Manipal Payment & Identity Solutions IPO
Manipal Payment & Identity Solutions Limited is coming up with a mainboard book-building IPO of approximately ₹805 crore.
The issue includes a fresh issue of 94,39,528 equity shares aggregating up to ₹320 crore and an Offer for Sale of 1,43,06,785 shares aggregating up to ₹485 crore.
The Manipal Payment & Identity Solutions IPO will open for subscription on 9 September 2026 and close on 11 September 2026. The shares are proposed to be listed on both NSE and BSE.
Manipal Payment & Identity Solutions IPO Details
Manipal Payment & Identity Solutions Limited is launching a ₹805 crore mainboard IPO through the book-building route. The issue combines a fresh issue with an offer for sale by an existing shareholder.
The fresh issue consists of 94,39,528 shares and is expected to raise up to ₹320 crore. The Offer for Sale comprises 1,43,06,785 shares worth up to ₹485 crore.
The IPO price band has been fixed at ₹322 to ₹339 per share. Investors can apply for a minimum of 44 shares and thereafter in multiples of 44 shares.
At the upper price band of ₹339, the minimum retail application requires an investment of ₹14,916.
The IPO is scheduled from 9 September 2026 to 11 September 2026. The tentative allotment date is 15 September 2026, while the proposed listing date is 17 September 2026 on NSE and BSE.
Manipal Payment & Identity Solutions IPO Key Details
| Particulars | Details |
|---|---|
| IPO Open Date | 9 September 2026 |
| IPO Close Date | 11 September 2026 |
| IPO Size | ₹805 Crore |
| Fresh Issue | ₹320 Crore |
| Offer for Sale | ₹485 Crore |
| Price Band | ₹322 to ₹339 per share |
| Face Value | ₹2 per share |
| Lot Size | 44 Shares |
| Issue Type | Book Building |
| Issue Structure | Fresh Issue + Offer for Sale |
| Listing Exchange | NSE and BSE |
| Market Cap at Upper Band | ₹7,858.17 Crore |
| Expected Allotment | 15 September 2026 |
| Refund / Unblocking | 16 September 2026 |
| Demat Credit | 16 September 2026 |
| Tentative Listing Date | 17 September 2026 |
| IPO Registrar | MUFG Intime India Pvt. Ltd. |
Manipal Payment & Identity Solutions IPO Issue Size
| Issue Component | Shares | Approx. Amount |
|---|---|---|
| Total Issue | 2,37,46,313 | Up to ₹805 Cr |
| Fresh Issue | 94,39,528 | Up to ₹320 Cr |
| Offer for Sale | 1,43,06,785 | Up to ₹485 Cr |
The IPO consists of both a fresh issue and an Offer for Sale. The fresh issue proceeds will be available to the company for the stated objects of the issue, while proceeds from the OFS will go to the selling shareholder.
Manipal Payment & Identity Solutions IPO Timeline
| Event | Date |
|---|---|
| IPO Opens | Wednesday, 9 September 2026 |
| IPO Closes | Friday, 11 September 2026 |
| Allotment | Tuesday, 15 September 2026 |
| Refund / Unblocking | Wednesday, 16 September 2026 |
| Shares Credited to Demat | Wednesday, 16 September 2026 |
| Listing | Thursday, 17 September 2026 |
Manipal Payment & Identity Solutions IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not less than 75% of the Offer |
| Retail Investors | Not more than 10% of the Offer |
| Non-Institutional Investors (NII) | Not more than 15% of the Offer |
Manipal Payment & Identity Solutions IPO Lot Size
The minimum application size is 44 shares. Investors can bid for additional lots in multiples of 44 shares.
| Investor Category | Lots | Shares | Investment at ₹339 |
|---|---|---|---|
| Retail Minimum | 1 | 44 | ₹14,916 |
| Retail Maximum | 13 | 572 | ₹1,93,908 |
| S-HNI Minimum | 14 | 616 | ₹2,08,824 |
| S-HNI Maximum | 67 | 2,948 | ₹9,99,372 |
| B-HNI Minimum | 68 | 2,992 | ₹10,14,288 |
About Manipal Payment & Identity Solutions Ltd.
Incorporated in 2008, Manipal Payment & Identity Solutions Limited is a part of the Manipal Group. The company provides payment, identification, security, smart tagging and Internet of Things (IoT) solutions.
Its customers include banks, fintech companies, non-banking financial companies and government organisations across India and international markets.
The company’s payment solutions include payment cards, cheque solutions, NFC and QR solutions, payment-enabled wearables and digital automation services.
Its identification solutions cover products such as driving licences, registration certificates, national identity cards and transit management solutions.
The company also provides secure logistics and personalisation services, including insurance documents, notices, marketing materials, tamper-evident envelopes, holograms and coated products.
In addition, Manipal Payment & Identity Solutions operates in smart tagging, IoT solutions and coated products.
During FY2026, the company served more than 300 customers across domestic and international markets. Its payment card business served more than 105 customers, including private banks, public sector banks, small finance banks, co-operative banks and fintech companies.
Manipal Payment & Identity Solutions Business Model
- Payment Card Solutions: The company manufactures and personalises credit cards, debit cards, prepaid cards and other payment products.
- Identification Solutions: It provides identification documents and solutions such as driving licences and registration certificates.
- Cheque Solutions: The company provides cheque printing and related processing services for financial institutions.
- Secure Solutions: Its operations include secure logistics, document personalisation, holograms, tamper-evident products and coated solutions.
- Smart Tagging and IoT: The company develops smart tagging and IoT-related products for different applications.
- International Business: The company exports cards and related products to multiple international markets.
Manipal Payment & Identity Solutions Operating Network
As of the Red Herring Prospectus, the company served customers through 10 facilities across India.
Its facilities include card manufacturing and personalisation operations in Manipal, Karnataka, along with personalisation and cheque printing facilities in Navi Mumbai, Noida and Chennai.
The company also operates a cheque printing facility in Howrah and facilities dedicated to smart tagging, IoT solutions and coated products in Manipal and Bengaluru.
Manipal Payment & Identity Solutions also operates Central Cards Processing Centres at Port Blair, Raipur, Mumbai, Nagpur and Aurangabad. These centres support biometric capture and printing of driving licences and registration certificates at respective RTO premises.
As of 31 March 2026, the company had 1,809 permanent employees and 1,509 contracted employees.
Manipal Payment & Identity Solutions Business Strengths
- Established presence in payment and identity solutions since 2008.
- Backed by the wider Manipal Group.
- Diversified product portfolio covering payments, identification, security and IoT solutions.
- Strong customer base across banks, fintech companies, NBFCs and government institutions.
- Experience in manufacturing and personalising payment cards for domestic and international customers.
- Presence across multiple facilities and processing centres in India.
- International exports to several global markets.
- Established relationships with leading private-sector, public-sector and fintech customers.
Manipal Payment & Identity Solutions Financial Performance
Manipal Payment & Identity Solutions reported total income of ₹1,356.59 crore in FY2026, compared with ₹1,277.11 crore in FY2025.
Profit after tax stood at ₹253.46 crore in FY2026, compared with ₹282.21 crore in FY2025. This indicates that while revenue increased, profit declined during the period.
EBITDA increased to ₹455.83 crore in FY2026 from ₹408.77 crore in FY2025.
| Particulars (₹ Crore) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Assets | 1,160.90 | 1,409.67 | 1,102.71 |
| Total Income | 1,356.59 | 1,277.11 | 1,267.97 |
| Profit After Tax | 253.46 | 282.21 | 249.17 |
| EBITDA | 455.83 | 408.77 | 355.57 |
| Net Worth | 1,107.34 | 619.70 | 405.05 |
| Reserves and Surplus | 747.43 | 262.89 | 48.25 |
| Total Borrowings | 0.42 | 472.87 | 449.47 |
Manipal Payment & Identity Solutions IPO Key Performance Indicators
| KPI | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|
| ROE | 29.35% | 55.08% |
| ROCE | 32.69% | 33.97% |
| Debt / Equity | 0.00 | 0.76 |
| RoNW | 22.93% | 45.54% |
| PAT Margin | 18.68% | 22.10% |
| EBITDA Margin | 33.60% | 32.01% |
| NAV | ₹48.84 | ₹29.68 |
| Price to Book Value | 6.94x | 11.42x |
Manipal Payment & Identity Solutions IPO Valuation
At the upper IPO price of ₹339 per share, the estimated post-issue market capitalisation is approximately ₹7,858.17 crore.
| Valuation Metric | Pre-IPO | Post-IPO |
|---|---|---|
| EPS | ₹11.40 | ₹10.93 |
| P/E | 29.74x | 31.02x |
| Market Capitalisation | ₹7,538 Cr | ₹7,858.17 Cr |
Based on the upper price band of ₹339 and the post-issue EPS of ₹10.93, the implied P/E multiple is approximately 31.02x.
Manipal Payment & Identity Solutions IPO Objects of the Issue
The company intends to use the net proceeds from the fresh issue for capital expenditure and general corporate purposes.
| Object of the Issue | Estimated Amount |
|---|---|
| Capital Expenditure on Equipment | ₹238.43 Crore |
| General Corporate Purposes | Balance amount |
| Total Fresh Issue Proceeds | ₹320 Crore |
The fresh issue component is intended to strengthen the company’s operating and manufacturing capabilities through planned capital expenditure on equipment, with the remaining proceeds allocated towards general corporate purposes.
Manipal Payment & Identity Solutions Shareholding Pattern
| Category | Pre-IPO | Post-IPO |
|---|---|---|
| Promoter and Promoter Group | 62.10% | 53.92% |
| Public | 37.90% | 46.08% |
| Total | 100% | 100% |
Company Promoters: Tonse Gautham Pai, T. Satish U. Pai, Sandhya S. Pai, Manipal Technologies Ltd., Manipal Media Network Ltd., Tridevitha Consultancy Services Pvt. Ltd. and Tridevita Family Trust 2017.
Manipal Payment & Identity Solutions IPO Offer for Sale
The Offer for Sale component of the IPO comprises 1,43,06,785 equity shares. The shares are being offered by the existing shareholder through the public issue.
| Selling Shareholder | Category | Shares Offered | Amount (₹ Cr) |
|---|---|---|---|
| Manipal Technologies Ltd. | Promoter | 1,43,06,785 | 485.00 |
| Total | — | 1,43,06,785 | 485.00 |
Manipal Payment & Identity Solutions IPO Share Capital
| Particulars | Shares |
|---|---|
| Shares Outstanding Before IPO | 22,23,65,000 |
| Fresh Issue Shares | 94,39,528 |
| Shares Offered Through OFS | 1,43,06,785 |
| Shares Outstanding After IPO | 23,18,04,528 |
Manipal Payment & Identity Solutions Customer Base
The company has developed relationships with a broad range of banks, fintech companies and financial institutions.
Its customers include major financial institutions such as State Bank of India, Canara Bank, Bank of India, Jammu and Kashmir Bank, Central Bank of India, Punjab and Sind Bank, Indian Bank, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank and City Union Bank.
As of 31 March 2026, the company had relationships with 60 fintech companies. These included Airtel Payments Bank Limited and Scapia for services involving co-branded credit cards, debit cards and prepaid cards.
The company has also entered into arrangements for manufacturing and personalising cards for Revolut, a global fintech and neo-bank operating in India.
Manipal Payment & Identity Solutions International Business
Manipal Payment & Identity Solutions exports payment products such as credit cards, debit cards and metal cards to a number of international markets.
Its international markets include the UK, Singapore, Bahrain, Hong Kong, Oman, Maldives, Mauritius, South Africa, Bangladesh, Brazil, Nigeria, Nepal, Sri Lanka, Bolivia, the UAE and certain European countries.
The international customer base provides the company with exposure beyond the Indian banking and fintech market.
Manipal Payment & Identity Solutions IPO Pros and Considerations
Potential Positives
- Established business with operations dating back to 2008.
- Part of the Manipal Group.
- Diversified presence across payment, identity, security and IoT solutions.
- Strong customer relationships with banks and fintech companies.
- International presence and exports across multiple markets.
- EBITDA increased during FY2026.
- Debt-to-equity ratio declined sharply compared with FY2025.
- Fresh IPO proceeds are planned partly for capital expenditure.
Key Considerations
- Profit after tax declined in FY2026 despite revenue growth.
- ROE and RoNW declined compared with the previous financial year.
- The IPO valuation needs to be assessed against earnings and industry peers.
- The business depends significantly on banking, fintech and financial-sector customers.
- Changes in payment technology, regulations and customer requirements could affect future operations.
- Investors should consider execution risks associated with planned capital expenditure.
Manipal Payment & Identity Solutions IPO Registrar & Lead Managers
IPO Registrar: MUFG Intime India Pvt. Ltd.
Book Running Lead Managers: Motilal Oswal Investment Advisors Ltd., Axis Capital Ltd., ICICI Securities Ltd., IIFL Capital Services Ltd. and Nuvama Wealth Management Ltd.
Manipal Payment & Identity Solutions IPO Quick Summary
Manipal Payment & Identity Solutions IPO is a mainboard public issue of approximately ₹805 crore. The IPO opens on 9 September 2026 and closes on 11 September 2026.
The price band is fixed at ₹322 to ₹339 per share and the minimum lot size is 44 shares. At the upper price band, one retail lot requires ₹14,916.
The issue comprises a fresh issue of 94,39,528 shares worth up to ₹320 crore and an Offer for Sale of 1,43,06,785 shares worth up to ₹485 crore.
Manipal Payment & Identity Solutions Limited provides payment, identification, security, smart tagging and IoT solutions to banks, fintech companies, NBFCs and government customers.
The company reported total income of ₹1,356.59 crore and profit after tax of ₹253.46 crore in FY2026.
At the upper IPO price of ₹339, the estimated market capitalisation is approximately ₹7,858.17 crore.
The proposed listing is on NSE and BSE, with a tentative listing date of 17 September 2026.
Manipal Payment & Identity Solutions IPO FAQs
Disclaimer
This article is intended only for educational and informational purposes and should not be treated as investment advice. IPO investments are subject to market risks. Investors should independently review the company’s RHP, prospectus, financial statements and other official documents before making an investment decision.
IPO dates, price bands, allotment schedules, subscription data, valuation figures and listing dates can change following official announcements. Investors should verify the latest information before applying for the IPO.
