Manipal Payment & Identity Solutions
- Issue price
- ₹ 339
- Issue size
- ₹ 805 Cr.
- Min. investment
- ₹ 14,916
- Listing price
- ₹ 330
- Subscribed
- 1.42x
- Lot size
- 44 shares
- P/E
- 31.02
- RoNW
- 22.93%
- RoCE
- 32.69%
- Debt / Equity
- 0.00
- PAT margin
- 18.68%
- EBITDA margin
- 33.60%
- RoE
- 29.35%
- EPS
- ₹ 10.93
- NAV
- ₹ 48.84
- Promoter stake
- 53.92%
About
Manipal Payment & Identity Solutions Limited was started in 2008 and is part of The Manipal Group. It supplies payment products, identity documents, secure printed material and smart tagging solutions to banks, fintech companies, non-banking finance companies and governments, in India and abroad. Its payment solutions include payment cards, cheque solutions, NFC and QR code products, payment enabled wearables and digital automation. Its identification solutions include driving licences, registration certificates, national identity cards and transit management systems. Its secure solutions cover secure logistics, personalised insurance policies, premium notices, renewal letters and marketing material, along with tamper evident envelopes, holograms and coated products. It also does smart tagging and Internet of Things work and runs a coated products business. In FY2026 the company served more than 300 customers. Its payment card business alone served over 105 customers, including 18 private banks, 9 public sector banks, 10 small finance banks, 13 co-operative banks and 34 fintech companies. Its customers include State Bank of India, Canara Bank, Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank and City Union Bank. As on 31 March 2026 it had relationships with 60 fintech companies including Airtel Payments Bank and Scapia for making co-branded credit, debit and prepaid cards.
Timeline
- doneOpens9 Sep
- doneCloses11 Sep
- doneAllotment15 Sep
- doneRefunds16 Sep
- doneDemat credit16 Sep
- doneListing17 Sep
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 38 on 7 Sep 2026
- Lowest
- ₹ −10 on 15 Sep 2026
- First quoted
- ₹ 29 on 4 Sep 2026
Subscription
How many times each investor group bid for its share, as of 17 Sep 2026, 06:31 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 44 | ₹ 14,916 |
| Retail (Max) | 13 | 572 | ₹ 1,93,908 |
| S-HNI (Min) | 14 | 616 | ₹ 2,08,824 |
| B-HNI (Min) | 68 | 2,992 | ₹ 10,14,288 |
Company overview
Financials
| Assets | 1,160.9 | 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 | 619.7 | 405.05 |
| Reserves and Surplus | 747.43 | 262.89 | 48.25 |
| Total Borrowing | 0.42 | 472.87 | 449.47 |
Strengths
- The margin is strong for a manufacturing business, with a PAT margin of 22.10%, RoNW of 45.54% and RoCE of 33.97%.
- The company has cleared almost all its debt. Borrowing came down from Rs 472.87 crore in FY2025 to just Rs 0.42 crore in FY2026.
- Net worth has grown sharply, from Rs 405.05 crore in FY2024 to Rs 619.70 crore in FY2025 and Rs 1,107.34 crore in FY2026.
- EBITDA has improved every year, from Rs 355.57 crore in FY2024 to Rs 408.77 crore in FY2025 and Rs 455.83 crore in FY2026.
- The customer list is deep and reputed, covering State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and many more, with over 300 customers in FY2026.
- The card business reaches every kind of issuer, with 18 private banks, 9 public sector banks, 10 small finance banks, 13 co-operative banks and 34 fintech companies.
- The business is spread across payments, identity documents, secure printing and IoT tagging rather than one product line.
- Being part of The Manipal Group gives it standing with banks and government buyers, and Rs 238.43 crore of the issue goes into new equipment.
Risks
- Profit actually fell in the latest year. Profit after tax came down 10% from Rs 282.21 crore in FY2025 to Rs 253.46 crore in FY2026, while income rose only 6%.
- The issue is priced at about 31.02 times earnings on an EPS of Rs 10.93, which is a high multiple for a business whose profit is going down rather than up.
- Total assets shrank from Rs 1,409.67 crore in FY2025 to Rs 1,160.90 crore in FY2026.
- The core payment card business depends on banks continuing to issue physical cards. The growth of UPI and digital payments works against physical card volumes over time.
- The identity solutions business depends on government contracts, which come through tenders and can be delayed or cancelled with budget cycles.
- A large part of the revenue comes from a small number of big banks, so losing one issuer relationship would be felt quickly.
- This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
- Promoter holding falls from 62.1% to 53.92% after the issue.
What the money is for
| Capital Expenditure on Equipment | 238.43 |
| General Corporate Purposes | — |
Promoters
- 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
Anchor investors
36 anchors put in ₹ 362.25 Cr., including 16 mutual funds.
| MOTILAL OSWAL SMALL CAP FUND | 11,79,904 | 40 | 11.04% |
| BARODA BNP PARIBAS BANKING & FINANCIAL SERVICES FUND | 2,03,412 | 6.9 | 1.9% |
| BARODA BNP PARIBAS MULTI CAP FUND | 2,24,444 | 7.61 | 2.1% |
| BARODA BNP PARIBAS SMALL CAP FUND | 2,24,444 | 7.61 | 2.1% |
| BARODA BNP PARIBAS INNOVATION FUND | 1,77,188 | 6.01 | 1.66% |
| BARODA BNP PARIBAS VALUE FUND | 1,73,228 | 5.87 | 1.62% |
| BARODA BNP PARIBAS FLEXI CAP FUND | 1,77,188 | 6.01 | 1.66% |
| ABAKKUS EMERGING OPPORTUNITIES FUND I | 8,84,884 | 30 | 8.28% |
| ABAKKUS FLEXI EDGE FUND 1 | 2,95,020 | 10 | 2.76% |
| ITI ELSS TAX SAVER FUND | 1,43,792 | 4.87 | 1.35% |
| ITI MID CAP FUND | 1,43,792 | 4.87 | 1.35% |
| ITI BANKING & FINANCIAL SERVICES FUND | 1,15,060 | 3.9 | 1.08% |
| ITI BALANCED ADVANTAGE FUND | 1,15,060 | 3.9 | 1.08% |
| ITI BUSINESS CYCLE FUND | 57,508 | 1.95 | 0.54% |
| GROWW MULTICAP FUND | 2,36,060 | 8 | 2.21% |
| GROWW SMALL CAP FUND | 2,35,972 | 8 | 2.21% |
| GROWW BANKING & FINANCIAL SERVICES FUND | 58,960 | 2 | 0.55% |
| GROWW MUTUAL FUND - VALUE FUND | 44,220 | 1.5 | 0.41% |
| NEW MARK CAPITAL AIF LLP | 5,75,212 | 19.5 | 5.38% |
| SAGEONE-FLAGSHIP GROWTH OE FUND | 5,75,212 | 19.5 | 5.38% |
| SANSHI FUND-I | 5,75,212 | 19.5 | 5.38% |
| ALCHEMY EMERGING LEADERS OF TOMORROW | 5,75,212 | 19.5 | 5.38% |
| CSIM INDIA OPPORTUNITIES FUND I | 5,91,096 | 20.04 | 5.53% |
| GIRIK MULTICAP GROWTH EQUITY FUND-III | 5,75,212 | 19.5 | 5.38% |
| NEO PRIME FUND | 2,95,548 | 10.02 | 2.77% |
| EDELWEISS LIFE INSURANCE CO.LTD. | 2,95,548 | 10.02 | 2.77% |
| ECL FINANCE LTD. | 1,47,671 | 5.01 | 1.38% |
| ALPHA ALTERNATIVES FINANCIAL SERVICES PVT.LTD. | 2,13,421 | 7.23 | 2% |
| PRANITYA INDIA OPPORTUNITIES FUND | 1,47,671 | 5.01 | 1.38% |
| SVAN VELOCITY FUND | 1,47,671 | 5.01 | 1.38% |
| ABUNDANTIA CAPITAL VCC-ABUNDANTIA CAPITAL III | 2,79,664 | 9.48 | 2.62% |
| EMERGE CAPITAL OPPORTUNITIES SCHEME | 1,47,671 | 5.01 | 1.38% |
| MINT FOCUSED GROWTH FUND PCC-CELL 1 | 2,13,421 | 7.23 | 2% |
| NOMURA SINGAPORE LTD. | 2,13,421 | 7.23 | 2% |
| MORGAN STANLEY ASIA (SINGAPORE) PTE. | 2,13,421 | 7.23 | 2% |
| CITIGROUP GLOBAL MARKETS MAURITIUS PVT.LTD. | 2,13,421 | 7.23 | 2% |
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 2 a share
- Registrar
- MUFG Intime India Private Limited
- Lead managers
- Nuvama Wealth Management Ltd., Axis Capital, ICICI Securities, Motilal Oswal Investment Advisors, IIFL Capital Services Limited
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.