Manipal Payment & Identity Solutions IPO Details
Manipal Payment & Identity Solutions IPO Summary
Manipal Payment & Identity Solutions IPO opens for subscription on 09 Sep 2026 and closes on 11 Sep 2026.The IPO will be listed on NSE, BSE with the tentative listing date set for 17 Sep 2026.
Manipal Payment & Identity Solutions IPO price band has been fixed at ₹322 – ₹339 per share. The face value is ₹2 per share with a lot size of 44.
Manipal Payment & Identity Solutions IPO total issue size comprises 2,37,46,313 shares (aggregating up to ₹805.00 Cr). This includes a fresh issue of 94,39,528 shares (aggregating up to ₹320.00 Cr). Offer for Sale consists of 1,43,06,785 shares (aggregating up to ₹485.00 Cr). Pre-issue shareholding stands at 22,23,65,000, which will increase to 23,18,04,528 post-issue.
Manipal Payment & Identity Solutions IPO carries a ₹0 (0%) GMP, reflecting investor sentiment.
Manipal Payment & Identity Solutions IPO Lot Size :Retail Minimum is 1 lot (44 shares) amounting to ₹14,916. Retail Maximum is 13 lots (572 shares) amounting to ₹1,93,908. SHNI Minimum is 14 lots (616 shares) amounting to ₹2,08,824. SHNI Maximum is 67 lots (2,948 shares) amounting to ₹9,99,372. BHNI Minimum is 68 lots (2,992 shares) amounting to ₹10,14,288.
Manipal Payment & Identity Solutions IPO Details
Manipal Payment & Identity Solutions IPO Subscription
Manipal Payment & Identity Solutions IPO Application Wise Breakup (Approx)
Manipal Payment & Identity Solutions IPO Dates
- 09 Sep 2026Opening dateOpen
- 11 Sep 2026Closing dateClose
- 15 Sep 2026Allotment Date Allotment
- 16 Sep 2026Initiation of RefundsRefund
- 16 Sep 2026Credit of SharesCredit
- 17 Sep 2026Listing dateListing
Manipal Payment & Identity Solutions IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 44 | ₹14,916 |
| Retail Maximum | 13 | 572 | ₹1,93,908 |
| SHNI Minimum | 14 | 616 | ₹2,08,824 |
| SHNI Maximum | 67 | 2948 | ₹9,99,372 |
| BHNI Minimum | 68 | 2992 | ₹10,14,288 |
Manipal Payment & Identity Solutions IPO Reservation
Promoter Holding
Documents
Manipal Payment & Identity Solutions IPO Valuations
Manipal Payment & Identity Solutions Financial Information
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| 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 Borrowing | 0.42 | 472.87 | 449.47 |
| Amount in ₹ Crore | |||
About Manipal Payment & Identity Solutions IPO
Incorporated in 2008, Manipal Payment & Identity Solutions Limited is part of The Manipal Group. The Company provides payment solutions, identification solutions, secure solutions, and smart tagging and Internet of Things (IoT) solutions to banks, fintechs, non-banking finance companies and governments across domestic and international markets.
Its payment solutions include payment cards, cheque solutions, Near-Field Communication (NFC)/Quick Response (QR) codes, payment-enabled wearables and digital automation solutions.
Its identification solutions include driving licences, registration certificates, national identity cards and transit management solutions. Its secure solutions include secure logistics, personalisation of insurance policies, premium notices, renewal letters and marketing collaterals, as well as tamper-evident envelopes, holograms and coated products.
The Company also provides smart tagging and IoT solutions and operates a coated products business.
In Fiscal 2026, the Company served over 300 customers across domestic and international markets. Its payment card business 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, 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 March 31, 2026, the Company had relationships with 60 fintech companies, including Airtel Payments Bank Limited and Scapia, for services such as manufacturing co-branded credit cards, debit cards and prepaid cards. It has also entered into agreements for manufacturing and personalising cards for Revolut, a global fintech and neo-bank operating in India.
The Company exports products such as credit cards, debit cards and metal cards to several international markets, including the UK, Singapore, Bahrain, Hong Kong, Oman, Maldives, Mauritius, South Africa, Bangladesh, Brazil, Nigeria, Nepal, Sri Lanka, Bolivia, the UAE and certain countries in Europe.
As of the date of the Red Herring Prospectus, the Company served its customers through 10 facilities across India. These include card manufacturing facilities and personalisation bureaus in Manipal, Karnataka, personalisation and cheque printing facilities in Navi Mumbai, Noida and Chennai, a cheque printing facility in Howrah, and three facilities for smart tagging, IoT solutions and coated products in Manipal and Bengaluru.
The Company also operates Central Cards Processing Centres (CCPCs) at five locations: Port Blair, Raipur, Mumbai, Nagpur and Aurangabad. At these centres, the Company captures biometrics and prints driving licences and registration certificates at the respective RTO premises.
As of March 31, 2026, Manipal Payment & Identity Solutions Limited had 1,809 permanent employees and 1,509 contracted employees.
Strength Of Manipal Payment & Identity Solutions IPO
- We were among the largest manufacturers of payment cards, both globally and in India in Fiscal 2026.
- We have long-standing relationships with marquee customers.
- We have expansive product portfolio, powered by innovation, offering comprehensive solutions.
- We have technology-driven facilities and operations, with a focus on security compliance.
- We have experienced management team with committed employee base, backed by the Manipal Group.
Risk Of Manipal Payment & Identity Solutions IPO
- Our top 10 customers accounted for 58.67%, 60.98% and 62.51% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Loss of any of our key customers, or reduction in revenue earned from such key customers, may have an adverse effect on our business, financial condition and results of operations.
- Purchases from our top 10 suppliers accounted for 56.05%, 62.29% and 59.69% of our total purchases in Fiscals 2026, 2025 and 2024, respectively. We rely on the timely supply of different raw materials for manufacturing, personalizing and printing our products. Our business could be adversely affected if our suppliers fail to meet their delivery obligations or raise their prices.
- We generate a significant portion of our revenues from sale of cards manufactured by us. Any adverse developments affecting this vertical may adversely affect our business, results of operations, financial condition, and cash flows.
- Our Promoter, Tonse Gautham Pai and Primacy Industries Private Limited ("PIPL"), one of our Group Companies and an entity forming part of the members of our Promoter Group, have provided personal and corporate guarantees, respectively, in relation to financing arrangement availed by MVP Group International Inc., one of the members of our Promoter Group. The invocation of such guarantees and involvement of our Promoter and PIPL pose a material risk to our business operations, reputation and financial condition.
- Our planned acquisition of second-hand equipment as part of the Objects of the Offer carries inherent operational, efficiency and financial risks.
- In order to be registered with payment networks such as MasterCard and RuPay, we are required to comply with extensive security requirements. Failure to comply with such security requirements may lead to revocation of our registration, which may adversely affect our business, financial condition, results of operations and cash flows.
- Our Promoter, Tonse Gautham Pai, has provided guarantees in connection with our borrowings. Our business, financial condition, results of operations and prospects may be adversely affected by the revocation of all or any of the guarantees provided by our Promoter in connection with our borrowings.
- There have been instances of non-compliance with rules and regulations framed by the RBI, in relation to issuances of securities of our Company, particularly in relation to delay in reporting requirements and refund of excess share application amount. We had filed a compounding application with the RBI and have received a compounding order. We cannot assure you that any regulatory proceedings or actions will not be initiated against us in the future and we will not be subject to any penalty imposed by regulatory authorities.
- We enter into certain related party transactions in the ordinary course of our business and we cannot assure you that such transactions will not have an adverse effect on our results of operation and financial condition.
- Any slowdown, system outages, or disruption in our manufacturing operations, personalization bureaus and printing facilities could have an adverse impact on our business operations and financial performance.
Objectives Manipal Payment & Identity Solutions IPO
1. Capital Expenditure on Equipment
2. General Corporate Purposes
Company Contact Details
Manipal Payment & Identity Solutions Ltd.
Udayavani Building,
Udayavani Road,
Manipal, Karnataka, 576104
Phone: 0820 220 5480
Email: info@mpimanipal.com
Website: https://mpimanipal.com/
Registrar Contact Details
Manipal Payment & Identity Solutions FAQs
The Manipal Payment & Identity Solutions IPO is a MAINBOARD public issue comprising 23746313 equity shares with a face value of ₹2 each, aggregating to a total issue size of ₹805.00 Cr. The issue price has been fixed at ₹339 per equity share, and the minimum application size is 44 shares.
The IPO opens for subscription on 09 Sep 2026, and closes on 11 Sep 2026.
MUFG Intime India Pvt Ltd has been appointed as the registrar to the issue. The equity shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
As of now, the current GMP stands at ₹0 (0%).
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