Home › Listed IPOs › Manipal Payment IPO
Manipal Payment IPOLISTED
Manipal Payment & Identity Solutions Limited, part of The Manipal Group, provides payment, identification, secure and IoT solutions to banks, fintechs, NBFCs and governments.
Listing price
₹330
Listing gain
-2.65%
Current
₹330
Listed
17 Sept 26
Opens
09 Sept 26Closes
11 Sept 26Allotment
15 Sept 26Refund
16 Sept 26Demat
16 Sept 26Listing
17 Sept 26Listed at
₹330
-2.65% on 17 Sept 26
Overview
Price band
₹322-339
Lot size
44 shares
Min. investment
₹14,916
Issue size
₹805.00 Cr
2.37 Cr shares
Fresh issue
₹320 Cr
94.40 L shares
Offer for sale
₹485 Cr
1.43 Cr shares
Face value
₹2 / share
Issue type
Book Built Issue
Listing at
NSE, BSE
Reservation
| Category | Shares offered | % of issue |
|---|---|---|
| Anchor Investor | 1,06,85,841 | 45% |
| QIB | 71,23,894 | 30% |
| NII (HNI) | 35,61,947 | 15% |
| B-HNI | 23,74,631 | 10% |
| S-HNI | 11,87,316 | 5% |
| Individual | 23,74,631 | 10% |
| Total | 2,37,46,313 | 100% |
Lot size & investment
| 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 |
Listing performance
NSE/BSE: MANIPALPAYMENTListing gain
−2.65%
Gain per retail lot
₹-396
Latest vs issue
—
GMP was
₹-6 (−1.77%)
Issue price
GMP estimate
Listing price
Latest price appears here during market hours.
Manipal Payment Live GMP
Latest GMP
₹-6
All-time high
₹38
All-time low
₹1
Subscription
11 Sept, 11:00 pmOversubscribed 1.42 times · 1,00,127 applications
Total applications
1,00,127
Total bid amount
₹628 Cr
Category breakdown
| Category | Shares offered | Shares bid | Times | Bid amount |
|---|---|---|---|---|
| QIB | 71,23,894 | 89,64,164 | 1.26x | ₹304 Cr |
| NII (HNI) | 35,61,947 | 43,46,144 | 1.22x | ₹147 Cr |
| B-HNI | 23,74,631 | 29,40,828 | 1.24x | ₹99.69 Cr |
| S-HNI | 11,87,316 | 14,05,316 | 1.18x | ₹47.64 Cr |
| Retail | 23,74,631 | 52,02,208 | 2.19x | ₹176 Cr |
| Total | 1,30,60,472 | 1,85,12,516 | 1.42x | ₹628 Cr |
Application-wise breakup
| Category | Applications reserved | Applied | Times |
|---|---|---|---|
| B-HNI | 3,855 | 883 | 0.23x |
| S-HNI | 1,927 | 2,060 | 1.07x |
| Retail | 53,969 | 96,462 | 1.79x |
Allotment chance per application is roughly 1 ÷ times for the category (lottery for retail and S-HNI).
Financials
(₹ in crores)
Key performance indicators
As of 31 Mar 2026ROE
29.35%
PAT Margin
18.68%
ROCE
32.69%
EBITDA Margin
33.6%
Debt to Equity Ratio
0
Price to Book Value
6.94
RoNW
22.93%
Valuation vs listed peers
EPS Pre IPO
₹11.4
EPS Post IPO
₹10.93
P/E Pre IPO
29.74
P/E Post IPO
31.02
Price-to-earnings
| Company | P/E | P/B | RoNW | Face value |
|---|---|---|---|---|
| Seshaasai Technologies Limited | 24.97 | — | — | — |
Peer median P/E 25.0× · Ratios as disclosed in the offer document.
Buzz AI analysis
From this IPO's filings and market data · educational, not investment advice
Revenue growth FY24 → FY26
+7.0%
Profit growth FY24 → FY26
+1.7%
P/E vs peer median
31.0× vs 25.0×
- PAT margin 18.7% and ROCE 32.7%.
- Priced above its listed-peer median P/E.
Strengths & risks
- Strong Market Position as a leading payment-card manufacturer.
- Long-Standing Customers with 211+ customers for over five years.
- Diversified Portfolio across payments, identification, secure printing and IoT.
- Strong Production Capacity of 118.97 million cards in FY2026.
- Global Presence with exports to multiple international markets.
Buzz score · Neutral
From GMP, subscription and issue size
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Capital Expenditure on Equipment. | 238.43 |
| General Corporate Purposes. | - |
Company & documents
anipal Payment and Identity Solutions Limited is a technology-driven provider of payment, identification, secure printing, and smart tagging & IoT solutions serving banks, fintechs, NBFCs, governments, and other customers across India and global markets. The company is part of the Manipal Group, which has a long operating history in secure printing and related solutions.
Business Segments:
- Payment Solutions: Payment cards, cheque solutions, NFC/QR products, smart wearables, and digital automation, including PVC, rPVC, metal, prepaid, gift and meal cards.
- Identification Solutions: Driving licences, vehicle registration certificates, national identity cards, and transit solutions, including over 1 billion paper-based and 12 million+ PVC-based national identity cards billed as of March 31, 2026.
- Secure Solutions: Secure logistics, insurance document personalization, tamper-evident packaging, holograms, and coated products.
- Smart Tagging & IoT Solutions: Excise labels, RFID-based tracking, and anti-counterfeiting solutions.
The company had 344 customers as of March 31, 2026, including private and PSU banks, co-operative banks, small finance banks, fintech companies, and government departments. More than 211 customers had been associated with the company for over five years, highlighting its long-standing customer relationships. For its payment-card business, the company served over 105 customers in Fiscal 2026 and had relationships with 60 fintech companies.
In Fiscal 2026, the company had 118.97 million cards of production capacity and produced 13.54 million credit cards and 72.66 million debit cards, exporting to markets including the UK, Singapore, UAE, South Africa, Bangladesh, Brazil, Nepal and Sri Lanka.
The company operates through 10 facilities across India, covering card manufacturing, personalization, cheque printing, and smart tagging & IoT activities. As of March 31, 2026, it had 1,816 employees, including a 116-member sales and marketing team.
Registrar
MUFG Intime India Pvt. Ltd.
Phone: 022-49186000
Email: manipalpayment.ipo@in.mpms.mufg.com
Web: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Company contact
Manipal Payment & Identity Solutions Ltd.
Udayavani Building, Press Corner Manipal, Karnataka, 576104
Phone: 0820 220 5480
Email: info@mpimanipal.com
Book running lead managers
- Axis Capital Ltd.
- ICICI Securities Ltd.
- IIFL Capital Services Ltd.
- Nuvama Wealth Management Ltd.
- Motilal Oswal Investment Advisors Ltd.
Promoters
- Tonse Gautham Pai
- T.Satish U.Pai, Sandhya S.Pai
- Manipal Technologies Ltd.
- Manipal Media Network Ltd.
- Tridevitha Consultancy Services Pvt. Ltd.
- Tridevita Family Trust 2017
