- Q1. What is the business of Manipal Payment and Identity Solutions Limited?Manipal Payment provides payment-solutions like cards, NFC/QR, cheque, identification-solutions (e.g., driver’s licenses, national IDs), secure-printing & logistics, and IoT / smart-tagging services for banks, fintechs, governments, and NBFCs.
- Q2. Why is the company raising funds via IPO?The company has filed to raise ₹400 crore as fresh issue to fund capital expenditures — buying and setting up new/used machinery for it’s manufacturing and personalization facilities, and to support general corporate purposes.
- Q3. What is the size of the issue and where will it list?The IPO size if for ₹400 crore as fresh issue, plus an offer-for-sale (OFS) of up to 1.75 crore equity shares by promoter Manipal Technologies. And it will be listed on the BSE and NSE platform.
- Q4. What are the risks to an investor?Key risks include operational challenges like completing capex, foreign-exchange exposure, cost competitiveness and regulatory risks associated with high-security printing.
- Q5. What are the potential upsides?Manipal Payments has a strong market share in card manufacturing (~36% in credit cards, ~31% in debit cards in FY 2025), scalable growth opportunity with increased capacity, and strategic role in government identity/card issuance and IoT tagging.
- Q6. How to apply for the IPO?Via your brokerage/demat account when the IPO opens.
Closed
Manipal Payment and Identity Solutions
0
IPO Score
0
*Score varies on actual price
Manipal Payment and Identity Solutions Limited is a leading provider of secure payment and identity solutions, specializing in the manufacturing, personalization, and logistics of payment cards and identity credentials.It offers end-to-end services to banks, fintechs, and governments — including card design, production, instant-issuance systems, and smart identity cards.
The company was incorporated on 19 February 2008.Tonse Gautham Pai, T. Satish U. Pai, Sandhya S. Pai, Manipal Technologies Limited, Manipal Media Network Limited, Tridevitha Consultancy Services Private Limited
Manipal Payments has filed for an IPO with issue size of ₹ 805 Crore which includes a Fresh issue of ₹ 320 Crore & an Offer for Sale of ₹ 485 Crore
Manipal Payment and Identity Solutions Limited offers payment-solutions (cards, wearables, NFC/QR, cheque), identity-solutions (driving licences, national IDs, transit cards), secure-printing & logistics (personalisation, holograms, secure packaging), and IoT/smart-tagging (RFID, anti-counterfeit).
It has a ~36.02% share in credit-card issuance and ~31.02% in debit-card issuance in India (FY 2025).They have deployed 500+ instant-issuance kiosks, notably for State Bank of India.Their logistics network covers 19,300+ PIN codes across India.
Subscription date to apply for Manipal Payment and Identity Solutions Limited starts on 9th Sep’26 & ends on 11th Sep’26. Price band for the IPO is ₹322 to ₹339 with a lot size of 44 Shares.
Revenue, PAT, EBITDA
Year |
2025 |
|---|---|
Networth
|
~ ₹ 619.69 Cr
|
Revenue
|
~ ₹ 1256.07 Cr
|
EBITDA
|
~ ₹ 408.76 Cr
|
PAT
|
~ ₹ 282.21 Cr
|
EBITDA Margin
|
~32.01%
|
PAT Margin
|
~22.10%
|
Face Value
|
Rs.02 per Equity Share
|
IPO Important Dates
# |
Date |
|---|---|
Open Date
|
Wed, Sep 9, 2026
|
Close Date
|
Fri, Sep 11, 2026
|
Anchor Investor Bidding
|
Tue, Sep 8, 2026
|
Allotment Date
|
Tue, Sep 15, 2026
|
Refunds& Demat Credit
|
Wed, Sep 16, 2026
|
Tentative Listing Date
|
Thu, Sep 17, 2026
|
Use Of Proceeds
Purpose |
Amount |
|---|---|
Capital Expenditure on Equipment
|
~ ₹ 287.14 Cr
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
General Corporate Purpose
|
Balance
|
Financial Data
# |
2023 |
2024 |
2025 |
|---|---|---|---|
Revenue (₹ Cr)
|
₹ 902.2
|
₹ 1,247.5
|
₹ 1,256.1
|
PAT (₹ Cr)
|
₹ 117.7
|
₹ 249.2
|
₹ 282.2
|
Asset (₹ Cr)
|
₹ 613.5
|
₹ 1,102.7
|
₹ 1,409.7
|
Net Worth (₹ Cr)
|
₹ 222.4
|
₹ 405.1
|
₹ 619.7
|
IPO Grey Market Premium
Date |
IPO Price |
IPO GMP |
Profit Per Lot |
|---|---|---|---|
11- Sep
|
₹ 322 - 339
|
₹ 4
|
₹ 176
|
10- Sep
|
₹ 322 - 339
|
₹ 8
|
₹ 352
|
09- Sep
|
₹ 322 - 339
|
₹ 37
|
₹ 1,628
|
08- Sep
|
₹ 322 - 339
|
₹ 38
|
₹ 1,672
|
07- Sep
|
₹ 322 - 339
|
₹ 30
|
₹ 1,320
|
Promoters – Pre offer equity (Approx)
Promoters |
% Shares |
|---|---|
Manipal Technologies Ltd
|
62.1%
|
Manipal Media Network Ltd
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Lot Size details
Application Type |
Lot Size |
No. of Lot |
No. of Shares |
Investment Amount |
|---|---|---|---|---|
Retail (Min)
|
44
|
1
|
44
|
₹ 5,720
|
Retail (Max)
|
44
|
13
|
572
|
₹ 74,360
|
HNI (Min)
|
44
|
14
|
616
|
₹ 80,080
|
HNI (Max)
|
44
|
66
|
2,904
|
₹ 377,520
|
Big HNI (Min)
|
44
|
67
|
2,948
|
₹ 383,240
|
Key Performance Index (KPI)
ROE |
55.08% |
|---|---|
ROCE
|
33.97%
|
RoNW
|
45.54%
|
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