Manipal Payment and Identity Solutions is heading to the public markets with a smaller issue than what it had proposed earlier. The Karnataka-based payment card and identity solutions company has fixed the price band at Rs 322-339 per share for its maiden initial public offering (IPO), which will open for subscription on September 9.

At the upper end of the price band, the company is looking at a valuation of around Rs 7,858 crore. But there is another detail investors will notice first – the IPO size has been reduced from the plan outlined in its earlier draft papers.

What has changed and what should investors know before the issue opens? Let’s take a look –

According to the updated Draft Red Herring Prospectus (DRHP) filed in November 2025, the issue was proposed to include a fresh issue of Rs 400 crore and an offer for sale (OFS) of 1.75 crore shares .

The final structure is smaller. The fresh issue has been cut to Rs 320 crore, while promoter Manipal Technologies will sell 1.43 crore shares through the OFS, valued at around Rs 485 crore at the upper end of the price band.

The company had originally filed its draft papers through the confidential route in June 2025. The Securities and Exchange Board of India (SEBI) subsequently approved them in September 2025.

The public issue will remain open from September 9 to September 11,.

The one-day anchor book for institutional investors will open on September 8 . The IPO allotment is expected to be finalised by September 15 , while the shares are likely to start trading on the stock exchanges from September 17 .

Investors can apply for a minimum of 44 shares and then in multiples of 44.

At the upper price of Rs 339, the minimum investment for a retail investor works out to Rs 14,916 . The maximum retail application can go up to Rs 1,93,908 .

The fresh issue will not be used for an acquisition or debt reduction programme. A large part of the proceeds is placed for equipment.

The company plans to use Rs 238.4 crore of the net fresh issue proceeds to purchase and install new and second-hand equipment across its facilities.

The balance will be used for general corporate purposes.

Manipal Payment and Identity Solutions works across payment cards, identification products, security solutions, smart-tagging and Internet of Things (IoT) offerings.

Its customers include banks, fintech companies, non-banking financial companies (NBFCs) and government agencies in India and overseas.

The company said it had an estimated 36.4% share of the credit-card issuance market and 30.9% of the debit-card market in fiscal year 2026 .

It also counted national identity cards and metal cards among its major product areas.

Post-issue, promoter Manipal Technologies, which is promoted by the Pai family, is expected to hold around 53.02% of the company.

Among existing public shareholders, Touchstone Trust is expected to hold 6.35%, Nuvama 5.65%, Think Investments 2.74%, Mukul Agrawal 2.47% and Amicus Capital Partners 2.19%.

The OFS component means part of the IPO proceeds will go to selling shareholders rather than the company.

The key questions for investors will be whether the company can turn the planned equipment investment into higher capacity and revenue growth, and whether profitability can improve without relying on exceptional gains.