GMP IPO Watch
Manipal Payment and Identity Solutions IPO
Manipal Payment and Identity Solutions IPO details, live grey market premium (GMP), dates, price band, lot size, subscription & review.
Manipal Payment and Identity Solutions IPO Details
Key facts at a glance| IPO Open Date | 8 September 2026 | IPO Close Date | 10 September 2026 |
|---|---|---|---|
| Basis of Allotment | 14 September 2026 | Listing Date | 16 September 2026 |
| Price Band | ₹322 - ₹339 per share | Face Value | ₹10 per share |
| Market Lot Size | 44 Shares | Min Investment (Retail) | ₹14,916 |
| Total Issue Size | ₹805 Cr | Issue Type | Book Built Issue IPO |
| Fresh Issue | ₹320 Cr | Offer for Sale (OFS) | ₹485 Cr |
| Listing At | BSE, NSE | Issue Category | Mainboard Issue |
| Registrar | TBA | ||
Manipal Payment and Identity Solutions IPO Timetable (Tentative Dates)
| Event | Tentative Date | Status |
|---|---|---|
| IPO Open Date | 8 September 2026 | Confirmed |
| IPO Close Date | 10 September 2026 | Confirmed |
| Basis of Allotment | 14 September 2026 | Tentative |
| Initiation of Refunds | 16 September 2026 | Tentative |
| Credit of Shares to Demat | 16 September 2026 | Tentative |
| IPO Listing Date | 16 September 2026 | Tentative |
| Cut-off time for UPI Mandate Confirmation | 11 September 2026 (5:00 PM) | Deadline |
* Note: Timelines are tentative and subject to regulatory confirmation. UPI mandate approvals must be completed by 5:00 PM on the IPO closing day.
Manipal Payment and Identity Solutions IPO Lot Size & Investment Details
Application limits for Retail and HNI investors| Application Category | Lots | Shares | Amount (at Cut-off) |
|---|---|---|---|
| Retail (Min) | 1 Lot | 44 Shares | ₹14,916 |
| Retail (Max) | 13 Lots | 572 Shares | ₹1,93,908 |
| S-HNI (Min) | 14 Lots | 616 Shares | ₹2,08,824 |
| S-HNI (Max) | 67 Lots | 2,948 Shares | ₹9,99,372 |
| B-HNI (Min) | 68 Lots | 2,992 Shares | ₹10,14,288 |
Manipal Payment and Identity Solutions IPO Live GMP & Movement History
Daily unofficial grey market trends₹1 +0.3%
| Date | IPO GMP (₹) | Estimated Listing Price | Estimated Listing Gain (%) |
|---|---|---|---|
| 11 Sept 2026 | ₹4 | ₹343.00 | +1.18% |
| 10 Sept 2026 | ₹8 | ₹347.00 | +2.36% |
| 9 Sept 2026 | ₹38 | ₹377.00 | +11.21% |
| 8 Sept 2026 | ₹38 | ₹377.00 | +11.21% |
| 7 Sept 2026 | ₹30 | ₹369.00 | +8.85% |
| 6 Sept 2026 | ₹30 | ₹369.00 | +8.85% |
Manipal Payment and Identity Solutions IPO Subscription Status
Demand breakdown by investor categoryManipal Payment and Identity Solutions Company Financials
Restated figures (₹ in Crores)| Period | Total Assets | Total Revenue | Total Expenses | Profit After Tax (PAT) |
|---|---|---|---|---|
| 2024 | 1,102.71 Cr. | 1267.97 Cr. | 967.63 Cr. | 249.17 Cr. |
| 2025 | 1,409.67 Cr. | 1277.11 Cr. | 1032.65 Cr. | 282.21 Cr. |
| 2026 | 1160.90 Cr. | 1356.59 Cr. | 1004.93 Cr. | 253.46 Cr. |
* Amounts reported in ₹ Crores as sourced from company regulatory filings (RHP/DRHP).
Manipal Payment and Identity Solutions IPO Valuation & KPIs
Key metrics pre-issueManipal Payment and Identity Solutions Peer Group Comparison
Listed industry peers| Company Name | P/E | EPS (₹) | RoNW (%) | NAV (₹) | Total Income |
|---|---|---|---|---|---|
| Seshaasai Technologies Limited | 24.97 | 15.45 | 16.81% | 88.15 | 1,441.14 Cr. |
About Manipal Payment and Identity Solutions
Manipal Payment and Identity Solutions manufactures and personalizes plastic and metal banking, smart, and ID cards, offering services like embossing, encoding, and chip embedding. Through acquisitions, it expanded into secure logistics, revenue assurance, and variable data/security printing—including cheques, policy booklets, tax stamps, and IoT smart tagging. Operating 10 facilities across India (manufacturing plants, personalization bureaus, and cheque centers), the company primarily generates revenue from card sales and personalization, complemented by institutional security printing solutions.
Key Strengths
- Manipal Payment and Identity Solutions serves banks, fintechs, NBFCs and government clients in India and overseas.
- The company offers a wide range of payment, identity, secure printing and smart tagging solutions.
- It generates revenue from both product sales and related personalisation and printing services.
- The company provides RFID, QR code and IoT-based tracking and anti-counterfeiting solutions.
- Its business includes high-security products such as payment cards, identity cards and secure packaging solutions.
Key Risks
- A large share of the company’s revenue comes from its top 10 customers.
- The business depends heavily on a limited number of suppliers for raw materials.
- A significant portion of revenue is generated from card manufacturing and related products.
- Failure to meet payment network security standards could impact its operations.
- The company has reported past regulatory non-compliance related to RBI reporting requirements.
Manipal Payment and Identity Solutions IPO Reservation & Share Quotas
The Manipal Payment IPO reservation is structured across qualified institutional buyers, non-institutional investors and retail investors. QIB investors have the largest reserved portion at 75%, while NII investors are allocated 15% and retail investors 10% of the shares offered. The anchor investor allocation is currently shown as not specified in the provided details.
| Investor Category | Share Offered | -% Shares |
|---|---|---|
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 75% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 10% |
Note: Share counts are shown as provided, while the category-wise reservation percentages reflect the Manipal Payment IPO allocation structure.
Manipal Payment and Identity Solutions IPO Anchor Investors
The Manipal Payment & Identity Solutions IPO anchor bidding is scheduled for September 8, 2026, one day before the public issue opens. Anchor investors participate before the main IPO subscription period, with the applicable allocation and lock-in details forming part of the issue process. The anchor share count and issue size are currently shown as not specified in the provided data.
| Particular | Details |
|---|---|
| Anchor Bidding Date | September 8, 2026 |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| Lock-in Period End Date 50% Shares (30 Days) | 2026 |
| Lock-in Period End Date 50% Shares (90 Days) | 2026 |
Note: Anchor allocation figures and lock-in dates are based on the information provided for the Manipal Payment & Identity Solutions IPO and may be updated after the final anchor allocation announcement.
Manipal Payment and Identity Solutions IPO Important Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 09 Sept 2026 |
| IPO Close Date | 11 Sept 2026 |
| Basis of Allotment | 15 Sept 2026 |
| Refunds | 16 Sept 2026 |
| Credit to Demat Account | 16 Sept 2026 |
| IPO Listing Date | 17 Sept 2026 |
Note: The timeline for మణిపాల్ పేమెంట్ మరియు గుర్తింపు పరిష్కారాలు IPO is tentative and subject to change.
Manipal Payment and Identity Solutions Promoters and Shareholding Pattern
The promoters of Manipal Payment & Identity Solutions include Tonse Gautham Pai, T. Satish U. Pai, Sandhya S. Pai, Manipal Technologies Limited, Manipal Media Network Limited, Tridevitha Consultancy Services Private Limited and Tridevita Family Trust 2017. The promoter and promoter group holding is expected to reduce after the IPO as the share base increases and shares are offered to public investors.
| Particular | Pre IPO Shares | Pre IPO % Shares | Post IPO Shares | Post IPO % Shares |
|---|---|---|---|---|
| Promoter and Promoter Group | 139,302,995 | 62.65% | 124,996,210 | 53.92% |
| Others* | 83,062,005 | 37.35% | 106,808,318 | 46.08% |
| Total | 222,365,000 | 100% | 231,804,528 | 100% |
Note: The holding pattern shows the ownership structure before and after the IPO based on the provided shareholding figures. “Others*” represents shareholders outside the promoter and promoter group category.
Manipal Payment and Identity Solutions Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
|---|---|
| Purpose | INR crores (%) |
| Purchase and setup of new and used equipment | 238.43 (74.51%) |
| General corporate purposes | 81.57 (25.49%) |
Note: Objectives are as specified in the DRHP/RHP documents of మణిపాల్ పేమెంట్ మరియు గుర్తింపు పరిష్కారాలు.
Manipal Payment and Identity Solutions About the IPO
Incorporated on February 19, 2008, Manipal Payment and Identity Solutions Ltd (MPISL) is one of the leading banking and smart card manufacturers in India. The company engaged in offering payment solutions, identification solutions, secure solutions, and smart tagging and Internet of Things (IoT) solutions to banks, fintech companies, non-banking finance companies, and government organizations in India and international markets.
Its payment solutions consist of payment cards, cheque services, NFC and QR code-based payments, payment-enabled wearables, and digital automation solutions. In terms of the shipment and magstripe payment cards, the Manipal payment is the highest-ranked company in India and the 14th-ranked company globally. Along with India, the company has expanded its operations to the United Kingdom, Europe, Asia-Pacific, and the MEA regions. Moreover, the company consists of 10 facilities, 19 production units across 11 cities.
Manipal Payment and Identity Solutions Company Financial Report
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 1267.97 Cr. | 967.63 Cr. | 249.17 Cr. | 1,102.71 Cr. |
| 2025 | 1277.11 Cr. | 1032.65 Cr. | 282.21 Cr. | 1,409.67 Cr. |
| 2026 | 1356.59 Cr. | 1004.93 Cr. | 253.46 Cr. | 1160.90 Cr. |
Note: Financial numbers for మణిపాల్ పేమెంట్ మరియు గుర్తింపు పరిష్కారాలు are in ₹ Crores unless stated otherwise.
Manipal Payment and Identity Solutions Company Valuation & Key Performance Indicators
| KPI | Values |
|---|---|
| ROE | 29.35% |
| ROCE | 32.69% |
| EBITDA Margin | 33.60% |
| PAT Margin | 18.68% |
| Debt to Equity Ratio | – |
| Earning Per Share (EPS) | 11.53 (Basic) |
| Price/Earning P/E Ratio | - |
| Return on Net Worth (RoNW) | 22.93% |
| Net Asset Value (NAV) | 48.84 |
Note: Valuation KPIs for మణిపాల్ పేమెంట్ మరియు గుర్తింపు పరిష్కారాలు are computed for FY2026.
Manipal Payment and Identity Solutions Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Seshaasai Technologies Limited | 15.45 | 24.97 | 16.81% | 88.15 | 1,441.14 Cr. |
Note: Peer group comparisons for మణిపాల్ పేమెంట్ మరియు గుర్తింపు పరిష్కారాలు are sourced from DRHP filings.
Manipal Payment and Identity Solutions Lead Managers & Merchant Bankers
- Motilal Oswal Investment Advisors Limited
- Axis Capital Limited
- ICICI Securities Limited
- IIFL Capital Services Limited
- Nuvama Wealth Management Limited
Manipal Payment and Identity Solutions IPO FAQs
Manipal Payment and Identity Solutions IPO opens for subscription on 8 September 2026 and closes on 10 September 2026.
The price band for Manipal Payment and Identity Solutions IPO is set at ₹322.00 to ₹339.00 per share.
The minimum market lot size is 44 shares. A retail investor can apply for a minimum of 1 lot requiring an investment of 44 Shares (₹14,916).
The latest Grey Market Premium (GMP) for Manipal Payment and Identity Solutions IPO is ₹1. GMP represents the unofficial premium at which shares trade prior to listing.
The basis of allotment for Manipal Payment and Identity Solutions IPO is tentatively scheduled for 14 September 2026, and shares are expected to list on the stock exchanges on 16 September 2026.
The registrar details will be confirmed in the official prospectus.