- Issue price
- ₹339per share
- Issue size
- ₹805 Cr2,37,46,313 shares
- Face value
- ₹2per equity share
- Lot size
- 44 sharesMin. ₹14,916 at the upper price
- Anchor biddingTue, 2026
- OpensWed, 2026
- ClosesFri, 2026
- AllotmentTue, 2026
- ListingThu, 2026
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue and offer for sale
- Fresh issue
- 94,39,528 shares (₹320 Cr)
- Offer for sale
- 1,43,06,785 shares (₹485 Cr)
- Total issue
- 2,37,46,313 shares (₹805 Cr)
- Face value
- ₹2
- Listing at
- NSE, BSE
- Promoter holding
- 61.55% → 53.02%
Source: ProspectusUpdated
Reservation
Share of the total issue- Anchor45.0%
- QIB ex-anchor30.0%
- Retail10.0%
- Big NII10.0%
- Small NII5.0%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 23,74,631 | 10.00% | 10% |
| Non-institutional investors (NII) | 35,61,946 | 15.00% | 15% |
| Small NII (₹2–10 lakh) | 11,87,315 | 5.00% | — |
| Big NII (above ₹10 lakh) | 23,74,631 | 10.00% | — |
| Qualified institutional buyers (QIB) | 1,78,09,736 | 75.00% | 75% |
| QIB, excluding anchor | 71,23,895 | 30.00% | — |
| Anchor investors | 1,06,85,841 | 45.00% | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹339 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 1 | 44 | ₹14,916 |
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
Fiscal 2026, pre-issue- EPS (basic)
- ₹11.53
- EPS (diluted)
- ₹11.26
- P/E (Fiscal 2026 basic EPS at floor price)
- 27.93×
- P/E (Fiscal 2026 basic EPS at cap price)
- 29.40×
- RoNW
- 22.93%
- NAV per share (As on March 31, 2026)
- ₹48.84
- NAV per share (At offer price)
- ₹60.46
- ROCE
- 32.69%
- Debt to equity
- 0.00
- EBITDA margin
- 33.60%
- PAT margin
- 18.68%
Source: ProspectusUpdated
Financials
Consolidated, restated · ₹ crore| Period ended | 31 Mar 202612 months | 31 Mar 202512 months | 31 Mar 202412 months |
|---|---|---|---|
| Revenue from operations | 1,326.75 | 1,256.07 | 1,247.52 |
| Total income | 1,356.59 | 1,277.11 | 1,267.97 |
| EBITDA | 455.83 | 408.77 | 355.57 |
| Profit after tax | 253.46 | 282.21 | 249.17 |
| Net worth | 1,105.38 | 619.70 | 405.05 |
| Reserves and surplus | 747.43 | 262.89 | 48.25 |
| Total assets | 1,160.90 | 1,409.67 | 1,102.71 |
12 months vs 12 months: revenue +5.6%, profit after tax −10.2%.
Source: ProspectusUpdated
About the company
The company makes payment cards, cheques, identification documents such as driving licences and national ID cards, and secure printed products. It also provides smart tagging and IoT solutions to banks, fintechs, NBFCs and governments in India and abroad. It is part of the Manipal Group.
- Incorporated
- 2008
- Industry
- Payments and Identity Solutions
- CIN
- U72900KA2008PLC045316
- Website
- mpimanipal.com
Source: ProspectusUpdated
Promoters and shareholders
| Name | Before issue | After issue | Shares offered |
|---|---|---|---|
| Manipal Technologies Limited | 61.55% | 53.02% | 1,43,06,785 |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Capital expenditure on new and second-hand equipment for manufacturing, personalization and printing facilities | 238.43 |
| General corporate purposes | 56.90 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Manipal Payment and Identity Solutions LimitedIssuer | ₹11.53 | — | 22.93% | ₹48.84 |
| Seshaasai Technologies Limited | ₹15.45 | 24.97× | 16.81% | ₹88.15 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Among the largest payment card manufacturers in India and globally in Fiscal 2026, per the industry report commissioned by the company.
- Long-standing relationships with major banks and card issuers, with a customer base of over 300 in Fiscal 2026.
- Holds a patent for metal card manufacturing and supplies metal cards to leading credit card issuers.
- Certified by major payment networks and by PCI DSS for card manufacturing and secure data handling.
- Diversified offerings across payments, identification and secure solutions, supported by a Manipal Group backing.
Risks
- Top 10 customers made up about 58.67% of revenue in Fiscal 2026, so losing key customers could hurt results.
- A related party, Manipal Technologies Limited, is a major customer and also the promoter selling shareholder.
- Net proceeds depend on management estimates, and part of the equipment plan involves second-hand machines with operational risks.
- The company has had instances of non-compliance with RBI rules on securities issuance, though a compounding order has been received.
- Part of the offer is an offer for sale, so the company will not receive any proceeds from it.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹339) appear here after the shares list on NSE and BSE.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Manipal Payment and Identity Solutions IPO open and close?
According to the Prospectus, the issue opens on Wednesday, 9 September 2026 and closes on Friday, 11 September 2026.
What is the Manipal Payment and Identity Solutions IPO price band?
The final issue price is ₹339 per share.
What is the lot size of the Manipal Payment and Identity Solutions IPO?
One lot is 44 shares, which is ₹14,916 at ₹339 per share.
Where will Manipal Payment and Identity Solutions shares list?
On NSE and BSE. The tentative listing date is Thursday, 17 September 2026.
Who is the registrar of the issue?
MUFG Intime India Private Limited (SEBI registration INR000004058). Allotment status is checked on the registrar's website.
How do I check the Manipal Payment and Identity Solutions IPO allotment status?
The basis of allotment is expected to be finalised on Tuesday, 15 September 2026. After that, search by PAN, application number or DP/client ID on the registrar's website (MUFG Intime India Private Limited), the NSE website or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹238.43 Cr for capital expenditure on new and second-hand equipment for manufacturing, personalization and printing facilities, ₹56.9 Cr for general corporate purposes.
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Spotted something wrong?
Our data comes from official offer documents, but mistakes can slip through. Report an error and tell us which figure looks wrong and where you saw the correct one (the offer-document page number helps). For anything else, see Contact.