The initial public offering of Karnataka-based Manipal Payment & Identity Solutions witnessed weak investor interest on the second day of bidding, with the issue subscribed 31%. The IPO closes for subscription today, September 11. The ₹805-crore IPO received bids for 39.87 lakh shares against 1.30 crore shares on offer.
The retail investor portion was subscribed 1.22 times, while the non-institutional investor category was subscribed 24%. The qualified institutional buyer portion was subscribed 3%. Manipal Payment has fixed a price band of ₹322-339 per share. At the upper end of the price band, the IPO values the company at an estimated post-issue market capitalisation of ₹7,858 crore.
In the unlisted market, Manipal Payment shares are commanding a grey market premium of ₹4 per share, indicating an expected listing premium of around 1% over the upper end of the issue price. However, GMP is only an unofficial indicator of market sentiment and can change rapidly.
It should not be considered a reliable indicator of the actual listing price. Manipal Payment & Identity Solutions raised ₹362.25 crore from 23 anchor investors, including Morgan Stanley, Nomura Singapore, Citigroup and Alchemy, on September 8. The IPO comprises a fresh issue of ₹320 crore and an Offer For Sale of 1.43 crore shares worth ₹485 crore by promoter Manipal Technologies.
The company had reduced the size of the IPO from the issue structure outlined in its updated draft red herring prospectus filed in November 2025. At the time, the issue comprised a fresh issue of ₹400 crore and an OFS of 1.75 crore shares. Manipal Payment had initially filed its draft papers through the confidential route in June 2025, before receiving approval from market regulator Securities and Exchange Board of India in September 2025.
Following the IPO, Pai family-promoted Manipal Technologies will hold a 53.02% stake in Manipal Payment. Among the existing public shareholders, Touchstone Trust will hold 6.35%, Nuvama 5.65%, Think Investments 2.74%, Mukul Agrawal 2.47% and Amicus Capital Partners 2.19%.
Manipal Payment plans to deploy ₹238.4 crore of the net fresh issue proceeds towards purchasing and installing new and second-hand equipment at its facilities in Manipal, Chennai, Navi Mumbai and the Chhattisgarh RTO. The remaining proceeds will be used for general corporate purposes.
Manipal Payment business and financialsManipal Payment provides payment, identification, security, smart-tagging and Internet of Things solutions to banks, fintech companies, non-banking financial companies and government entities in India and overseas.
The company describes itself as one of the largest payment card manufacturers globally and in India. It estimated its market share at 36.4% in credit card issuance and 30.9% in debit card issuance in financial year 2026. It also said it was among the largest producers of national identity cards and metal cards during the financial year.
For the year ended March 2026, profit declined 10.2% to ₹253.5 crore, partly due to a high base following exceptional gains of ₹110 crore in the previous year. Revenue, however, rose 5.6% year-on-year to ₹1,326.8 crore. Motilal Oswal Investment Advisors, Axis Capital, ICICI Securities, IIFL Capital Services and Nuvama Wealth Management are the merchant bankers to the issue.
The share allotment is expected to be finalised by September 15, while the shares are likely to list on the bourses on September 17.