Manipal Payment and Identity Solutions IPO

The Manipal Payment and Identity Solutions mainboard IPO runs from 9 Sept 2026 to 11 Sept 2026, offered at a price band of ₹322–339 per share, and is set to list on NSE and BSE. The company is looking to raise ₹805 crore through the offer. Retail investors bid in lots of 44 shares, a minimum application of ₹14,916.

Issue structure

The offer combines a fresh issue of ₹320 crore with an offer for sale (OFS) of ₹485 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward capital expenditure on equipment (₹238.43 crore), alongside issue expenses (₹62.02 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Manipal Payment and Identity Solutions reported revenue of ₹1,356.59 crore and a net profit of ₹253.46 crore. Revenue grew from ₹1,267.97 crore in FY2024 to ₹1,356.59 crore in FY2026 (+7.0%). Net worth stood at ₹1,107.34 crore at the end of FY2026. At the upper band, that puts the issue at roughly 29.7× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 31.02× post-issue earnings and 6.94× book value, against a return on net worth of 22.93% and a debt-to-equity ratio of 0. These ratios come from the offer document and are for comparison, not a recommendation.

Promoters

The promoters of the company are <p>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</p>. Promoter holding stands at 62.1% before the issue and comes down to 53.92% after listing.

Grey market premium (GMP)

In the unofficial grey market, Manipal Payment and Identity Solutions shares are quoted at a premium of ₹-6 implying an expected listing around ₹333, about -1.8% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The Manipal Payment and Identity Solutions IPO was subscribed 1.42 times overall. The strongest demand came from retail investors at 2.19 times, with qualified institutional buyers (QIB) at 1.26× and non-institutional investors (NII) at 1.22×.

Listing performance

Manipal Payment and Identity Solutions listed on 17 Sept 2026 at ₹332, a discount of -2.1% over the issue price of ₹339.

What to weigh

When evaluating the Manipal Payment and Identity Solutions IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Manipal Payment and Identity Solutions

Manipal Payment and Identity Solutions Ltd (MPISL) is the India's largest banking and smart card manufacturer. It offers comprehensive card services including creation, designing, manufacturing and delivering it to customers, including public and private sector banks, fintech companies, and government departments. The company has expanded its operations globally across the United Kingdom, Europe, Asia-Pacific, and MEA regions. The company has 10 state-of-the-art factory setups with 19 production units across 11 cities.