About Manipal Payment & Identity Solutions IPO
Manipal Payment and Identity Solutions IPO Details
The Manipal Payment and Identity Solutions IPO is a book-built mainboard issue of up to ₹805 crore, comprising a fresh issue of up to ₹320 crore and an offer for sale (OFS) of up to 1.43 crore equity shares, aggregating up to ₹485 crore by promoter Manipal Technologies Limited. Each share has a face value of ₹2.
The IPO is to be listed on both the BSE and NSE platforms. The price band is fixed at ₹322–₹339 per share. The minimum bid lot is 44 shares, with a minimum investment of ₹14,916 for retail investors. The IPO window will be open for subscription from Wednesday, September 9, 2026 to Friday, September 11, 2026. The anchor investor bid date is Tuesday, September 8, 2026.
Motilal Oswal Investment Advisors, Axis Capital, ICICI Securities, IIFL Capital Services and Nuvama Wealth Management are the book-running lead managers and MUFG Intime India Private Limited serves as the registrar of the issue.
Manipal Payment and Identity Solutions IPO Date & Timeline
Manipal Payment and Identity Solutions Limited filed its draft red herring prospectus (DRHP) with SEBI through the confidential pre-filing route in June 2025 and received SEBI approval in September 2025. The IPO will open on Wednesday, September 9, 2026 and it will close on Friday, September 11, 2026. The basis of allotment is expected to be finalised on Monday, September 15, 2026 and then refunds plus credit of allotted shares will be done to investors’ demat accounts by Tuesday, September 16, 2026. The listing date on BSE and NSE platforms is set for Wednesday, September 17, 2026.
Manipal Payment & Identity Solutions IPO Timeline
| IPO Open Date | Wed, Sep 9, 2026 |
| IPO Close Date | Fri, Sep 11, 2026 |
| Tentative Allotment | Tue, Sep 15, 2026 |
| Initiation of Refunds | Wed, Sep 16, 2026 |
| Credit of Shares to Demat | Wed, Sep 16, 2026 |
| Tentative Listing Date | Thu, Sep 17, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Manipal Payment & Identity Solutions IPO Details
| Detail | Description |
|---|---|
| IPO Date | 9 to 11 Sep, 2026 |
| Listing Date | 17 Sep, 2026 |
| Face Value | ₹ 2 per Equity Share |
| Issue Price Band | ₹ 322 to ₹ 339 |
| Lot Size | 44 Shares |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 2,37,46,313 shares (agg. up to ₹ 805 Cr) |
| Fresh Issue(Ex Market Maker) | 94,39,528 shares (agg. up to ₹ 320 Cr) |
| Offer for Sale | 1,43,06,785 shares of ₹2 (agg. up to ₹ 485 Cr) |
| Issue Type | 100 % Book Built Offer |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 22,23,65,000 shares |
| Share Holding Post Issue | 23,18,04,528 shares |
Manipal Payment and Identity Solutions IPO GMP
A “grey market premium”, or GMP, basically means the extra premium at which an IPO’s shares are traded informally before they’re officially listed on the stock exchange.
The Manipal Payment and Identity Solutions IPO GMP is currently trading at ₹3, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of 342, which is 0.88% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
IPO Estimated Listing Return
Based on the IPO Price of ₹339 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹1 and a lot size of 44 shares.
Manipal Payment & Identity Solutions IPO GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 13 Sep 2026 | ₹339 | ₹1 | 13 Sep, 202605:38 PM |
| 12 Sep 2026 | ₹339 | ₹1 | 12 Sep, 202605:38 PM |
| 11 Sep 2026 | ₹339 | ₹3 | 11 Sep, 202612:22 PM |
| 10 Sep 2026 | ₹339 | ₹8 | 10 Sep, 202609:47 AM |
| 9 Sep 2026 | ₹339 | ₹37 | 9 Sep, 202611:04 AM |
| 8 Sep 2026 | ₹339 | ₹37 | 8 Sep, 202606:04 PM |
| 7 Sep 2026 | ₹339 | ₹38 | 7 Sep, 202606:13 PM |
| 6 Sep 2026 | ₹339 | ₹30 | 7 Sep, 202610:01 AM |
| 05 Sep, 2026 | ₹339 | ₹30 | 05 Sep, 202612:46 PM |
Company Background
Manipal Payment and Identity Solutions Limited was incorporated on February 19, 2008, and is headquartered in Manipal, Karnataka. The company operates as a technology-driven provider of payment, identification, secure printing, smart tagging and Internet of Things (IoT) solutions, catering to banks, fintech companies, non-banking finance companies and government entities across domestic and international markets.
Part of the Manipal Group, which has a legacy dating back to 1948 in secure printing and diversified solutions, the company is among the largest manufacturers of payment cards globally and in India. During Fiscal 2025, it held an estimated market share of around 36% in credit card issuance and around 31% in debit card issuance in India, billing 14.14 million credit cards and 72.01 million debit cards. Its portfolio includes chip-based, dual-interface, metal, rPVC and speciality cards, alongside cheque solutions, NFC/QR codes, payment-enabled wearables and digital automation offerings. The company pioneered India’s first rPVC RuPay card in 2024 and is a leading domestic manufacturer of metal cards, holding a patent for metal card manufacturing.
Operations & Product Range
Manipal Payment and Identity Solutions Limited specialises in secure printing and personalisation of payment and identity products. Its major product and service categories comprise:
- • Payment solutions: Payment cards (credit, debit, prepaid, metal, rPVC, dual-interface), cheque services, NFC and QR code-based payments, payment-enabled wearables and digital automation solutions.
- • Identification solutions: Driving licenses, vehicle registration certificates and national identity cards, with over one billion identity cards billed across 12 regional languages as of March 31, 2025.
- • Secure solutions: Secure logistics, personalisation services, security-enhanced packaging and tax stamp and track-and-trace solutions using holograms, encrypted QR codes and RFID technology.
- • Smart tagging and IoT solutions: Smart tagging, IoT-enabled tracking and related secure solutions for various industries.
As of June 30, 2025, the company had 1,823 permanent employees and operated 10 facilities with 19 production units across 11 cities in India and abroad. The company has expanded its operations to the United Kingdom, Europe, Asia-Pacific and the Middle East and Africa (MEA) regions, in addition to its strong domestic presence.
Facilities & Capacity
Manipal Payment and Identity Solutions Limited operates multiple card manufacturing units, personalisation bureaus, cheque printing facilities, central card processing centres and Smart Tagging & IoT Solutions facilities across India. The company’s integrated infrastructure enables end-to-end design, printing, personalisation and secure delivery of payment and identity products.
The proposed IPO proceeds (fresh issue portion) will be used primarily for capital expenditure on equipment, including the purchase and setup of new and second-hand equipment at various facilities. This capacity expansion is expected to enhance production volumes, improve operational efficiency and support the company’s plan to meet growing demand from banks, fintechs, NBFCs and government customers.
Brands & Market Presence
Manipal Payment and Identity Solutions Limited operates under the “Manipal Payment” brand as a leading payment and identity solutions provider. The company works closely with major banks, fintech companies, NBFCs and government agencies in India and abroad.
Its business model is built on long-term contracts with financial institutions and government bodies, with a strong presence in India’s banking and secure-printing ecosystem. The company’s focus on innovation (such as India’s first rPVC RuPay card and metal card patent), quality and scale has helped it secure repeat business and expand its customer base across domestic and international markets.
Revenue Streams & Business Model
Manipal Payment and Identity Solutions Limited generates revenue primarily through:
- • Sale of payment cards (credit, debit, prepaid, metal, rPVC, dual-interface) and related personalisation services.
- • Cheque services and digital payment solutions, including NFC, QR codes and payment-enabled wearables.
- • Identification cards (driving licenses, vehicle RCs, national ID cards) and secure printing solutions.
- • Secure logistics, packaging, tax stamps and track-and-trace solutions using holograms, encrypted QR codes and RFID technology.
The business model is asset-heavy, relying on specialised printing and personalisation infrastructure to execute long-term contracts with banks, fintechs, NBFCs and governments. Revenue from operations grew from ₹1,247.52 crore in FY2024 to ₹1,256.07 crore in FY2025 and further to ₹1,326.75 crore in FY2026, indicating steady top-line expansion. Profit after tax (PAT) stood at ₹249.17 crore in FY2024, ₹282.21 crore in FY2025 and ₹253.46 crore in FY2026 (year ended March 31, 2026; the latter was impacted by a high base due to exceptional gains of around ₹110 crore in FY2025).
Financial Performance
Manipal Payment and Identity Solutions Limited has shown strong profitability over the last three fiscal years, albeit with modest revenue growth and some volatility in PAT due to exceptional items. Total income increased from ₹1,247.52 crore in FY2024 to ₹1,256.07 crore in FY2025 and further to ₹1,326.75 crore in FY2026 (year ended March 31, 2026), while profit after tax (PAT) moved from ₹249.17 crore to ₹282.21 crore and ₹253.46 crore over the same period. On a margin basis, EBITDA margin stood at around 32.01% in FY2025, with PAT margin of 22.10%. Key valuation and profitability metrics for FY2025 include ROE of 45.54%, ROCE of 33.97%, debt-to-equity ratio of 0.76 and EPS of ₹13.41 (basic, pre-issue).
Management & Shareholding
Manipal Payment and Identity Solutions Limited is promoted by T. Satish U. Pai, Sandhya S. Pai, Tonse Gautham Pai, Manipal Technologies Limited, Manipal Media Network Limited, Tridevitha Consultancy Services Private Limited and Tridevita Family Trust – 2017. Before the IPO, promoter Manipal Technologies Limited held around a 62.10% stake in the company, with the remaining held by other shareholders, including Touchstone Trust, Nuvama, Think Investments, Mukul Agrawal and Amicus Capital Partners.
After the IPO, the shareholding structure will see a dilution following the fresh issue and OFS, with promoter Manipal Technologies expected to hold around 53.02% post-issue. This allows the company to diversify its ownership base and attract public, institutional and retail investors while maintaining strong promoter control.
Board & Key Management
The Board of Directors of Manipal Payment and Identity Solutions Limited oversees corporate governance, strategic execution and risk management. The board includes experienced directors who bring expertise in secure printing, payments, technology, finance and operations, ensuring compliance and strong financial oversight. The company secretary and compliance officer work closely with the board to maintain statutory standards and operational transparency.
Manipal Payment & Identity Solutions IPO Financial Information
Latest Revenue
₹ 1,326.75 Cr
Profit After Tax
₹ 253.46 Cr
Net Worth
₹ 253.46 Cr
Total Borrowing
₹ 0.42 Cr
| Period Ended | Assets | Revenue | Profit (PAT) | Net Worth | Reserves | Borrowing |
|---|---|---|---|---|---|---|
| 31 Mar 2026 (Consolidated) | 1,160.90 | 1,326.75 | 253.46 | 253.46 | 747.43 | 0.42 |
| 31 Mar 2025(Consolidated) | 1,409.67 | 1,256.07 | 282.21 | 619.70 | 262.89 | 472.87 |
| 31 Mar 2024(Consolidated) | 1,102.71 | 1,247.52 | 249.17 | 405.05 | 48.25 | 449.47 |
| Amount in ₹ Crore | ||||||
Manipal Payment & Identity Solutions Key Performance Indicator
| KPI | Values(31 Mar 2026) |
|---|---|
| ROE | 29.35 % |
| ROCE | 32.69 % |
| Debt/Equity | 0.00 |
| RoNW | 22.93 % |
| PAT Margin | 18.68 % |
| EBITDA Margin | 33.60 % |
| NAV | 48.84 |
| Price to Book Value | 6.94 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 11.40 | 10.93 |
| P/E (x) | 29.74 | 31.02 |
Manipal Payment and Identity Solutions IPO Objectives
The Manipal Payment and Identity Solutions IPO outlines how it plans to spend the net proceeds:
- • ₹238.43 crore (approx) for capital expenditure on equipment, including purchase and setup of new and second-hand equipment at various facilities (card manufacturing units, personalisation bureaus, cheque printing facilities, central card processing centres and Smart Tagging & IoT Solutions facilities)
- • Balance for general corporate purposes
The high allocation towards capex reflects the company’s need to expand production capacity, upgrade technology and improve operational efficiency to meet growing demand from banks, fintechs, NBFCs and government customers.
Manipal Payment and Identity Solutions IPO Review
Manipal Payment and Identity Solutions Limited operates in a niche segment of the Indian financial infrastructure and secure printing space, focusing on payment cards, identity cards and related secure solutions for banks, fintechs, NBFCs and governments. This segment benefits from increased adoption of digital payments, financial inclusion initiatives, government ID programmes and rising demand for secure, personalised payment and identity products.
By being among the largest payment card manufacturers in India and globally, with an estimated market share of around 36% in credit cards and 31% in debit cards (FY2025), the company has been able to secure long-term contracts with major financial institutions and government bodies. Profitability has remained strong, with an EBITDA margin of 32.01% and a PAT margin of 22.10% in FY2025, indicating efficient operations and pricing power in a specialised business.
The issue will help the company fund incremental capex for equipment, expand capacity and strengthen its competitive position. Investors need to assess various intrinsic risks such as modest revenue growth, customer concentration in the banking and government segments, regulatory changes affecting payment cards and identity programmes, technology disruption (e.g., shift to digital/virtual cards) and execution risk in new capacity projects. Overall, it is an IPO of a focused payment and identity solutions business looking to scale its equipment base and production capabilities.
Conclusion
The Manipal Payment and Identity Solutions IPO provides investors the opportunity to invest in a rising firm that has built a specialised payment and identity solutions model over more than a decade and a half. The company’s strong market position in payment cards, extensive client base of banks and government agencies and clear capex plan for capacity expansion position it well to benefit from growing demand for secure payment and identity products in India and abroad.
That said, the company operates in a technology-intensive, competitive business with inherent risks related to customer concentration, regulatory changes, technology shifts and execution of capex plans. The IPO is essentially a capacity-expansion and brand-building play for a niche payment and identity solutions operator rather than a high-growth, diversified fintech story.
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Competitive Strengths
Niche business model: Among the largest payment card manufacturers globally and in India, with a strong presence in credit, debit, metal and rPVC cards and identity solutions.
Strong market position: Estimated market share of around 36% in credit card issuance and 31% in debit card issuance in India (FY2025).
Healthy margins: EBITDA margin of 32.01% and PAT margin of 22.10% in FY2025, indicating efficient operations.
Strategic infrastructure: 10 facilities with 19 production units across 11 cities, serving domestic and international customers.
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IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 44 | 14,916 |
| Individual investors (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 |