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IPO ·
NSE, BSE
Manipal Payment & Identity Solutions Ltd
Listed
Manipal Group company making payment cards, ID and secure documents, and smart tags for banks, fintechs and governments.
Issue details
Price band
₹322 – ₹339
Face value
₹2
Lot size
44 shares
Minimum investment
₹14,916
Issue size
₹805 Cr
Fresh issue
₹320 Cr
Offer for sale
₹485 Cr
Issue type
Book Built
Exchange
NSE, BSE
Key dates
Opens
9 Sep 2026
Closes
11 Sep 2026
UPI mandate cut-off
5:00 PM on 11 Sep 2026
Allotment
15 Sep 2026
Refunds
16 Sep 2026
Shares in demat
16 Sep 2026
Listing
17 Sep 2026
Subscription and listing
Subscription
1.26x
Listing price
₹330
Registrar
MUFG Intime India Pvt Ltd
Lead manager
Motilal Oswal Investment Advisors, Axis Capital, ICICI Securities, IIFL Capital Services, Nuvama Wealth Management
Subscription by category
Total
1.26x
Total applications
97,203
Anchor investors
Amount raised
₹362.25 Cr
Bid date
8 Sep 2026
50% lock-in ends
15 Oct 2026
Rest lock-in ends
14 Dec 2026
Listing day
Issue price
₹339
Open
₹330.00
High
₹350.50
Low
₹315.65
Day close
₹345.15
Listing gain at open
-2.65%
Issue structure
Shares reserved per category and share of the total issue
QIB
1,78,09,736
75.00%
Anchor Investor
1,06,85,841
45.00%
QIB (Ex. Anchor)
71,23,895
30.00%
NII
35,61,946
15.00%
bNII > ₹10L
23,74,631
10.00%
sNII < ₹10L
11,87,315
5.00%
Retail
23,74,631
10.00%
Total
2,37,46,313
100.00%
Finaccle’s quick read
Avoid
PAT fell 10% in FY26 on income growth of only 6%, and about 60% of the ₹805 Cr issue is OFS at a post-issue P/E of 31x, despite zero debt and ROE of 29%.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Manipal Payment & Identity Solutions, part of the Manipal Group and incorporated in 2008, makes payment cards, cheques, NFC/QR and wearable payment products, and government ID documents such as driving licences and registration certificates. It serves banks, fintechs, NBFCs and governments in India and overseas, with over 300 customers in FY26. It runs 10 facilities in India and card processing centres at five locations, with income of about ₹1,357 Cr.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
29.35%
ROCE
32.69%
Debt / equity
0.00
PAT margin
18.68%
P/E post issue
31.02
Market cap
₹7,858.17 Cr
Use of IPO money
Capital expenditure on equipment
₹238.43 Cr
General corporate purposes
₹56.90 Cr
Issue expenses
₹62.02 Cr
Strengths
✓
Backed by the established Manipal Group
✓
Practically debt-free after FY26
✓
High EBITDA margin of about 34%
✓
Diverse base of 300+ bank, fintech and government clients
Risks to watch
!
PAT fell about 10% in FY26
!
Income growth slow at about 6%
!
OFS of ₹485 Cr is about 60% of the issue
!
Post-issue P/E of 31x for low growth
!
Weak 1.26x subscription signalled limited demand
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.