 1.42x overall: QIB 1.26x, NII 1.22x and retail 2.19x. Day-wise and category-wise figures are on the subscription page.
- What was the Manipal Payment and Identity Solutions IPO GMP before listing?
- The last Manipal Payment and Identity Solutions IPO GMP before listing was -₹6 (-1.77% against the upper price band of ₹339), implying an estimated listing price of ₹333. Across 10 days of tracking, GMP ranged from -₹10 (15 Sep) to +₹38 (07 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the Manipal Payment and Identity Solutions IPO allotment date?
- The Manipal Payment and Identity Solutions IPO basis of allotment was finalised on Tue, 15 Sep 2026. You can check your allotment status on the MUFG Intime India Pvt Ltd website.
- What is the Manipal Payment and Identity Solutions IPO listing date?
- Manipal Payment and Identity Solutions IPO listed on BSE & NSE on Thu, 17 Sep 2026.
- Is the Manipal Payment and Identity Solutions IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹320 Cr (39.75%) with an offer for sale of ₹485 Cr (60.25%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the Manipal Payment and Identity Solutions IPO?
- The registrar for the Manipal Payment and Identity Solutions IPO is MUFG Intime India Pvt Ltd, and the book running lead managers are IIFL Capital Services Limited, Axis Capital Limited, Motilal Oswal Investment Advisors Ltd, ICICI Securities Limited and Nuvama Wealth Management Limited.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.